MANILA, Nov. 7 (Xinhua) -- The Philippine gross international reserves (GIR) declined to 85.75 billion U.S. dollars in October, the local central bank said Monday.
Bangko Sentral ng Pilipinas Officer-in-charge Vicente Aquino said the October level was lower by 0.39 billion U.S. dollars than the September GIR of 86.14 billion U.S. dollars.
The central bank attributed the drop of the GIR on the "outflows arising from payments made by the National Government (NG) for its maturing foreign exchange obligations, foreign exchange operations of the BSP and revaluation adjustments on the BSP's gold holdings resulting from the decrease in the price of gold in the international market."
However, these were partially offset by the reclassification of Renminbi-denominated accounts from non-reserve to reserve eligible assets and the NG's net foreign currency deposits, along with the BSP's income from investments abroad.
The Monetary Board approved the inclusion of the Chinese Renminbi in the official international reserves of the BSP effective Oct. 13 to ensure the availability of the said currency to the banking system in consideration of the rising economic and financial importance of China.
"The end-October 2016 GIR level can cover 10.0 months' worth of imports of goods and payments of services and income," the central bank said.
It is also equivalent to 6.1 times the country's short-term external debt based on original maturity and 4.4 times based on residual maturity, it added.