The country’s gross international reserves (GIR) hit an all-time record high of $41.312 billion in August boosted by the International Monetary Fund’s reserved assets or special drawing rights (SDRs).

Based on Bangko Sentral ng Pilipinas (BSP) data, SDRs increased to $1.027 billion last month from $10.36 million in July.

In a press statement, the central bank said the “large increase in the preliminary GIR level was due mainly to the general allocation of SDR which was made available by the IMF to its members, including the Philippines, to boost their reserves and provide liquidity to the global economic system.”

The IMF has allotted a special allocation today which increased SDRs from SDR 21.4 billion to SDR 204.1 billion or about $317 billion.

The last time the IMF increased its SDR allocation was in June last year when the country’s SDR was raised from $800,000 to $12.71 million. The value is based on four key international currencies the US dollar, the euro, the Japanese yen and pound stirling -- and convertible into usable currencies.