The country’s gross international reserves (GIR) at end-February stood at a record $45.7 billion, higher by $100 million than previous month's $45.6 billion, Bangko Sentral ng Pilipinas (BSP) said Friday.

BSP Officer-In-Charge Nestor A. Espenilla, Jr. said the increase in the preliminary GIR level was due to inflows from the foreign exchange operations of the central bank and income from its investments abroad, as well as revaluation gains on the BSP’s gold holdings brought about by the increase in the price of gold in the international market. These receipts were counterbalanced by outflows arising primarily from the payment of maturing foreign exchange obligations of the national government, Espenilla said.

The current GIR level could cover 9.3 months of imports of goods and payments of services and income. It is also equivalent to 10.2 times the country s short-term external debt based on original maturity and 4.5 times based on residual maturity. Net international reserves (NIR), which include revaluation of reserve assets and reserve-related liabilities, likewise rose to $45.7 billion as of end-February 2010, up by $100 million from the previous month s level of US$45.6 billion. (CSL)