Philippines' int'l reserves drop in November

MANILA, Dec. 8 (Xinhua) -- The Philippines' gross international reserves (GIR) level fell to 93.95 billion U.S. dollars as of November from 94.03 billion U.S. dollars in October, the Philippines' central bank said on Thursday.

File photo: CGTN

The Bangko Sentral ng Pilipinas (BSP) said the latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.5 months' worth of imports of goods, services and primary income.

The BSP added that the November GIR level is about 6.9 times the country's short-term external debt based on original maturity and four times based on residual maturity.