MANILA, Feb. 19 (Xinhua) -- The Philippines' balance of payments (BOP) registered a deficit of 373 million U.S. dollars in January, the Philippine central bank said Thursday.

An aerial photo shows the overhead view of Quezon City, the Philippines, on Oct. 31, 2023. (Photo: Xinhua)

The Bangko Sentral ng Pilipinas (BSP) said the country's gross international reserves (GIR) increased to 112.6 billion dollars as of end-January.

"This level of reserves remains an adequate external liquidity buffer, equivalent to 7.5 months' worth of imports of goods and payments of services and primary income," said the BSP, adding that it covers about 4.1 times the country's short-term external debt based on residual maturity.

The BOP accounts for the country's transactions with the rest of the world. GIR are made up of foreign-denominated securities, foreign exchange, and other assets, including gold.