THE country's gross international reserves slipped in April as the government paid off some of its debt and used foreign currencies for some spending items, the Bangko Sentral ng Pilipinas reported on Wednesday.GIR settled at $103.4 billion as of end-April, down from $104.1 billion a month earlier, but was said to be still more than adequate to pay for the country's imports and short-term debt.
It is also sufficient if the level can cover 100 percent of payments for private and public foreign liabilities that will fall due in the next 12 months.Net international reserves — the difference between GIR and reserve liabilities — fell by $600 million to $103.4 billion as of end-April from $104.0 billion, the BSP also reported.GIR consists of the BSP's foreign investments, gold, foreign exchange, reserve position in the International Monetary Fund, and special drawing rights.