MANILA, Philippines--The country's ability to meet its foreign currency-denominated obligations?such as importation of goods and payment of external debts?improved further in January, as the gross international reserves again hit record level.

The GIR?the total amount of foreign currencies a country holds in reserve?hit $45.4 billion as of end-January, rising from the previous month?s $44.2 billion, to post a new historic high, the Bangko Sentral ng Pilipinas reported Friday.

That amount was also much higher than the $39.2 billion registered in January last year.

According to the BSP, the country?s foreign exchange reserves would already be enough to cover 9.1 months worth of imports, and equivalent to 5.4 times of all the country?s external debts maturing within a year.

Central bank officials said the GIR made the country?s external liquidity position very comfortable. According to a rule of thumb observed by international market players, the foreign exchange reserves of a country should cover its usual import requirements for at least four months. It should also be enough to cover three times its debts maturing within the short term.

The central bank said gains from its investments offshore, composed largely of placements in virtually risk-free securities like US Treasuries, and the government move to borrow funds from the international capital market had helped push up the country?s GIR.

All inflows of foreign currencies?such as remittances, income from investments abroad, export revenues, those resulting from foreign portfolio and direct investments, and even borrowings denominated in foreign currencies?help boost the GIR.

The government is the biggest contributor to foreign exchange inflows in the form of borrowings. Proceeds from its borrowings are temporarily kept as part of the country?s GIR until these are withdrawn to pay for foreign currency-denominated debts that are about to fall due.

In January, the government borrowed a total of $1.5 billion from the international capital market by floating bonds to mature in 2020 and 2034.

The government did not have difficulty raising funds from the float, with earlier reports saying bids for the securities amounted to as high as $10.5 billion.

The government earlier claimed that its ability to raise funds from the global market indicated confidence of the international financial community on the country?s credit-worthiness.