The Philippines' gross international reserves (GIR) level settled at 106.08 billion U.S. dollars as of end of June, the Philippine central bank said on Tuesday.

The Bangko Sentral ng Pilipinas (BSP) said the latest GIR level "represents a more than adequate" external liquidity buffer equivalent to 12.1 months' worth of imports of goods and payments of services and primary income.

"It is also about 7.8 times the country's short-term external debt based on original maturity and 5.2 times based on residual maturity," the BSP added.

The BSP said the month-on-month decrease in the GIR level was mainly attributed to the downward adjustment in the value of the BSP's gold holdings due to the decrease in the price of gold in the international market.

It added that foreign currency withdrawals of the national government from its deposits with the BSP to pay its foreign currency debt obligations and various expenditures, and BSP's foreign exchange operations also led to the decrease.