BSP says April reserves hit USD 104.3 billion

The Philippines’ gross international reserves settled at USD 104.3 billion as of end-April 2026, giving the country a strong external liquidity buffer amid global financial uncertainty, the Bangko Sentral ng Pilipinas said in a May 19 press release.

The BSP said the end-April GIR level was enough to cover 6.9 months’ worth of imports of goods and payments of services and primary income.

The reserves also covered about 3.8 times the country’s short-term external debt based on residual maturity.

Gross international reserves are composed of foreign-denominated securities, foreign exchange and other assets, including gold.

The BSP said GIR help ensure sufficient dollar liquidity to meet the country’s import needs and foreign debt obligations.

The reserves also help address currency volatility and provide a buffer against external economic shocks.

The BSP said the latest GIR level ensures the availability of foreign exchange to meet balance of payments financing needs, including payments for imports and debt service in extreme cases when there are no export earnings or foreign loans.

Short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less.

It also includes principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.

The Philippines’ overall balance of payments registered a deficit of USD 2.1 billion in April 2026, according to the BSP.

The April deficit brought the cumulative BOP position to a USD 7.4 billion deficit for the January–April 2026 period.

The overall BOP position reflects the country’s transactions with the rest of the world.

The BSP said the BOP position may be computed through the change in net international reserves due to transactions.

Net international reserves are derived by deducting the BSP’s short-term foreign liabilities and borrowings from the International Monetary Fund from the GIR.

The BSP’s reserve data provide a key measure of the country’s ability to absorb external shocks, support confidence in the peso and meet foreign payment obligations.

The figures also offer a snapshot of the Philippines’ external position as policymakers track global interest rates, exchange-rate pressures and trade conditions.