Foreign reserves climb to USD 109.7 billion in October

The Philippines’ gross international reserves (GIR) rose to USD 109.7 billion at the end of October 2025, up from USD 109.1 billion a month earlier, according to preliminary data.

The latest GIR level provides a strong external liquidity buffer equivalent to 7.3 months’ worth of imports of goods and payments of services and primary income.

It also covers about 3.7 times the country’s short-term external debt based on residual maturity.

GIR consists of foreign-denominated securities, foreign exchange, and other reserve assets including gold.

The reserves support the country’s ability to meet import and foreign debt obligations, help stabilize the peso, and serve as a safeguard against global financial shocks.

By global standards, GIR is deemed adequate if it can cover at least three months’ worth of imports and external payments.

The current level ensures the availability of foreign exchange even in extreme conditions, such as when export earnings and foreign loans are disrupted.

Short-term external debt based on residual maturity includes obligations with original maturities of up to one year, as well as principal payments on longer-term loans due within the next 12 months.

The country’s GIR is considered sufficient if it covers at least 100 percent of public and private foreign liabilities falling due within a year.