Philippine reserves climb to USD 104.8 billion

The Philippines’ gross international reserves rose to a preliminary USD 104.8 billion as of end-June 2026, remaining adequate to meet import needs, service external debt obligations, and cushion the economy against external shocks, the Bangko Sentral ng Pilipinas said in a press release dated July 7, 2026.

The BSP said the increase in reserves was mainly driven by the national government’s net foreign currency deposits with the central bank and the BSP’s net income from its investments abroad.

The gains were partly offset by downward valuation adjustments, primarily due to changes in prices of the BSP’s gold holdings and foreign currency-denominated reserve assets.

The BSP also cited the national government’s drawdowns on its foreign currency deposits with the central bank for external debt service.

At USD 104.8 billion, the end-June GIR level was enough to cover 6.8 months’ worth of imports of goods and payments of services and primary income.

The reserves were also equivalent to about 3.7 times the country’s short-term external debt based on residual maturity.

The BSP defines GIR as eligible foreign assets held by the central bank, including securities, currency and deposits, reserve position in the fund, gold, special drawing rights, and other reserve assets.

Short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.