Philippine Reserves Fall to USD 104.6B in April 2025

The Philippines’ gross international reserves (GIR) stood at US$104.6 billion as of end-April 2025, lower than the US$106.7 billion recorded in March, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).

The latest GIR level remains a strong external liquidity buffer, equivalent to 7.2 months’ worth of imports of goods, services, and primary income payments.

It also covers about 3.6 times the country’s short-term external debt based on residual maturity, reinforcing the country’s external debt sustainability.

The BSP said the month-on-month decline in reserves was mainly due to the national government’s drawdowns on its foreign currency deposits to service external debt and fund expenditures.

The decrease was also attributed to the BSP’s net foreign exchange operations in April.

Net international reserves (NIR), which refer to the BSP’s reserve assets minus liabilities, also fell by US$2.0 billion to US$104.6 billion from US$106.6 billion in March.

The BSP’s reserve assets are composed of foreign investments, gold holdings, foreign exchange, its reserve position in the International Monetary Fund (IMF), and special drawing rights.

The GIR is considered adequate if it can finance at least three months’ worth of imports and external payments, based on international standards.

The BSP defines short-term debt based on residual maturity as all external debt with original maturities of one year or less, along with due principal payments on medium- and long-term debt falling within the next 12 months.

By this measure, the current GIR level comfortably exceeds adequacy thresholds, ensuring resilience against external shocks.

The central bank continues to monitor reserve levels closely to support monetary and exchange rate policy amid global market volatility.