Philippine reserves settle at USD 107.5 billion

The Philippines’ gross international reserves, or GIR, settled at USD 107.5 billion as of end-March 2026, based on preliminary data, giving the country what the Bangko Sentral ng Pilipinas described as a robust external liquidity buffer.

That reserve level can cover 7.1 months’ worth of imports of goods and payments of services and primary income, and is equivalent to about 3.9 times the country’s short-term external debt based on residual maturity.

The BSP said GIR consists of foreign-denominated securities, foreign exchange, and other reserve assets, including gold, which together serve as a buffer against external economic shocks and help a country pay for imports, service foreign debt, and stabilize its currency.

By convention, the BSP noted that GIR is considered adequate if it can finance at least three months’ worth of imports of goods and payments of services and primary income, meaning the March 2026 level remained well above the standard adequacy threshold.

The central bank also said reserve adequacy is met when GIR is at least equal to 100 percent of a country’s total short-term external debt falling due within the next 12 months, and the March ratio of 3.9 times shows the Philippines remained above that benchmark as well.

In the March 2026 reserve mix, foreign investments made up the biggest share at USD 80,899.9 million, followed by gold valued at USD 20,176.6 million, Special Drawing Rights at USD 3,963.8 million, foreign exchange at USD 1,757.2 million, and the reserve position in the International Monetary Fund at USD 714.3 million.

The same BSP data showed the Philippines posted a higher GIR level of USD 112,614.8 million in January 2026, with import cover of 7.4 months and short-term debt cover based on residual maturity of 430.2 percent, before reserves edged up further to USD 113,264.1 million in February 2026, with 7.5 months of import cover and 432.3 percent debt cover.

By March 2026, those ratios eased to 7.1 months and 390.7 percent, with the reserve stock at USD 107,511.8 million, indicating a month-on-month pullback from February’s level even as the country’s external buffer remained strong by conventional standards.