Philippines foreign reserves rise to USD 112.5 billion

The Philippines’ gross international reserves rose to USD 112.5 billion as of end-January 2026, based on preliminary data released Feb. 6, 2026, by the Bangko Sentral ng Pilipinas.

The BSP said the latest GIR level provides a “robust external liquidity buffer,” equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income.

The central bank said the end-January 2026 reserve level covers about 4.1 times the country’s short-term external debt based on residual maturity.

Gross international reserves typically function as a financial shock absorber, supporting a country’s ability to pay for imports, meet foreign-debt obligations and help stabilize the domestic currency during periods of global volatility.

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

By convention, the BSP noted GIR is viewed as adequate if it can finance at least three months’ worth of the country’s imports of goods and payments of services and primary income.

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

The BSP defined short-term debt based on residual maturity as 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.

The central bank also said the level of GIR as of a particular period is considered adequate if it provides at least 100% cover for payment of the country’s foreign liabilities, public and private, falling due within the immediate 12-month period.

The BSP’s preliminary dataset shows USD 112,514.6 million in GIR as of January 2026, with components including USD 730.2 million in the position in the Fund, USD 20,667.4 million in gold, USD 3,943.2 million in SDRs, USD 85,965.6 million in foreign investments and USD 1,208.2 million in foreign exchange.

For comparison, the BSP’s table lists USD 110,833.4 million in GIR in December 2025, and USD 103,271.2 million in January 2025, alongside their component breakdowns and adequacy ratios.

The BSP said details may not add up to totals due to rounding, and it labeled the January 2026 figures as preliminary.

The central bank noted that starting in 2005, import-cover data are based on the International Monetary Fund’s Balance of Payments and International Investment Position Manual, 6th Edition (BPM6) concept, and that starting December 2005, outstanding annual external debt reflects a new reporting framework aligned with international standards under the latest External Debt Statistics Guide and BPM6.

The BSP also said the reserve adequacy figures for short-term external debt cover reflect data based on the debt service schedule on outstanding external debt as of Sept. 30, 2025, and outstanding short-term external debt as of Oct. 31, 2025.