GROSS international reserves (GIR) fell to an 18-month low last month but remained sufficient to meet the country’s import needs, pay off debts and provide a buffer against economic shocks, the Bangko Sentral ng Pilipinas (BSP) said on Friday.
Central bank foreign exchange operations and government withdrawals to pay for debt trimmed GIR to $103.4 billion in July from $1.4.7 billion a month earlier. It was the lowest since January 2025’s $103.27 billion, central bank data showed.
Upward valuation adjustments in the BSP’s gold holdings following higher international gold prices and the central bank’s net income from investments abroad helped limit the drop.
Despite the decline, the central bank said GIR was enough to cover up to 6.7 months of merchandise imports and payments of services and primary income, and was also sufficient to cover 3.6 times the country’s short-term external debt.
Gold accounted for $17.49 billion of the country’s reserves while the share of securities was the largest at $67.26 billion. Other reserve assets amounted to $12.11 billion, currency and deposits stood at $1.85 billion, and special drawing rights totaled $3.94 billion.
