THE country’s gross international reserves (GIR) increased in February, the Bangko Sentral ng Pilipinas (BSP) reported late Friday, hitting a new record high amid a continued increase in gold holdings.
GIR rose for a seventh straight month to $112.72 billion as of end-February, up from $112.61 billion a month earlier.
The latest level “provides a robust external liquidity buffer,” the BSP said in a statement, enough for 7.5 months’ worth of imports of goods and payments of services and primary income.
It is also about 4.2 times the country’s short-term external debt based on residual maturity.
“These reserves serve as a buffer against external economic shocks, enabling a country to pay for its imports, service its foreign debt obligations, and stabilize its currency,” the central bank said.
The BSP considers the GIR level adequate if “it can finance at least three months’ worth of the country’s imports of goods and payments of services and primary income.”
It is also considered sufficient “if it provides at least 100-percent cover for the payment of the country’s foreign liabilities, public and private, falling due within the immediate 12-month period.”
GIR consists of the BSP’s foreign investments, gold, foreign exchange, reserve position in the International Monetary Fund and special drawing rights.
Sought for comment, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the increase was mainly driven by the continued rise in gold holdings, which grew by $2.4 billion or 11.6 percent month on month, to a new record high of $23.1 billion.
This was also $11 billion, or 91.3 percent, higher than the $12 billion recorded a year earlier, as global gold prices rose 7.9 percent in February 2026 and remained near record levels.
“GIR also went up in view of the successful Republic of the Philippines (ROP) global bond sale worth $2.75 billion at lower borrowing costs vs. earlier indicative yields, with total bids more than double at $5.95 billion, reflecting continued international investor confidence in the Philippine credit quality,” Ricafort added.
The government returned to the global bond market in January via a triple-tranche dollar bond offering. Strong demand allowed for tighter prices and the Bureau of the Treasury said at that time that the “success of the offering underscores the republic’s resilience and agility in navigating a challenging global macroeconomic environment marked by elevated volatility in credit markets amid emerging geopolitical developments.”
Proceeds from the sale of the 5.5-, 10- and 25-year bonds were earmarked for general funding purposes and the debt refinancing.
