The Philippines’ Gross International Reserves (GIR) declined to their lowest level in more than a year, according to the Bangko Sentral ng Pilipinas (BSP).
Data released by the BSP showed that the country’s dollar reserves stood at US$104.1 billion as of end-April 2026, marking the lowest reserve position recorded since January 2025.
Despite the decline, the central bank said the reserve level remains strong enough to serve as a substantial external liquidity buffer for the economy.
The current GIR can cover approximately 6.9 months of imports of goods as well as payments for services and primary income. It is also equivalent to around 3.8 times the country’s short-term external debt based on residual maturity.
GIR consists of foreign exchange holdings, foreign-denominated securities, gold reserves, and other reserve assets maintained by the BSP.
These reserves play a crucial role in supporting the country’s ability to pay for imports, service foreign debt obligations, stabilize the peso, and cushion the economy against external financial shocks.
According to Michael Ricafort, chief economist at Rizal Commercial Banking Corp.,, movements in global gold prices could significantly influence the trajectory of the country’s reserve position in the coming months.
Ricafort noted that gold prices recently rebounded to their highest levels in about one and a half months after previously falling to three-month lows.
He added that improvements in global and domestic market conditions, particularly any easing of tensions in the Middle East, could also help stabilize or improve the country’s reserves.
The economist emphasized that maintaining a relatively high level of reserves remains important for preserving the country’s strong external position and supporting favorable international credit ratings.