The Philippines’ gross international reserves (GIR) climbed to $106.7 billion as of the end of February 2025, up from $103.3 billion at the end of January, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).
This latest GIR level provides a robust external liquidity buffer, sufficient to cover 7.5 months’ worth of imports of goods, services, and primary income payments. Additionally, it is approximately 3.8 times the country’s short-term external debt based on residual maturity.
Key drivers of GIR growth
The month-on-month increase in GIR was primarily attributed to:
- The national government’s net foreign currency deposits with the BSP, including proceeds from the issuance of ROP Global Bonds.
- Higher valuation of BSP’s gold holdings, driven by rising global gold prices.
- Net income from BSP’s overseas investments.
Net international reserves also see growth
Similarly, net international reserves (NIR)—which exclude short-term liabilities—rose by $3.4 billion, reaching $106.6 billion in February, up from $103.2 billion in January.
These figures underscore the country’s strong external position, reflecting improved reserves that enhance financial stability and resilience against global economic uncertainties.
