The country’s gross international reserves (GIR) stood at USD104.6 billion as of end-April 2025, down from USD106.7 billion at the end of March, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP).
Despite the month-on-month decline, the central bank emphasized that the current GIR level continues to provide a “robust external liquidity buffer,” sufficient to cover 7.2 months’ worth of imports of goods and payments of services and primary income. It also exceeds by 3.6 times the country’s short-term external debt based on residual maturity—a key benchmark for assessing a country’s ability to meet near-term foreign obligations.
“The GIR remains at a level that supports the country’s capacity to service its external debt and maintain confidence in the Philippine economy amid global uncertainties,” the BSP said.
The central bank attributed the USD2.1 billion decline primarily to the national government’s drawdowns on its foreign currency deposits with the BSP to settle external debt and fund other expenditures. Additionally, the BSP’s net foreign exchange operations contributed to the decrease.
Similarly, the BSP reported that net international reserves (NIR)—which account for reserve liabilities—also dropped by USD2.0 billion to USD104.6 billion from USD106.6 billion in March.
GIR, which comprises foreign investments, gold holdings, foreign exchange, the country’s reserve position in the International Monetary Fund (IMF), and special drawing rights, serves as a critical indicator of a country’s external liquidity position. By international standards, a GIR level that covers at least three months’ worth of imports or fully backs short-term external debt obligations is considered adequate.
The April 2025 figures reaffirm the country’s resilience in managing its external accounts, even as the government continues to meet financial obligations amid a dynamic global environment.
