The country’s gross international reserves (GIR) rose slightly to USD105.5 billion as of end-May 2025, up from USD105.3 billion a month earlier, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP). The increase reflects continued strength in the country’s external sector and supports the BSP’s macroeconomic stability objectives.
The latest GIR level is equivalent to 7.3 months’ worth of imports of goods and payments for services and primary income—well above the international adequacy benchmark of three months. It also covers 3.7 times the country’s short-term external debt based on residual maturity, underscoring the country’s solid external liquidity position.
The BSP attributed the month-on-month rise in GIR mainly to upward valuation adjustments in its gold holdings driven by higher global gold prices, net income from foreign investments, and net foreign currency deposits by the national government.
Meanwhile, the net international reserves (NIR) also improved slightly to USD105.34 billion, from USD105.26 billionat end-April. The NIR is derived by subtracting the BSP’s reserve liabilities from total reserve assets.
The sustained build-up in reserves reinforces the country’s capacity to weather external shocks and helps maintain confidence in the peso, contributing to a more stable macroeconomic environment.
