The Philippines’ gross international reserves (GIR) stood at USD106.2 billion as at end-March this year, a slight decrease from the February 2025 level of USD107.4 billion, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP). Despite the month-on-month dip, the country’s reserves remain a significant buffer against external financial pressures, covering 7.3 months’ worth of imports and payments for services and primary income.
The reduction in reserves was largely attributed to the national government’s foreign currency withdrawals to fulfill external debt obligations, as well as the BSP’s foreign exchange operations. As of the end of March, the reserves still provide ample coverage, more than three times the Philippines’ short-term external debt based on residual maturity.
This latest GIR level continues to highlight the nation’s solid external liquidity position, underscoring its capacity to service international obligations, even amid periodic fluctuations in the reserve pool. The BSP’s role in managing the country’s foreign currency reserves remains a key factor in maintaining financial stability, acting as a vital safeguard against external shocks.
In the broader macroeconomic context, these figures demonstrate that the Philippines is positioned to manage its external debt obligations effectively, a critical indicator of economic resilience as the country navigates global financial uncertainties.
