The Bangko Sentral ng Pilipinas (BSP) has received the 2026 “Reserve Manager” award from Central Banking, recognizing the Philippine central bank’s improvements in handling the country’s foreign currency reserves.
The award cites BSP’s efforts to modernize how it manages the country’s reserves, including updating its investment strategy, improving risk management, and diversifying the assets where reserves are placed. The central bank also strengthened its ability to invest in new asset classes, revised rules for external fund managers, and improved how it manages its gold holdings and responsible investment policies.
BSP governor Eli M. Remolona Jr. said the changes are aimed at protecting the country from financial shocks.
“We continue to be prudent, forward-looking and to diversify risk in our reserve management,” Remolona said, adding that the reforms help safeguard price and financial stability.
As of end-February 2026, the country’s gross international reserves reached US$112.7 billion, enough to cover about 7.5 months of imports and more than four times the country’s short-term external debt, providing a buffer against external economic pressures.
The recognition comes after controversy in 2024, when the BSP sold part of the country’s gold reserves as part of its reserve management strategy. The move drew criticism from some lawmakers and analysts who argued that selling gold could weaken the country’s long-term reserve assets.
At the time, the central bank said the sales were part of routine portfolio adjustments meant to rebalance reserves and lock in gains from high global gold prices, while keeping the overall reserve position strong.
The new award signals international recognition of the BSP’s reserve management strategy despite the earlier debate.
Central Banking previously recognized the Philippine central bank in 2025 with the “Currency Manager of the Year” award for ensuring adequate banknote supply and introducing the country’s polymer banknote series.
