The Philippines’ gross international reserves (GIR) dropped to $104.6 billion at the end of April, declining from $106.7 billion in March, according to the Bangko Sentral ng Pilipinas (BSP).
The central bank attributed the decline to the government’s foreign debt payments and the BSP’s foreign exchange interventions, which were necessary to maintain currency stability amid market fluctuations.
Despite the dip, the BSP maintained confidence in the country’s external position, describing the current GIR level as a “robust” buffer that can cover 7.2 months’ worth of imports of goods, services, and primary income payments.
The GIR serves as the country’s safety net against external shocks, ensuring sufficient foreign currency reserves to support the economy, stabilize the peso, and maintain investor confidence.
