Philippines' dollar reserves hit record high at end-June

The Philippines' dollar reserves reached a record high of $93.32 billion at the end of June 2020.

This increase was driven mainly by inflows from the National Government’s foreign currency deposits with the Bangko Sentral ng Pilipinas (BSP), despite loan repayments.

The rise in dollar reserves supports the peso and provides assurance to foreign investors amid market volatilities caused by the global coronavirus pandemic.