Philippine GIR rises to $106.65B, covers 7.5 months of imports

The Philippines' gross international reserves (GIR) increased by 3.3% month-on-month to $106.65 billion as of end-February 2025, marking a three-month high.

This increase reflects the impact of the national government's net foreign currency deposits with the Bangko Sentral ng Pilipinas (BSP), including proceeds from ROP Global Bonds issuance.

Additionally, upward valuation adjustments in the BSP’s gold holdings due to higher international gold prices contributed to the growth.

The GIR now covers 7.5 months of imports and payments of services and primary income, providing a significant buffer against external shocks.

Foreign investments climbed by over $3 billion to $89.41 billion from $86.40 billion as of end-January.

Meanwhile, the value of gold reserves rose by 2.5% to $12.5 billion.

The BSP forecasts a GIR level of $110 billion for the year-end based on projected balance of payments surplus.