The Philippines’ gross international reserves (GIR) decreased to $103.0 billion by the end of January 2024, down from $106.3 billion in December 2024, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP).
The BSP attributed this monthly decline primarily to its foreign exchange operations and the national government’s withdrawal of funds to pay foreign currency debt.
Despite this reduction, the GIR remains at a healthy level, sufficient to cover 7.3 months of imports, service payments, and primary income. It also represents 3.6 times the country’s short-term external debt based on residual maturity.
Net international reserves (NIR) also decreased, falling by $3.2 billion to $103.0 billion from $106.2 billion in December.
The BSP continues to monitor foreign exchange conditions and external debt obligations to ensure the stability of the country’s financial standing.
