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April 24, 2024

Philippines’ foreign reserves dip slightly, remain above $100 billion

The Philippines’ gross international reserves (GIR), a crucial indicator of its external financial stability, stood at $102.7 billion in February, marking a slight decrease from January’s $103.3 billion but still significantly surpassing last year’s $98.2 billion.

Despite this decrease, the Bangko Sentral ng Pilipinas (BSP) reassures the public that the current reserves are ample, covering 7.7 months of imports and debt payments, well above the recommended minimum of three months.

Moreover, these reserves are more than sufficient to handle the country’s short-term foreign debt obligations.

The decline in February can be attributed to the government’s settlement of foreign currency debts. While gold reserves increased compared to the previous year, they remained relatively stable compared to January. Foreign investments experienced a slight decrease from January but remained higher than last year.

The BSP remains vigilant in monitoring the country’s foreign reserves to uphold a robust external financial position.