The Philippines’ gross international reserves (GIR) or United States (US) dollar stock increased to $105.3 billion as of end-June from the previous month’s $105.2 billion, according to the data from the Bangko Sentral ng Pilipinas (BSP).

This level increased slightly by $100 million from end-May’s figure, an improvement attributed to the national government’s foreign currency deposits with the BSP, and income from BSP investments.

Deposits to FCDUs reached a record high of $58.92 billion as of end-March 2025, marking a 0.5-percent increase from $58.61 billion in the same period last year.

GIR refers to the BSP’s reserve assets, which include foreign investments, gold, foreign currency, a reserve position in the Washington-based multilateral lender International Monetary Fund (IMF), and special drawing rights (SDR).

According to the BSP, the country’s latest US dollar stock level offers a “robust” external liquidity buffer, enough to cover 7.2 months of imports and payments for services and income. GIR serve as a country’s backup fund to pay for imports and foreign debts, support the local currency, and cushion against global economic shocks.

Likewise, the present GIR level is sufficient to cover short-term foreign debt by 3.3 times, based on residual maturity.

Short-term debt based on residual maturity includes foreign debt originally due within a year, along with upcoming principal payments on medium- and long-term loans owed by both the public and private sectors within the next year.

GIR is generally considered sufficient if it can cover at least three months’ worth of the country’s imports, service payments, and primary income obligations.

Similarly, net international reserves (NIR)—the difference between GIR and foreign reserve liabilities—increased by $300 million to $105.3 billion as of end-June, up from $105 billion in end-May.