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Manila Bulletin devider Business devider Banking & Finance devider Philippine foreign reserves hit one-year high on gold surge

Philippine foreign reserves hit one-year high on gold surge

Published Nov 8, 2025 12:20 pm  |  Updated Nov 8, 2025 02:29 pm
Fresh highs in gold reserves pushed the Philippines’ gross international reserves (GIR)—the country’s stock of United States (US) dollars and other foreign currencies—to its highest level in one year, its strongest since October 2024.
Preliminary data from the Bangko Sentral ng Pilipinas (BSP) on Friday, Nov. 7, showed that the country’s GIR expanded to $109.7 billion at end-October, reaching a new high from $109.1 billion in the previous month.
This continued improvement since July could be attributed to higher global gold prices and the sustained pickup in the central bank’s earnings from its investments.
Notably, gold reserves stood at $16.9 billion, surpassing the all-time high in September and posting a new record level since 2000.
GIR includes the BSP’s reserve assets, such as foreign investments, gold, foreign currency, its reserve position in the International Monetary Fund (IMF), and special drawing rights (SDR).
According to the BSP, the current reserve level provides a “robust” external liquidity buffer. It is enough to cover 7.3 months’ worth of imports and payments for services and income.
GIR acts as a country’s backup fund to pay for imports and foreign debts, support the local currency, and protect against global economic shocks. The BSP said the current GIR is sufficient to cover short-term foreign debt by 3.7 times.
Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael Ricafort said this one-year-high foreign reserve level could provide a “sufficient” buffer or support for the Philippine peso against any speculation of its weakening.
Ricafort said the month-on-month rise in GIR was mainly driven by the $506 million increase in gold holdings as global gold prices hit record highs during the period.
This favorable development, he said, “could also strengthen the country’s external position, which is positive for sustaining the country’s favorable credit ratings of one to three notches above investment grade.”
Ricafort sees the country’s foreign reserves possibly climbing further as steady United States (US) dollar inflows from overseas Filipino worker (OFW) remittances, business process outsourcing (BPO) revenues, and foreign tourism receipts boost the balance, potentially nearing new record highs in the coming months.

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Bangko Sentral ng Pilipinas (BSP)
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