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Manila Bulletin devider Business devider The Economy devider Philippine foreign reserves sink to 15-month low in April as forex, investments decline

Philippine foreign reserves sink to 15-month low in April as forex, investments decline

Published May 7, 2026 08:16 pm

At A Glance

  • Sharp declines in foreign exchange (forex) holdings and foreign investments drove the Philippines' gross international reserves (GIR)—the country's stock of foreign currencies and other assets—to its lowest level in 15 months in April.

Sharp declines in foreign exchange (forex) holdings and foreign investments drove the Philippines’ gross international reserves (GIR)—the country’s stock of foreign currencies and other reserve assets—to their lowest level in 15 months in April.

GIR stood at $104.1 billion at end-April, the thinnest level since January 2025’s $103.3 billion. This marked a continued retreat from the record high of $113.3 billion reached in February 2026.

The latest preliminary Bangko Sentral ng Pilipinas (BSP) data released Thursday night, May 7, showed that GIR declined from the first quarter’s closing level of $106.6 billion. The drop followed a strong start to 2026, when reserves climbed to historic highs.

BSP data showed that a major contributor to the monthly decline was the plunge in forex holdings, which fell to $464.9 million last month from $1.75 billion in March.

Gold reserves also declined, dropping to $19.8 billion from $20.2 billion last March and the record $23.1 billion posted in February.

Foreign investments, or foreign-denominated securities, likewise continued to slide, decreasing to $79.2 billion in April from $80.1 billion in March and $84.2 billion in February.

According to the BSP, the latest reserve level is sufficient to cover 6.9 months’ worth of imports of goods and payments for services and primary income, lower than the seven months recorded last March and the 7.5 months’ cover reported last February.

Further, the BSP said April’s GIR was enough to cover the country’s short-term external debt 3.8 times based on residual maturity. This was lower than the 4.3-times cover maintained during the first two months of the year.

GIR consists of the BSP’s reserve assets, including foreign-denominated securities or investments, gold, foreign exchange, special drawing rights (SDRs), and the country’s reserve position in the Washington-based multilateral lender International Monetary Fund (IMF).

These reserves serve as a critical buffer against external economic shocks, helping support the local currency and ensuring that the country can meet its international obligations.

Related Tags

Gross international reserves (GIR) Bangko Sentral ng Pilipinas (BSP) Gold
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