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Manila Bulletin devider Business devider Banking & Finance devider Philippine gold holdings hit all-time high, boosting BSP's foreign reserves

Philippine gold holdings hit all-time high, boosting BSP's foreign reserves

Published Feb 7, 2026 07:55 am
The Philippines’ foreign exchange reserves surged toward a record high in January, bolstered by relentless rally in gold prices and successful sovereign bond sale that fortified the nation’s defenses against global economic volatility.
Preliminary data from the Bangko Sentral ng Pilipinas (BSP) released last Friday night, Feb. 6, showed that gross international reserves (GIR) climbed to $112.51 billion as of January this year, nearing the record high $112.71 billion set in September 2024.
The GIR increased from the $110.8 billion recorded at the end of December 2025.
This increase reversed the slight dip seen at the end of 2025, when reserves had fallen from a November peak of $111.3 billion.
A significant driver of this growth was the continued surge in gold reserves, which reached $20.67 billion in January. This expanded sharply from the $18.58 billion held at the end of 2025, maintaining a record-breaking trend for gold holdings not seen since at least 2000.
GIR is composed of the BSP’s reserve assets, including foreign-denominated securities, gold, foreign exchange, special drawing rights (SDRs), and the reserve position in the International Monetary Fund (IMF).
These reserves serve as a critical buffer against external economic shocks, supporting the local currency and ensuring the country can meet its international obligations.
According to the BSP, the January reserve level provides a “robust” external liquidity buffer. It is currently enough to cover 7.5 months’ worth of imports of goods and payments for services and primary income, up from 7.4 months at the close of 2025.
Furthermore, the BSP stated that the current GIR is sufficient to cover the country’s short-term external debt 4.1 times based on residual maturity. This is an improvement from the 3.9-times cover reported at the end of December 2025.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the latest gain was driven mainly by higher gold holdings, which have just breached the $20-billion mark as global gold prices surged, alongside an increase in foreign exchange (forex) holdings.
Ricafort said these gains were partly offset by a decline in foreign investments amid heightened global market volatility and geopolitical risks.
He added that GIR levels were also supported by the government’s $2.75-billion global bond sale in late January, which drew strong demand from foreign creditors.
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