The country’s gross international reserves (GIR) increased to $105.3 billion as of end-June from $105.2 billion in May, reflecting higher foreign currency deposits from the national government with the Bangko Sentral ng Pilipinas (BSP).

However, BSP’s data showed the new GIR level was still lower than the $107.4 billion posted in February 2025 and the record GIR of $112.7 billion in September 2024.

Nevertheless, the June level provides a more than adequate buffer against external risks, translating to 7.2 months’ worth of imports of goods and payments of services and primary income. It also covers about 3.3 times the country’s short-term external debt.

GIR consists of foreign-denominated securities, foreign exchange, gold and reserves in the International Monetary Fund (IMF).

Gold reserves

The country’s gold reserves amounted to $13.8 billion, higher than the $13.7 billion in May.

Foreign exchange contributed $1.2 billion, up from $712 million in May.

The Philippines’ reserves in the IMF also increased to $732.4 million from 715.8 million.

Given these figures, the net international reserves increased to $105.3 billion from $105 billion as the GIR surpassed obligations for short-term foreign debt and credit and loans from the IMF.

GIR to remain steady

Moving forward, BSP projects GIR by the end of 2025 and 2026 to remain steady at around $105 billion due to “reduced foreign exchange inflows from the exports of goods and services, as well as investments.”

Amid Trump’s tariff threats, the Central Bank forecasts less exports income this year at $54.5 billion, down from its previous estimate of $55.6 billion.

However, BSP projects exports next year to recover, hitting $55.6 billion.

“Goods exports continue to face headwinds from global trade uncertainty, lagging competitiveness and constraints in the semiconductor industry,” BSP said.

Similarly, the Central Bank expects foreign investment inflows to remain positive but subdued as investors deem the global economic environment more uncertain.

BSP projects lower foreign investments at $13 billion this year from the initial estimate of $16.2 billion. For next year, the Central Bank said the level could stabilize at $13.2 billion.