BSP wins global award as forex reserves reach historic high

The Bangko Sentral ng Pilipinas (BSP) has been recognized at the Central Banking Awards 2026 for modernizing how it manages the country’s foreign exchange reserves, as the Philippines’ external buffer climbed to a new record high.

The award cited the BSP’s overhaul of its reserve management framework, including upgrades to its strategic asset allocation, diversification of reserve investments, and stronger risk-management tools aimed at improving returns while maintaining liquidity and safety.

The central bank also refined its external fund manager rules, gold management strategy, and responsible investment guidelines, moves seen as strengthening governance and portfolio oversight for the country’s reserve assets.

“We continue to be prudent, risk-based and forward-looking in our reserve management,” BSP Governor Eli M. Remolona Jr. said, noting that the reforms are meant to safeguard both price stability and financial stability.

The recognition comes as the Philippines’ gross international reserves (GIR) reached a fresh record of $112.72 billion in February, marking the seventh straight month of growth. The level is considered sufficient to cover several months of imports and external debt obligations, serving as a key buffer against global financial shocks.

Data from the BSP show that the increase in reserves was supported by foreign currency deposits of the national government, income from the BSP’s investments abroad, and valuation gains from its gold holdings and other reserve assets.

Central Banking’s annual awards recognize outstanding achievements among central banks worldwide, highlighting institutions that demonstrate innovation, resilience and strong governance in monetary and financial management.

The BSP’s recognition places it alongside other global awardees this year, including the Federal Reserve’s Jerome Powell, named Governor of the Year, and the Central Bank of the United Arab Emirates, which received recognition for its risk-management initiatives.