The country’s gross international reserves (GIRs) stood at a 16-month low of $104.0 billion as of end-May 2026, slightly lower than the previous month’s $104.3 billion, as the Bangko Sentral ng Pilipinas (BSP) drew on reserves to support government debt payments and foreign exchange operations.

Preliminary BSP data showed the decline was mainly due to the national government’s drawdowns on its foreign currency deposits with the central bank for external debt servicing, downward valuation adjustments in the BSP’s gold holdings following a drop in global gold prices, and the BSP’s net foreign exchange operations.

The May figure marks the lowest GIR level since the $103.271 billion in January 2025, 16 months ago.

Despite the decrease, the BSP said the current reserve position still remains at a level considered more than adequate to cushion the economy from external shocks. The GIR can cover 6.9 months’ worth of imports of goods and payments of services and primary income, well above the international benchmark of at least three months.