In a statement, the Bangko Sentral ng Pilipinas (BSP) said its gross international reserves (GIR) dropped to $104.7 billion by the end of June 2024, down from $105.02 billion in May.
This decline is attributed to the national government's foreign currency debt repayments and the depreciation in the value of the BSP’s gold holdings due to falling international gold prices.
Despite this decrease, the dollar reserves continue to offer a robust external liquidity buffer, covering 7.7 months of imports and payments, the central bank said.
Additionally, it is worth 6.1 times the country's short-term external debt based on original maturity and 3.8 times based on residual maturity.
The net international reserves — which exclude reserve liabilities from the total dollar stash — also fell by $0.29 billion, reaching $104.69 billion by June's end.
