In a statement, the central bank said this marks a significant increase from the $107.9 billion level recorded at the end of August 2024.
The BSP attributes this rise to several factors, including the proceeds from the national government’s global bond issue, as well as upward valuation adjustments in the central bank’s gold holdings, reflecting higher global gold prices.
Additionally, the BSP said it recorded higher income from its investments abroad.
The central bank said the current dollar reserve level provides a “robust” external liquidity buffer, equivalent to 8.1 months of imports of goods and payments of services and primary income.
This reserve is also approximately 6.3 times the country’s short-term external debt based on original maturity, and 4.4 times based on residual maturity.
Net international reserves, which represent the difference between BSP’s reserve assets and its liabilities, also increased by $4.2 billion in September 2024 to match the record $112 billion.
The strong reserve position enhances the country’s financial stability, providing ample coverage for foreign debt and protecting the economy from external shocks.
This rise in reserves comes amid efforts to maintain a favorable balance of payments position and bolster investor confidence .
