MANILA, PHilippines — The Philippines’ gross international reserves (GIR) increased slightly from US$105.3 billion at the end of April 2025 to US$105.5 billion as of the end of May 2025, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP).

This latest GIR level provides a strong external liquidity buffer, equivalent to 7.3 months’ worth of imports of goods and payments for services and primary income. It also covers approximately 3.7 times the country’s short-term external debt based on residual maturity, indicating a healthy position to meet foreign liabilities due within the next 12 months.

The month-on-month increase was mainly driven by three factors: upward valuation adjustments in the BSP’s gold holdings due to a rise in international gold prices; net income from BSP’s investments abroad; and the national government’s net foreign currency deposits with the BSP.

Meanwhile, the country’s net international reserves (NIR) rose by US$0.08 billion, from US$105.26 billion at the end of April 2025 to US$105.34 billion at the end of May 2025.

The BSP’s reserve assets consist of foreign investments, gold, foreign exchange, reserve position in the International Monetary Fund (IMF), and special drawing rights. GIR is generally considered adequate if it can finance at least three months’ worth of imports and payments for services and primary income.

Short-term debt based on residual maturity includes external debt with an original maturity of one year or less, plus principal payments on medium- and long-term loans due within the next 12 months from both public and private sectors.

NIR is calculated as the difference between the BSP’s reserve assets (GIR) and reserve liabilities, which include short-term foreign debt and loans from the IMF.