MANILA— The country’s gross international reserves (GIR) dipped slightly in July 2025, mainly due to lower global gold prices and the national government’s foreign currency withdrawals to service external debt, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).

GIR fell to US\$105.7 billion as of end-July 2025 from US\$106.0 billion in June.

GIR consists of foreign-denominated securities, foreign exchange, and other reserve assets, including gold. These reserves help the country meet its import and external debt obligations, support currency stability, and serve as a buffer against external economic shocks.

Despite the decline, the BSP said the current GIR level remains a robust external liquidity buffer, equivalent to 7.2 months’ worth of imports and 3.4 times the country’s short-term external debt based on residual maturity.

Net international reserves, which refer to the difference between the BSP’s reserve assets and liabilities, also declined by US\$0.3 billion, matching the GIR drop.