MANILA — The Bangko Sentral ng Pilipinas (BSP) said the country’s foreign reserves remain sufficient despite a decline recorded in April.

Preliminary data released by the BSP showed that the country’s gross international reserves (GIR) stood at USD104.1 billion as of end-April.

The latest figure was lower than the USD106.6 billion recorded in March and the USD105.3 billion posted in April 2025.

The GIR is composed of foreign-denominated securities, foreign exchange, and other reserve assets, including gold.

According to the BSP, the reserves help ensure enough dollar liquidity to support the country’s import requirements and foreign debt payments, while also helping manage currency volatility and cushion the economy from external shocks.

Despite the lower reserve level, the BSP said the GIR still provides a strong external liquidity buffer equivalent to 6.9 months’ worth of imports of goods and payments of services and primary income.

The reserves also represent around 3.8 times the country’s short-term external debt based on residual maturity.

Under international convention, GIR is considered adequate if it can cover at least three months’ worth of imports of goods and payments of services and primary income.