Philippines Forex Reserves Hits Nearly 4-Year Low

The Philippines’ gross international reserves (GIR) fell 11.7% year-on-year to USD 97.35 billion in October 2026, extending their year-on-year decline that began in March and reaching their lowest level since December 2022.

Reserves also declined 2.1% from USD 99.49 billion in September.

The Bangko Sentral ng Pilipinas attributed the decrease partly to lower gold valuations amid falling global prices, while peso depreciation and mounting foreign debt obligations also contributed to reserve pressures.

Gold reserves fell 4.9% month-on-month to USD 16.95 billion, while foreign investments declined 3.0% to USD 73.73 billion.

Meanwhile, foreign currency and deposits rose to USD 1.99 billion from USD 1.06 billion in September.

Despite the decline, reserves remained sufficient to cover 6.1 months of imports and around 3.1 times the country's short-term external debt.