The Central Bank of the Philippines reported preliminary gross international reserves of USD 104.0 billion at end-May 2026. The stock declined month on month, but still covered 6.9 months of imports of goods and payments of services and primary income and 3.6 times the country’s short-term external debt based on residual maturity. The decrease mainly reflected national government drawdowns on foreign currency deposits held with the central bank for external debt service, downward valuation adjustments on the central bank’s gold holdings as global gold prices fell, and the central bank’s net foreign exchange operations.
Central Bank of the Philippines2026-06-05
Central Bank of the Philippines reports preliminary end-May gross international reserves of USD 104 billion as government drawdowns and lower gold prices reduce holdings
The Central Bank of the Philippines reported preliminary gross international reserves of USD 104.0 billion at end-May 2026, a month-on-month decline. The reserves still covered 6.9 months of imports of goods and payments of services and primary income and 3.6 times short-term external debt based on residual maturity. The decrease mainly reflected national government drawdowns for external debt service, lower gold valuations, and the central bank’s net foreign exchange operations.