The Central Bank of the Philippines reported that gross international reserves stood at USD 104.7 billion at end-June 2026 and remained sufficient to cover the country’s external liquidity needs. The reserve stock was equivalent to 6.8 months of imports of goods and payments of services and primary income, and 3.7 times short-term external debt based on residual maturity. The overall balance of payments recorded a USD 3.4 billion surplus in June 2026, narrowing the cumulative deficit for January to June to USD 3.9 billion from USD 7.3 billion in January to May. The increase in reserves was driven mainly by the national government’s net foreign currency deposits with the Bangko Sentral ng Pilipinas and the central bank’s net income from its overseas investments. These gains were partly offset by downward valuation adjustments linked mainly to changes in the prices of the central bank’s gold holdings and foreign currency-denominated reserve assets, as well as national government drawdowns on its foreign currency deposits for external debt service. The year-to-date balance of payments deficit reflected the continued trade-in-goods deficit and net outflows from foreign portfolio investments, partly offset by sustained inflows from personal remittances of overseas Filipinos, national government foreign borrowings, trade in services and foreign direct investment.
Central Bank of the Philippines2026-07-20
Central Bank of the Philippines reports USD 104.7 billion in end-June reserves and a USD 3.4 billion June balance of payments surplus
The Central Bank of the Philippines reported end-June 2026 gross international reserves of USD 104.7 billion, equal to 6.8 months of import cover and 3.7 times short-term external debt on a residual maturity basis. It also reported a USD 3.4 billion balance of payments surplus in June, which narrowed the cumulative January to June deficit to USD 3.9 billion. Reserve gains were driven mainly by government foreign currency deposits and investment income abroad.