The Central Bank of the Philippines published preliminary data showing gross international reserves (GIR) of USD 106.84 billion at end-December 2024, down from USD 108.49 billion at end-November 2024. The GIR level was described as an external liquidity buffer equivalent to 7.5 months of imports of goods and payments of services and primary income, and about 3.8 times short-term external debt based on residual maturity. The month-on-month decline mainly reflected the Bangko Sentral ng Pilipinas’ net foreign exchange operations, drawdowns of national government deposits with the central bank to pay foreign currency debt obligations, and downward valuation adjustments in gold holdings due to lower international gold prices. Net international reserves (NIR) fell by USD 1.63 billion to USD 106.83 billion from USD 108.46 billion over the same period.
Central Bank of the Philippines 2025-01-07
Central Bank of the Philippines reports gross international reserves of USD 106.84 billion at end-December 2024
The Central Bank of the Philippines reported a decrease in gross international reserves to USD 106.84 billion at end-December 2024, down from USD 108.49 billion in November. This decline is attributed to net foreign exchange operations, government deposit drawdowns for foreign debt payments, and lower gold valuations. Net international reserves also fell by USD 1.63 billion to USD 106.83 billion.