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Saturday, Jun 07, 2025
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Philippines' Dollar Reserves Reach $105.5 Billion in May
A slight increase in gross international reserves driven by higher gold prices and foreign investment income.
As of the end of May 2023, the Philippines' gross international reserves (GIR) rose to $105.46 billion, reflecting a month-on-month increase of 0.1 percent from the $105.31 billion noted at the end of April.
This marks the highest level of reserves recorded in the past two months.
Year-on-year, the reserves also showed an increase of $450 million or 0.4 percent compared to May 2022, when reserves stood at $105.01 billion.
The Bangko Sentral ng Pilipinas (BSP) attributed this month-on-month growth primarily to upward valuation adjustments in its gold holdings, driven by increases in international gold prices.
As of May, the value of the BSP's gold reserves rose by 2.9 percent, reaching $13.73 billion, up from $13.34 billion in April.
Additionally, the GIR was supported by net income from the BSP's foreign investments and deposits in foreign currency made by the national government.
However, it was noted that the total value of foreign investments experienced a slight decline of 0.3 percent, decreasing to $86.42 billion from $86.67 billion in the previous month.
Economists have highlighted that the increase in foreign currency reserves is essentially linked to the continued growth in gold holdings amid rising global prices, which have approached record levels.
The performance of these reserves comes in the context of ongoing global market volatility, characterized by various geopolitical and economic factors.
This marks the highest level of reserves recorded in the past two months.
Year-on-year, the reserves also showed an increase of $450 million or 0.4 percent compared to May 2022, when reserves stood at $105.01 billion.
The Bangko Sentral ng Pilipinas (BSP) attributed this month-on-month growth primarily to upward valuation adjustments in its gold holdings, driven by increases in international gold prices.
As of May, the value of the BSP's gold reserves rose by 2.9 percent, reaching $13.73 billion, up from $13.34 billion in April.
Additionally, the GIR was supported by net income from the BSP's foreign investments and deposits in foreign currency made by the national government.
However, it was noted that the total value of foreign investments experienced a slight decline of 0.3 percent, decreasing to $86.42 billion from $86.67 billion in the previous month.
Economists have highlighted that the increase in foreign currency reserves is essentially linked to the continued growth in gold holdings amid rising global prices, which have approached record levels.
The performance of these reserves comes in the context of ongoing global market volatility, characterized by various geopolitical and economic factors.
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