Reserves hit three-month high at end-June

By Katherine K. Chan, Reporter

THE PHILIPPINES’ end-June dollar reserves jumped to the highest level in three months, backed by the central bank’s profits from its foreign investments and the foreign currency deposits it received from the National Government (NG), preliminary data showed.

Bangko Sentral ng Pilipinas (BSP) data released late on Tuesday showed the country’s gross international reserves climbed 0.78% to $104.803 billion at end-June from $103.988 billion the prior month.

This was the highest tally since the $106.636 billion at end-March.

The increase was driven by the NG’s net foreign currency deposits with the central bank and the BSP’s net income from its international investments.

“These were partly offset, however, by the… downward valuation adjustments, primarily driven by changes in prices of the BSP’s gold holdings and foreign currency-denominated reserve assets, and the NG’s drawdowns on its foreign currency deposits with the BSP for external debt service,” the central bank added.

The country’s foreign reserves also dropped by 1.13% from $105.998 billion as of June 2025, marking the third straight month that the GIR level declined year on year.

Dollar reserves are the central bank’s foreign assets held mostly as investments in foreign-issued securities, foreign exchange and monetary gold, among others.

These are supplemented by claims to the International Monetary Fund in the form of reserve position in the fund and special drawing rights.