The gross international reserves (GIR) settled at $104.3 billion as of end-April. This level provides a robust external liquidity buffer, equivalent to 6.9 months' worth of imports of goods and payments of services and primary income.

It covers about 3.8 times the country's short-term external debt based on residual maturity.

The Philippines’ overall balance of payments (BOP) registered a deficit of $2.1 billion in April . This brought the cumulative BOP position to a $7.4 billion deficit for the January-April period.

GIR are made up of foreign-denominated securities, foreign exchange, and other assets including gold. GIR help ensure sufficient dollar liquidity to meet the country’s import needs and foreign debt obligations, address currency volatility, and provide a buffer against external economic shocks.

The overall BOP position denotes the transactions of the country with the rest of the world. Bangko Sentral ng Pilipinas