Gross international reserves (GIR) remained adequate at $104.7 billion as of end-June, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.

These provide sufficient foreign currency to meet the country’s import needs and service its external debt obligations and serve as a buffer against external economic shocks.

The increase in reserves was mainly driven by the following: national government’s (NG) net foreign currency deposits with the Bangko Sentral ng Pilipinas (BSP), and the BSP’s net income from its investments abroad.

These were partly offset by the following: downward valuation adjustments, primarily driven by changes in prices of the BSP’s gold holdings and foreign currency–denominated reserve assets, and NG’s drawdowns on its foreign currency deposits with the BSP for external debt service.

The end-June GIR level can cover up to 6.8 months' worth of imports of goods and payments of services and primary income. It can likewise service about 3.7 times the country's short-term external debt based on residual maturity.

The overall balance of payments (BOP), which captures the transactions of the country with the rest of the world, recorded a $3.4-billion surplus in June. This helped narrow the cumulative deficit from $7.3 billion in the period January-May 2026 to US$3.9 billion in the period January-June 2026.

The year-to-date BOP position reflected the continued trade-in-goods deficit and net outflows from foreign portfolio investments. This was partly offset by the sustained net inflows from personal remittances of overseas Filipinos (OFs), foreign borrowings by the NG, trade in services, and foreign direct investment. Bangko Sentral ng Pilipinas