Gross international reserves (GIR) remained sufficient to meet the country’s import needs, service its external debt obligations, and serve as a buffer against external economic shocks in July.

GIR settled at $103.3 billion as of end-July compared with $104.7 billion as of end-June.

​The decrease was mainly driven by the following: Bangko Sentral ng Pilipinas (BSP)’s net foreign exchange operations, the National Government’s (NG) drawdowns on its foreign currency deposits with the BSP for external debt service. downward valuation adjustments in the BSP’s foreign currency–denominated reserve assets, and NG’s net foreign currency withdrawals from its deposits with the BSP.

​​These were partly offset by the following: Income from the BSP’s investments abroad, and upward valuation adjustments in the BSP’s gold holdings due to the increase in the price of gold in the international market.

The end-July GIR level can cover up to 6.7 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 $1.5-billion deficit in July.

This brought the cumulative BOP position for January-July to a $5.3-billion deficit, lower than the $5.8-billion deficit recorded in the period January-July 2025.

​The year-to-date BOP position reflected the continued trade-in-goods deficit and net outflows from foreign portfolio investments.

These were 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