Gross international reserves (GIR) remained adequate at $104.8 billion as of end-August. These provide sufficient foreign currency to meet the country’s import needs, service its external debt obligations, and serve as a buffer against external economic shocks.

The increase in reserves was mainly driven by the following: upward valuation adjustments in the Bangko Sentral ng Pilipinas (BSP)’s gold holdings due to the increase in the price of gold in the international market, and the BSP’s net income from its investments abroad.

​These were partly offset by the national government (NG)’s drawdowns on its foreign currency deposits with the BSP for external debt service.

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