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MANILA, Philippines – The Philippines’ foreign reserves fell further in May due to foreign debt payments, weaker gold holdings, and BSP efforts to support the peso amid Middle East war-driven market volatility.
Data released by the Bangko Sentral ng Pilipinas (BSP) showed the country’s gross international reserves (GIR) settled at $103.98 billion, the lowest in over a year or since January 2025’s $103.3 billion.
READ: GIR weighed down by MidEast war-induced volatility
The reserves serve as the country’s main shield against external shocks, helping finance imports and foreign debt payments in periods when export earnings or access to foreign loans dry up.
