FX.co ★ Philippines Forex Reserves Hits Nearly 4-Year Low

The Philippines’ gross international reserves (GIR) dropped 11.7% year-on-year to USD 97.35 billion in October 2026, extending the annual decline that began in March and marking the lowest level since December 2022. On a month-on-month basis, reserves fell 2.1% from USD 99.49 billion in September. The Bangko Sentral ng Pilipinas attributed the decrease partly to lower gold valuations amid falling global prices, with additional pressure from peso depreciation and rising foreign debt obligations. Gold reserves declined 4.9% month-on-month to USD 16.95 billion, while foreign investments fell 3.0% to USD 73.73 billion. In contrast, foreign currency and deposits increased to USD 1.99 billion from USD 1.06 billion in September. Despite the overall drop, the reserve buffer remained adequate, covering 6.1 months of imports and about 3.1 times the country’s short-term external debt.