Philippines’ foreign reserves hit $112b in Sep. ’24

The Philippine foreign exchange reserves reached a new all-time high of $112.0 billion at the end of September 2024, surpassing the previous record of $107.9 billion set in August, according to preliminary data released on Mondy.

This substantial increase bolsters the country’s external liquidity position, providing a comfortable buffer for imports and debt payments. The month-over-month growth in the Gross International Reserves (GIR) was primarily driven by several factors:

Increased foreign currency deposits: The National Government’s net foreign currency deposits with the Bangko Sentral ng Pilipinas (BSP) rose, thanks to proceeds from the issuance of Retail Treasury Bond Global Bonds (ROP Global Bonds).

Gold price appreciation: The BSP’s gold holdings gained value due to a rise in the international price of gold.

Investment income: The BSP’s investments abroad generated net income, contributing to the overall increase in reserves.

The net international reserves, which represent the difference between the BSP’s reserve assets (GIR) and reserve liabilities, also saw a significant increase of $4.2 billion to $112.0 billion in September from $107.8 billion in August.

Atteibution: The Bangko Sentral ng Pilipinas report

Subediting: M. S. Salama