The Philippines' dollar reserves at the end of June rose to their highest level in three months, according to preliminary data released by the central bank. The figures were disclosed late on Tuesday and reflect the latest movements in the country's external asset position.
Gross international reserves increased 0.78 percent to $104.803 billion, up from $103.988 billion the month before. This marks the strongest tally since the $106.636 billion recorded at the end of March.
The growth stemmed primarily from net foreign‑currency deposits made by the National Government and from the central bank’s net earnings on its overseas investments. These inflows boosted the overall reserve balance.
These gains were partially offset by valuation adjustments, notably declines in the market value of gold holdings and other foreign‑currency reserve assets. Additional pressure came from the government’s withdrawals to service external debt.
Despite the June rise, total foreign reserves fell 1.13 percent from $105.998 billion recorded a year earlier, representing the third consecutive month of year‑on‑year decline. The downward trend highlights ongoing challenges in maintaining reserve growth.
Dollar reserves comprise the central bank’s foreign assets, including investments in foreign‑issued securities, foreign exchange balances, monetary gold, and related holdings. They are supplemented by the Philippines’ reserve position with the International Monetary Fund and its allocation of special drawing rights.
