Philippines gross foreign reserves slip to $104.1 billion by end-April

MANILA – The Philippines’ gross foreign reserves dropped to $104.1 billion at the end of April, from $106.6 billion a month earlier, the central bank said on Thursday, citing preliminary data.

The latest forex reserves represent a “robust” external liquidity buffer equivalent to 6.9 months’ worth of imports of goods, payments of services and primary income, it said in a statement.

GIR consist of foreign‑denominated securities, foreign exchange, and other reserve assets, including gold. GIR help ensure sufficient dollar liquidity to meet the country’s import needs and foreign debt obligations, address currency volatility, and provide a buffer against external economic shocks. — Reuters