The country's dollar reserves fell to $103.97 billion as of end-May 2026 — the lowest level in 16 months — according to Philstar Biz .
Data from the Bangko Sentral ng Pilipinas showed the decline was driven by government debt payments, lower gold prices, and central bank foreign exchange operations.
Despite the drop, the reserves remain sufficient to cover about 7.4 months of imports of goods and payments of services and primary income, providing a buffer against external shocks.