Gross international reserves (GIR), based on preliminary data, rose from $105.3 billion as of end-April to $105.5 billion as of end-May.

This latest GIR level provides a robust external liquidity buffer, equivalent to 7.3 months' worth of imports of goods and payments of services and primary income

Moreover, it covers about 3.7 times the country's short-term external debt based on residual maturity.

The month-on-month increase in the GIR level reflected mainly the upward valuation adjustments in the Bangko Sentral ng Pilipinas’ (BSP) gold holdings due to the increase in the price of gold in the international market, net income from the BSP’s investments abroad, and national government’s net foreign currency deposits with the BSP.

The net international reserves (NIR) increased by $0.08 billion from $105.26 billion as of end-April to $105.34 billion as of end-May. Bangko Sentral ng Pilipinas