The Bangko Sentral ng Pilipinas (BSP) sold 24.9 tonnes of gold in the first half of 2024 as part of its “active management strategy” for the country’s gold reserves. The central bank explained that the sale took advantage of higher market prices, generating additional income while maintaining the primary objectives of holding gold, such as insurance and safety.
This sale reduced the country’s gold reserves by 15.69% to 134.06 tonnes, making the Philippines the top seller among countries reporting to the World Gold Council during this period. Despite the reduction, the BSP stated that the current reserves still provide a sufficient external liquidity buffer.
As of June 2024, the Philippines ranked 31st globally in terms of gold holdings, with gold making up 9.8% of its total reserves. The country’s gross international reserves (GIR) stood at $106.9 billion at the end of August, equivalent to 7.8 months’ worth of imports and 6.0 times the short-term external debt based on original maturity.