Jan USD reserves seen shielding PHL from shocks By Andrea E. San Juan
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PAKISTAN ARRESTS 4 SUSPECTS IN MOSQUE BOMBING THAT KILLED 31 IN THE CAPITAL
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HE country’s dollar reserves jumped to a 16-month high in January, giving the central bank enough “firepower” to manage the volatility of Philippine peso, according to an expert. Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s gross international reserves (GIR) rose to $112.515 billion at end-January 2026, the highest since September 2024. The latest figure is 1.52 percent
higher than the $110.833 billion recorded in end-December 2025. Year-on-year, the GIR rose by 8.95 percent from the $103.271 billion in end-January 2025. Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said the jump in GIR mainly reflects stronger dollar inflows— from exports, business process outsourcing, and remittances alongside higher valuations of the BSP’s foreign investments and gold holdings, which helped push reserves to their highest in over a year. “With GIR now comfortably above traditional adequacy met-
rics, it gives the BSP enough firepower to smooth volatility, reassure markets, and keep the peso from overshooting even when global conditions turn choppy,” Ravelas said in a Viber message. GIR is deemed adequate if it can finance at least three-months’ worth of the country’s imports of goods and payments of services and primary income. The latest GIR level provides a robust external liquidity buffer, equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income, BSP said. The current GIR level also cov-
ers about 4.1 times the country’s short-term external debt based on residual maturity, the BSP added. GIRs are made up of foreigndenominated securities, foreign exchange and other assets, including gold. The central bank said these reserves serve as a buffer against external economic shocks, enabling a country to pay for its imports, service its foreign debt obligations, and stabilize its currency.
Components
THE monthly increase in the GIR was largely due to the continued See “USD,” A2
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FOREIGN INFLOWS INTO PHL BONDS RISE IN 2025 www.businessmirror.com.ph
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OREIGN investors are increasing their exposure to Philippine government bonds, with participation more than doubling last year, as the government steps up efforts to deepen and modernize the domestic debt market. Data from the Bureau of the Treasury (BTr) showed non-resident participation rose to nearly 5 percent in 2025 from about 2 percent in 2023. Total value of foreign holdings climbed by 35.39 percent to P614.84 billion in the first half of 2025 from P454.12 billion at end2024. The Treasury said the gains have strengthened the country’s bid for inclusion in JPMorgan’s Government Bond Index–Emerging Markets (GBI-EM), where the
Philippines is currently on watchpositive status. “Inclusion in the GBI-EM is expected to further expand the investor base, enhance market liquidity, attract long-term global investors, and support lower borrowing costs,” the Treasury said in a statement.
Record trading volume
TREASURY data also showed that annual trading volume in the government securities secondary See “PHL bonds,” A2
D.O.T. TAPS AGODA TO ENTICE HOTELS TO GET ACCREDITATION By Ma. Stella F. Arnaldo Special to the BusinessMirror
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UST 15 percent of Philippine properties listed on online travel agency Agoda’s website are possibly accredited with the Department of Tourism (DOT). According to the DOT, there are some 12,500 accredited primary tourism enterprises or PTEs (e.g. hotels, resorts, inns) and about 1,600 secondary tourism enterprises (STEs) accredited with the agency as of January. STEs include restaurants, souvenir shops, spas, and
recreational centers, which voluntarily accredited themselves. As per Agoda, there are 84,455 vacation rentals and hotels in the Philippines available for booking on their site. This developed as the DOT signed a preliminary memorandum of understanding (MOU) with Agoda aimed at boosting the marketing of Philippine destinations. Among the key goals of the agreement is to encourage more tourism establishments listed with Agoda to get accredited with the DOT. See “Agoda,” A2
BASYANG DISPLACES 56,000 IN CARAGA Residents wade through floodwaters as Tropical Storm Basyang inundates low-lying communities in the Caraga region following days of heavy rains and strong winds. The storm, which made landfall in Bayabas, Surigao del Sur late Thursday night, February 5, 2026, displaced more than 56,000 people, damaged homes, and triggered flooding and landslides across hundreds of barangays, with Surigao del Sur among the hardest hit areas. ERWIN M. MASCARIÑAS
PEZA optimistic on PHL export earnings in 2026 By Bless Aubrey Ogerio
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EW and expanding investments in ecozones across the country will support the growth of the country’s exports, according to the Philippine Economic Zone Authority (PEZA). Yet, even if exports reached a record high of $84 billion in 2025, imports also peaked at $137.22 billion in 2022. “This growth is complemented by the contributions of other IPAs and local manufacturers that play a significant role in strengthening the country’s export performance,” PEZA Director General Tereso Panga said. Exports from PEZA-registered ecozones also rose by 10 percent, prompting the agency to project a 15-percent increase in investment approvals for 2026, targeting P300
billion in total investments. Historically, exports from these ecozones account for around 50-60 percent of the country’s annual goods exports, with electronics comprising the largest share at 33 percent of total PEZA-approved investments. Panga noted that further growth in foreign direct investment and exports could be supported by “bold economic reforms, strong macroeconomic fundamentals, fiscal incentives under the CREATE MORE regime, global supply chain diversification, shifting trade patterns, and new free trade agreements.” At the same time, PEZA acknowledged both global and domestic challenges that could affect trade and investment growth. Under the Philippine Export Development Plan 2025-2028, the government aims to diversify export markets, boost higher-value
manufacturing, expand digital services, including IT-BPM and strengthen agricultural exports such as coconut, tropical fruits, and processed foods. PEZA also highlighted recent trade agreements with countries like Korea and the United Arab
Emirates, which are expected to open opportunities for technology and agricultural products. “Indeed, the best is yet to come for Philippine exports, buoyed by the strong performance of our manufacturing and services sectors,” it said.
PESO EXCHANGE RATES n US 58.8270 n JAPAN 0.3746 n UK 79.6047 n HK 7.5284 n CHINA 8.4810 n SINGAPORE 46.1388 n AUSTRALIA 40.7318 n EU 69.2923 n KOREA 0.0400 n SAUDI ARABIA 15.6872 Source: BSP (February 6, 2026)