{
  "id": 18974981,
  "title": "Dollar reserves slide to $97.4 billion in October",
  "url": "https://urgent.news/2026/11/08/dollar-reserves-slide-to-97-4-billion-in-october",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-08T16:00:00.000Z",
  "source": {
    "name": "Philippine Star Business",
    "slug": "philippine-star-business",
    "url": "https://www.philstar.com/business/2026/11/09/2568790/dollar-reserves-slide-974-billion-october"
  },
  "original_language": "en",
  "account": "The Philippines' dollar reserves dropped to $97.4 billion in October, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP). This decline, amounting to a 2.2 percent decrease from September's $99.49 billion, also represents an 11.7 percent reduction compared to the $110.25 billion reserves from the same period last year. The central bank's reserves are comprised of foreign assets, such as gold, securities, and foreign currency deposits, which are utilized to finance imports, settle foreign debt, and guard against external shocks. BSP attributed the decline to net foreign exchange operations, lower gold valuations, and government withdrawals for debt payments and other funding needs. Foreign exchange operations could involve buying or selling dollars to stabilize the peso's fluctuations. The local currency faced pressure in October, hitting a record low of 64.2 pesos per dollar on October 27. UnionBank chief economist Ruben Carlo Asuncion advised to monitor the reserve decline, although the country still maintains sufficient external buffers. While the year-on-year decline in reserves is significant, at $97.4 billion, the country does not yet face a reserve-adequacy issue. Asuncion highlighted that the reserve buffer remains adequate, equivalent to 6.1 months of imports and payments for services and primary income. It could also cover 3.1 times the country's short-term external debt. Despite the decline, Asuncion cautioned that persistent peso weakness could lead to further reserve drawdowns, potentially reducing the BSP's capacity to handle external shocks and forex volatility.",
  "summary": "The country’s dollar reserves fell further to $97.4 billion in October, weighed down by foreign exchange operations, declining gold prices and government withdrawals amid continued pressure on the peso.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}