Philippine Central Bank Increases Gold Reserves by 70% in 2025 to Record Levels

The Bangko Sentral ng Pilipinas (BSP) significantly bolstered its foreign exchange reserves in 2025 by acquiring an additional 590,000 troy ounces of gold, raising its total holdings to 1.4 million troy ounces—a new historical high. This represents a 70% increase compared to year-end 2024 levels, reflecting a deliberate policy shift toward strengthening reserve assets with tangible, non-convertible stores of value. The expansion came amid heightened volatility in international financial markets, driven by shifting monetary policies in major economies and persistent inflation concerns. By increasing gold exposure, the BSP aims to reduce dependence on fluctuating foreign currencies and enhance the resilience of the nation’s balance sheet against external shocks. The latest data reveals that gold now constitutes approximately 18% of the BSP’s total reserve assets, up from 11% at the start of 2025. This marks a strategic pivot from reliance on U.S. dollar-denominated assets, particularly as global interest rates remained elevated throughout the year. The acquisition was executed through a series of phased purchases in the first and third quarters of 2025, with no public disclosure of individual transaction prices or counterparties. Market analysts note that the move could influence investor sentiment toward Philippine sovereign debt and currency stability, potentially attracting long-term capital flows. Financial institutions and macroeconomic watchers are monitoring whether other emerging market central banks will follow suit, especially in Asia and Southeast Asia.