Philippines: Foreign Currency Reserves
The Philippine foreign currency reserves (FCR) stood at USD 63.99bn at the end of December 2019, expanding by 5.34% y/y.
The growth rate accelerated throughout 2019, recovering from the 13% decline in December 2018 to the year-high 11.35% increase in October 2019. Further, the October figure was the highest since 2013.
As a share of nominal GDP the Philippine foreign currency reserves are 20%-22%, which is a strong buffer that can help the country cope with potential external shocks.