The Philippines' gross international reserves fell 1.2 percent to $103.4 billion at the end of July, the lowest level since January 2025, the central bank said Friday. The decline reflected government debt repayment and central bank intervention to manage peso volatility.

Holdings of foreign debt securities, which make up the bulk of reserves, fell 6.5 percent to $67.3 billion, while foreign-exchange holdings dropped to $1.8 billion, a two-month low. The central bank said the national government withdrew dollars from its BSP deposits to meet external debt obligations, Inquirer business (PH) reports.