The Philippines reduced its official gold reserves in early 2024, even as central banks globally were net buyers of the metal, according to data from the Bangko Sentral ng Pilipinas and the World Gold Council.

BSP disclosures show that the Philippines sold roughly 24.9 to 25 metric tons of gold during the first half of 2024, a move that stood out against a broader international trend of central bank accumulation. The sales were reflected in official reserve data and cited in Philippine business media reports based on BSP figures.

By contrast, the World Gold Council estimates that central banks worldwide added more than 1,000 metric tons of gold in 2024, extending a multi-year pattern of reserve diversification into bullion amid geopolitical uncertainty and elevated inflation risks.

Diverging From the Global Pattern

While many monetary authorities increased gold holdings to reduce reliance on U.S. dollar–denominated assets, the Philippines moved in the opposite direction during part of the year. Analysts note, however, that such divergence does not necessarily signal financial stress.

The BSP has previously stated that gold transactions form part of active reserve management, alongside adjustments to foreign currency assets, with decisions guided by liquidity needs, portfolio balance, and risk considerations.

Central banks regularly buy and sell gold depending on market conditions, reserve composition targets, and domestic policy requirements.

Rankings Remain Inconclusive

Public data shows the Philippines among the larger disclosed gold sellers during the first half of 2024. However, global rankings of gold sales are not definitive.

The World Gold Council has cautioned that: not all central banks report gold transactions in real time, some disclosures are delayed or incomplete, and official comparisons rely on partial reporting.

As a result, claims that the Philippines was the world’s largest gold seller in 2024 cannot be conclusively verified using available global data.

Gold Still a Significant Reserve Asset

Despite the reduction, the Philippines retained more than 130 metric tons of gold reserves by the end of 2024, based on estimates from the International Monetary Fund and the World Gold Council. Gold continues to account for a meaningful share of the country’s international reserves.

Globally, gold remains a core reserve asset, particularly as central banks seek to diversify holdings amid currency volatility, geopolitical fragmentation, and shifting interest rate expectations.

The contrasting approaches underscore the flexibility central banks retain in managing reserves. While the global trend favored accumulation in 2024, individual institutions—including the BSP—adjusted positions based on domestic policy objectives and market conditions rather than following a uniform strategy.

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