The Philippines’ gross international reserves (GIR) climbed to $109.1 billion as of end-September 2025 from $107.1 billion in the previous month, after the balance of payments (BOP) yielded a surplus, the Bangko Sentral ng Pilipinas (BSP) said on Monday.
The BSP attributed the increase to its income from foreign investments and the national government’s net foreign currency deposits with the BSP.
It said the September BOP surplus reached $82 million, down from a $3.5-billion surplus in the same month of the previous year, and the $359-million surplus posted in August 2025.
This narrowed the year-to-date BOP deficit to $5.32 billion from a $5.4-billion deficit earlier this year, but still represented a significant shift from a $5.12-billion surplus a year ago.
The persistent trade in goods deficit contributed to the year-to-date deficit. This was partly offset by sustained net inflows from personal remittances from overseas Filipinos, trade in services, foreign direct and portfolio investments and foreign borrowings by the national government, the BSP noted.
The latest GIR level remains an adequate external liquidity buffer, covering 7.3 months of imports of goods, service payments and primary income. It also covers more than three times the country’s short-term external debt based on residual maturity.
“The smaller BOP surplus reflects fewer one-off inflows and a still-wide trade gap, but the external position remains manageable with steady remittances, strong services exports, and solid reserves,” said SM Investments Corp. chief economist Robert Dan Roces.
Roces said investment inflows may return and support liquidity and credit conditions as global rates ease and regional demand recovers.
He said this should help firms with deep local roots and diverse sources of growth.
