The Philippine balance of payments posted a $225-million deficit in November 2025, reversing a three-month surplus as seasonal pressures and volatile capital flows weighed on the economy.
Data released by the Bangko Sentral ng Pilipinas showed the deficit was a modest turnaround from the $706-million surplus seen in September. However, the figure improved from the $2.28-billion deficit recorded in November 2024.
The November performance brought the country’s 11-month BOP deficit to $4.83 billion. This represents a slight widening from the $4.61-billion gap reported at the end of October.
Philippine Institute for Development Studies (PIDS) senior research fellow John Paolo Rivera said the November figure reflected seasonal pressures and capital flow volatility amid global uncertainty and the sensitivity of the peso-denominated interest rate differentials.
Rivera noted that these pressures include higher import demand ahead of the holiday season, debt service payments and portfolio outflows.
He said while the deficit snapped a short streak of surpluses, it does not signal a structural shift because remittances and services exports remain supportive.
He said the balance of payments could remain volatile in the near term but should stabilize as seasonal imports ease and if global financial conditions remain favorable.
Rivera said sustained improvement would depend on stronger investment inflows and steady export performance.
At the same time, the Bangko Sentral ng Pilipinas reported that the country’s gross international reserves rose to $111.3 billion as of the end of November.
The BSP said this reserve level provides an adequate external liquidity buffer worth 7.4 months of imports of goods, service payments and primary income.
The current reserves also cover about 4.0 times the short-term external debt based on residual maturity.
