BSP projects $6.2B BOP deficit in 2025, $5.9B in 2026

The Bangko Sentral ng Pilipinas (BSP) projects the Philippines' balance of payments (BOP) to record deficits of $6.2 billion (1.3% of GDP) in 2025 and $5.9 billion (1.2% of GDP) in 2026.

This marks a reversal from the $600 million surplus recorded in 2024.

The projected deficits are attributed to a sustained trade-in-goods gap and weaker services receipts, compounded by moderated foreign direct investments and external loans due to global policy uncertainty.

The BSP expects goods trade to remain soft, influenced by weaker global demand, easing commodity prices, and slower domestic growth momentum.

The central bank revised its 2026 BOP deficit forecast to $5.9 billion (1.2% of GDP) from a previously projected $3.4 billion (0.6% of GDP), and narrowed the 2025 deficit forecast to $6.2 billion (1.3% of GDP) from $6.9 billion (1.4% of GDP).