Philippines records USD167M BoP deficit in July
The Philippines recorded a balance of payments (BoP) deficit of USD167 million in July 2025, reversing the USD226 million surplus from June and the USD62 million surplus from the same period last year.
This deficit was primarily due to the national government's drawdown on foreign currency deposits with the Bangko Sentral ng Pilipinas (BSP) to service external debt obligations.
For the first seven months, the BoP deficit widened to USD5.756 billion, marking a reversal from the USD1.504-billion surplus in January-July 2024.
Offsetting factors included sustained net inflows from personal remittances by overseas Filipinos and foreign portfolio investments, as well as foreign borrowings by the national government.
The trade deficit for January to June 2025 stood at USD24 billion, a slight improvement from the USD25.1 billion recorded in the same period last year.
Despite the decline, the country's gross international reserves (GIR) remained an adequate external liquidity buffer, covering about 7.2 months' worth of imports and payments for services and primary income.
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