The Central Bank of the Philippines published updated external accounts data showing the Philippines’ balance of payments (BOP) posted a deficit of US$2.6 billion in March 2026, while gross international reserves (GIR) fell to US$106.6 billion as of end-March. For January to March 2026, the BOP recorded an overall deficit of US$5.3 billion. The end-March GIR level was equivalent to 7.0 months’ worth of imports of goods and payments of services and primary income, and covered about 3.9 times the country’s short-term external debt based on residual maturity. The central bank described GIR as comprising foreign-denominated securities, foreign exchange, and other assets including gold, and positioned it as a buffer supporting external liquidity needs.
Central Bank of the Philippines 2026-04-20
Central Bank of the Philippines reports a US$2.6 billion March balance of payments deficit and GIR of US$106.6 billion
The Central Bank of the Philippines reported a balance of payments deficit of USD 2.6 billion in March 2026 and an overall deficit of USD 5.3 billion for January to March 2026. Gross international reserves declined to USD 106.6 billion at end-March, equivalent to 7.0 months of imports and 3.9 times short-term external debt, with the central bank highlighting reserves as a key buffer for external liquidity.