The Central Bank of the Philippines released external sector data showing the Philippines’ balance of payments (BOP) posted a deficit of USD 225 million in November 2025 and an overall deficit of USD 4.8 billion for January to November 2025. Gross international reserves (GIR) increased to USD 111.3 billion as of end-November 2025. The reported GIR level was described as an adequate external liquidity buffer, equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income and about 4.0 times the country’s short-term external debt based on residual maturity. The central bank also reiterated that the BOP records transactions with the rest of the world and that GIR consist of foreign-denominated securities, foreign exchange, and other assets including gold.
Central Bank of the Philippines 2025-12-19
Central Bank of the Philippines reports USD 225 million November 2025 balance of payments deficit and reserves rising to USD 111.3 billion
The Central Bank of the Philippines reported a balance of payments deficit of USD 225 million in November 2025, contributing to a USD 4.8 billion deficit from January to November 2025. Gross international reserves rose to USD 111.3 billion, providing an adequate liquidity buffer equivalent to 7.4 months of imports and 4.0 times the short-term external debt.