The Central Bank of the Philippines published balance of payments and reserve data showing a USD 827 million balance of payments deficit in December 2025, bringing the full-year 2025 outcome to a USD 5.7 billion deficit, while gross international reserves stood at USD 110.8 billion at end-December 2025. The revised reserve level was described as an adequate external liquidity buffer, equivalent to 7.4 months of imports of goods and payments of services and primary income and about 3.9 times short-term external debt on a residual-maturity basis. The release reiterated that the balance of payments records the country’s transactions with the rest of the world, and that reserves, comprising foreign-denominated securities, foreign exchange and other assets including gold, support dollar liquidity for imports and external debt obligations, address currency volatility and provide a buffer against external shocks.
Central Bank of the Philippines 2026-01-18
Central Bank of the Philippines reports December 2025 balance of payments deficit of USD 827 million and end-December reserves of USD 110.8 billion
The Central Bank of the Philippines reported a USD 827 million balance of payments deficit for December 2025, resulting in a USD 5.7 billion deficit for the year, with gross international reserves at USD 110.8 billion, providing a 7.4-month import cover and 3.9 times short-term external debt coverage.