The Central Bank of the Philippines published its latest balance of payments (BOP) and reserve data, showing a BOP deficit of USD 2.3 billion in February 2026 alongside an increase in gross international reserves (GIR) to USD 113.3 billion as of end-February 2026. For January to February 2026, the BOP recorded an overall deficit of USD 2.7 billion. The end-February GIR level was assessed as an adequate external liquidity buffer, equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income, and covering about 4.3 times the country’s short-term external debt based on residual maturity. The central bank noted that GIR consist of foreign-denominated securities, foreign exchange and other assets including gold, and are used to support external payment needs and provide a buffer against currency volatility and external shocks.
Central Bank of the Philippines 2026-03-19
Central Bank of the Philippines reports February 2026 balance of payments deficit and reserves rising to USD 113.3 billion
The Central Bank of the Philippines reported a balance of payments (BOP) deficit of USD 2.3 billion in February 2026, with a total deficit of USD 2.7 billion for January to February. Gross international reserves (GIR) rose to USD 113.3 billion by end-February, providing a liquidity buffer equivalent to 7.5 months of imports and covering 4.3 times the short-term external debt.