MANILA—The Philippines recorded a balance of payments (BOP) surplus of US$82 million in September 2025, lower than the US$3.5 billion surplus in the same month last year, according to the Bangko Sentral ng Pilipinas (BSP).

The BSP said the surplus reflected its net income from investments abroad and the national government’s net foreign currency deposits with the central bank.

This surplus helped narrow the country’s year-to-date BOP deficit from US$5.4 billion in January to August 2025 to US$5.3 billion as of September.

Preliminary data showed that the deficit was mainly due to the continued trade in goods shortfall, partly offset by sustained inflows from overseas Filipino remittances, trade in services, foreign direct and portfolio investments, and foreign borrowings by the national government.

The BOP position also mirrored the increase in the country’s gross international reserves (GIR), which climbed to US$109.1 billion as of end-September 2025 from US$107.1 billion in August.

The BSP said the GIR level remains an adequate external liquidity buffer, enough to cover 7.3 months’ worth of imports of goods and payments for services and primary income, and about 3.8 times the country’s short-term external debt based on residual maturity.

GIR consist of foreign-denominated securities, foreign exchange, and other assets such as gold, which help the country meet its foreign obligations, stabilize its currency, and cushion against external shocks.