MANILA — The Philippines’ balance of payments (BOP) registered a US$706 million surplus in October 2025, reflecting improvements in the country’s external accounts, the Bangko Sentral ng Pilipinas (BSP)reported.

For the period January to October 2025, the BOP recorded an overall deficit of US$4.6 billion, though inflows have strengthened, signaling a narrowing of the gap.

The October surplus coincided with a rise in gross international reserves (GIR) to US$110.2 billion as of end-October 2025. This level of reserves provides a robust external liquidity buffer, equivalent to 7.4 months of imports of goods and payments for services and primary income, and covers about 3.8 times the country’s short-term external debtbased on residual maturity.

The BOP tracks the Philippines’ transactions with the rest of the world, while GIR—comprising foreign-denominated securities, foreign exchange, and other assets including gold—helps the country finance imports and foreign debt, stabilize the peso, and guard against external economic shocks.