MANILA — The Philippines recorded a balance of payments (BOP) deficit of US$5.3 billion, or 1.5 percent of GDP, in January–September 2025, amid tighter global financial conditions and ongoing trade uncertainties.

The shortfall was largely driven by a current account deficit of US$12.5 billion (3.6% of GDP), as imports of telecommunications equipment, electrical machinery, and passenger vehicles outpaced exports. Exports remained resilient, supported by global demand for manufactured goods, minerals, and electronics. Inflows from overseas Filipino remittances and services such as BPO and travel helped cushion the impact.

Meanwhile, the financial account posted net inflows of US$12.2 billion (3.5% of GDP), reflecting strong investor confidence through foreign direct and portfolio investments, as well as foreign borrowings by the National Government.

Despite the BOP deficit, the combination of steady capital inflows and remittances helped stabilize the country’s external position amid global uncertainties.