BOP Records $3.1 Billion Surplus in February; Reserves Reach $107.4 Billion

The country’s balance of payments (BOP) recorded a $3.1 billion surplus in February 2025, a sharp improvement from the $196 million deficit in the same month last year.

The surplus was driven by the national government’s foreign currency deposits with the Bangko Sentral ng Pilipinas (BSP), including proceeds from global bonds and earnings from the BSP’s foreign investments.

Despite the monthly surplus, the overall BOP for the first two months of 2025 remained in deficit at $992 million, slightly higher than the $936 million deficit recorded in the same period last year.

The year-to-date deficit was mainly due to a larger trade gap and net outflows from foreign portfolio investments. However, this was partially offset by foreign borrowings and remittances.

The country’s gross international reserves (GIR) increased to $107.4 billion by the end of February 2025, up from $103.3 billion at the end of January 2025. This reserve level is enough to cover 7.4 months’ worth of imports and about 3.8 times the country’s short-term external debt based on maturity. (ASC)