BOP at $225-M deficit in Nov ‘25, GIR rise to $111.3-B

The Philippines’ balance of payments (BOP) registered a modest deficit of US$225 million in November 2025. For January to November 2025, the BOP recorded an overall deficit of US$4.8 billion.

Gross international reserves (GIR) increased to US$111.3 billion as of end-November 2025, showing adequate external liquidity buffer, equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income. It covers about 4.0 times the country’s short-term external debt based on residual maturity.

The BOP accounts for the transactions of the country with the rest of the world. GIR are made up of foreign-denominated securities, foreign exchange and other assets, including gold. GIR help a country finance its imports and foreign debt obligations, stabilize its currency and provide a buffer against external economic shocks.