The Philippines recorded a balance of payments deficit of US$2.12 billion in April 2026, bringing the country’s cumulative shortfall for the first four months of the year to US$7.41 billion, the Bangko Sentral ng Pilipinas (BSP) said.
The latest year-to-date deficit was wider than the US$5.52-billion gap posted in the same period last year, indicating heavier net outflows in the country’s external transactions.
However, the April shortfall was smaller than the US$2.56-billion deficit recorded in April 2025 and improved from the US$2.64-billion deficit posted in March 2026.
The balance of payments reflects the country’s overall economic transactions with the rest of the world, including trade, investments, remittances, and other financial flows.
Despite the wider cumulative deficit, the BSP said the country’s gross international reserves remained strong at US$104.3 billion as of end-April 2026.
The reserve level was enough to cover 6.9 months’ worth of imports of goods and payments of services and primary income. It was also equivalent to about 3.8 times the country’s short-term external debt based on residual maturity.
The Gross international Reserves (GIR), composed of foreign-denominated securities, foreign exchange, gold, and other reserve assets, serves as the country’s external liquidity buffer.
It helps ensure sufficient dollar resources to pay for imports and foreign obligations, manage currency volatility, and protect the economy from external shocks.
