JAKARTA - The Philippines recorded a US$131 million balance of payments surplus in May, reversing a US$2.124 billion deficit in April, according to the Bangko Sentral ng Pilipinas’ Special Data Dissemination Standard update. The May outturn was the country’s first monthly BOP surplus since October 2025.
The result narrowed the cumulative BOP deficit to US$7.280 billion for January-May, from US$7.411 billion at the end of April. BSP’s monthly BOP table shows the country had recorded six straight monthly deficits from November 2025 to April 2026.
The BOP measures the Philippines’ transactions with the rest of the world. A surplus means recorded external inflows exceeded outflows during the period. A deficit means outflows exceeded inflows.
BusinessMirror, citing BSP’s statement, reported that the year-to-date BOP position reflected the continued trade in goods deficit and net outflows from foreign portfolio investments.
The central bank said the shortfall was “partly offset by the sustained net inflows from personal remittances of overseas Filipinos [OFs],” along with national government foreign borrowings, trade in services and foreign direct investments, according to the June 22 report.
Official remittance data underline that support channel, although BSP’s country-level cash remittance table currently runs only through April.
Overseas Filipino cash remittances reached US$11.3975 billion in January-April 2026, up from US$11.1074 billion in the same period of 2025, according to BSP’s remittance table. April cash remittances stood at US$2.7176 billion.
The Asia-Pacific link runs through the Philippines’ overseas worker network. BSP data showed cash remittances from Asia reached US$4.7385 billion in January-April, including US$834.951 million from Singapore, US$578.906 million from Japan, US$317.312 million from Taiwan, US$298.247 million from South Korea and US$243.502 million from Malaysia. ASEAN economies accounted for US$1.1335 billion.
The reserve position remained adequate despite the year-to-date BOP deficit. BSP’s gross international reserves table showed GIR at US$103.9878 billion at end-May, down from US$104.3283 billion in April. The May level covered 6.7 months of imports of goods and payments of services and primary income.
BSP also said the May reserves covered 385.4 percent of short-term external debt based on residual maturity. The central bank revised the May reserve figure based on the final international reserves report for the month, and its table said details may not add to totals because of rounding.
