In February, the balance of payments (BOP) position reverted to a $3.1 billion surplus, marking a significant turnaround from the $196 million BOP deficit recorded in February 2024, the Bangko Sentral ng Pilipinas (BSP) said Wednesday.

The BOP surplus reflected the national government's (NG) net foreign currency deposits with the BSP, which include proceeds from Republic of the Philippines Global Bonds, and net income from the BSP's foreign investments.

This surplus led to a cumulative BOP deficit of $992 million as of February 2025. This cumulative deficit is slightly higher than the US$936 million deficit reported in February 2024.

Based on preliminary data, the year-to-date deficit reflected mainly the widening trade in goods deficit and net outflows from foreign portfolio investments but was partially offset by net receipts from foreign borrowings by the NG and personal remittances.

The improved BOP position mirrored the increase in the final gross international reserves (GIR) to $107.4 billion as of end-February 2025, up from $103.3 billion at the end of January 2025.

This latest GIR level provides a robust external liquidity buffer, equivalent to 7.4 months' worth of imports of goods and payments of services and primary income.

Additionally, it covers approximately 3.8 times the country's short-term external debt based on residual maturity. Bangko Sentral ng Pilipinas