The Philippines posted a $131-million balance of payments surplus in May, ending a seven-month run of dollar deficits. The central bank data signals possible easing of external pressures, though analysts urge caution.
Data from the Bangko Sentral ng Pilipinas showed dollar inflows exceeded outflows for the first time since October 2024. The five-month deficit narrowed to $7.28 billion, though this already equals 93 percent of the central bank’s full-year projection.
Gross international reserves stood at $103.99 billion at the end of May. This level covers 6.7 months of imports and payments and equals nearly four times short-term external debt.
Carlo Asuncion of UnionBank described the result as a tactical improvement rather than a structural shift. Robert Dan Roces of SM Investments noted that external liquidity remains intact but longer-term questions persist amid global uncertainty.
