MANILA — The Philippines posted a balance of payments (BOP) surplus of $3.1 billion in February, reversing the $196 million deficit seen in the same month in 2024, the Bangko Sentral ng Pilipinas (BSP) said Thursday.

The BSP said this reflects the national government's net foreign currency deposits with the BSP, and net income from the central bank's foreign investments.

Year-to-date, however, there is a deficit of $992 million. The central bank said this is because of the widening trade in goods deficit and net outflows from foreign portfolio investments.

But this was partially offset by net receipts from foreign borrowings by the national government and personal remittances, thr BSP said.

Meanwhile, the Philippines' gross international reserves climbed to $107.4 billion, from $103.3 billion in January.

The BSP said the GIR remains a robust external liquidity buffer, equivalent to 7.4 months’ worth of imports of goods and payments for services and primary income. 

It is also 3.8 times the country’s short-term external debt based on residual maturity.

The central bank said maintaining an adequate level of reserves is critical in supporting the Philippine economy’s resilience against external shocks.