Philippines’ BoP position swings to surplus in May (opens original article in a new tab)

The Philippines' balance of payments turned to a $131-million surplus in May 2026, marking the first surplus in seven months, while dollar reserves dropped to a 16-month low. Analysts view the surplus as a temporary improvement rather than a long-term shift.

• Philippines' balance of payments (BoP) swung to a $131-million surplus in May 2026, the first surplus in seven months.
• Dollar reserves fell to a 16-month low of $103.988 billion in May 2026, driven by valuation losses and external debt payments.
• Analysts noted the surplus reflected improved foreign exchange inflows and eased external payment pressures, but emphasized it was a tactical rebound rather than a structural shift.