The Philippines’ current account deficit widened by 51.7 percent to $15.44 billion in the first half of the year as higher import payments outpaced export growth, according to the Bangko Sentral ng Pilipinas (BSP).
The goods trade deficit expanded by 15.5 percent to $37.7 billion, with imports rising 12.4 percent to $72.44 billion while exports grew 9.2 percent to $34.73 billion.
The BSP said higher import costs were driven by elevated global energy prices and increased purchases of telecommunications equipment, electrical machinery, manufacturing inputs, and fuel products.
Services earnings and remittances partly cushioned the wider trade gap, with the services surplus reaching $5.22 billion and bank-channeled cash remittances rising 2.4 percent to $17.15 billion.
Despite the wider current account deficit, the country’s balance of payments deficit narrowed by 30.6 percent to $3.88 billion as stronger financial inflows helped meet external funding needs.
Source: PhilNews24 | September 20, 2026
