The strong dollar and debt servicing pushed the country's overall balance of payments to record a $2.3 billion deficit in September, higher than the $412 million BOP deficit recorded in the same month last year, the Bangko Sentral ng Pilipinas said Wednesday.

"The BOP deficit in September brought the cumulative BOP level for January-September 2022 to $7.8-billion deficit, higher than the $665-million deficit recorded in the same period a year ago," the central bank data shows.

Moreover, based on preliminary data, this cumulative BOP deficit reflected the widening trade in goods deficit as goods imports continued to surpass goods exports on the back of the ongoing surge in international commodity prices and resumption of domestic economic activities.

Meanwhile, the gross international reserves (GIR) level declined to $93.0 billion as of end-September 2022 from $97.4 billion as of end-August 2022.

"Nonetheless, the latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.4 months' worth of imports of goods and payments of services and primary income," data shows.

Moreover, it is also about 6.6 times the country's short-term external debt based on original maturity and 4.0 times based on residual maturity.