The Philippines fell three places in the latest world ranking of the International Football Federation (Fifa) released Thursday.
In the November rankings, the Azkals were down to 137 after placing at 134th last October.
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The Filipinos are coming off a scoreless draw against North Korea in Pyongyang and 0-2 loss to Bahrain.
But the Azkals remain on top in the Southeast Asian region followed by Thailand at 144.
South Korea (49), meanwhile, ranked the highest among Asian teams closely followed by Japan (50th).
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Trailing the Philippines and Thailand were Vietnam (147), Singapore (152), Myanmar (161), Timor-Leste (162), Malaysia (171), Indonesia (174), Laos (176), Cambodia (183).
The Filipinos are set to face Yemen next week as the Fifa World Cup qualifying matches continue.
In July this year, the Philippine Azkals achieved their highest world ranking in history at 124th place.
In the world rankings, Belgium zoomed to top place after overtaking Germany and Argentina.