Vexillum (Costellaria) balutensis n. sp. is described from deep water off Balut Island, Mindanao in the Philippines and is compared with V. (C.) vicmanoui Turner & Marrow, 2001 and V. (C.) dautzenbergi Poppe, Guillot de Suduiraut & Tagaro, 2006 from the Philippines and V. (C.) choslenae Cernohorsky, 1982 from Japan and New Caledonia. Hitherto only two specimens of this new species are known.