At aged 19, Baloy moved to Colombia to play for Copa Mustang team Envigado in 2001. He played a year with the Antioquia before moving to Independiente Medellín. With the Medellín he had more success; he played in Copa Libertadores in 2003 where DIM finished 3rd. After 2003, he was signed by Brazil’s Grêmio.

Baloy started his career in Brazil with Grêmio where he played the Campeonato Brasileiro Série A 2003-2004 season. He Finished 20th (2003) and 24th (2004). Baloy was signed by Clube Atlético Paranaense but he was in 2004 with Porto Alegre; they were eliminated in the first round. Baloy was also made captain in Grêmio despite his youth.

Baloy arrived in 2005 to Mexico to play to Monterrey in the Primera División (First Division), he debuted on 30 July 2005 in the 1–2 C.F. Pachuca match. However Baloy had to settle in with the Mexican fans since he was replacing a fan favourite, the Argentine Defender Pablo Rotchen. After a couple of good performances, Baloy gained fan favour. In 2005, Pipe had a good start with Rayados where in the 2005 Apertura they finished runner-up. After that season, Monterrey were not at the same competitive level as they were before; but Baloy managed to figure in the team and has been called at numerous times one of the best defenders in Mexico.

As youngster, Baloy played in the Panama U-20 squad which attempted to qualify to the 2001 FIFA World Youth Championship in Argentina. He made his senior debut for Panama in a May 2001 UNCAF Nations Cup match against Honduras and has, as of 17 November 2017, earned a total of 100 caps, scoring 3 goals. Pipe has represented Panama participating in the 2006 FIFA World Cup qualification. He was also part of the 2005 and 2007 CONCACAF Gold Cup Best XI. He also was part of the side that finished runner-up on both 2005 CONCACAF Gold Cup and UNCAF Nations Cup 2007.

In 2007, Baloy played in the 2007 Copa Libertadores after he was loaned out to Club América for that competition.

In recent years Baloy has been linked many times with clubs in Europe. In the 2007 winter transfer window he was pretended by Premier League side Derby County, however the move never happened. In 2008, he was linked to Premier League side Arsenal.

On the 2009 Apertura, Baloy and Monterrey were crowned champions after defeating Cruz Azul in a 6–4 aggregate score. Baloy became the first Panamanian-born player to ever win the Mexican First Division championship. Pipe was nominated that year for the Mexican Golden Ball as best defender of the year, but came in second behind his team mate Duilio Davino.

On 14 December 2013 it was announced Baloy was sold to Monarcas Morelia.

Baloy scored Panama’s first and only goal, so far, for the team in the World Cup. He captained the Panama national team for many years including in Russia 2018. He played alongside José Luis Garcés, Luis Tejada, Jaime Penedo among others.

In May 2018 he was named in Panama’s preliminary 35 man squad for the 2018 FIFA World Cup in Russia. He figured in the final squad later on. On 24 June 2018, Baloy scored the first Panama goal in a World Cup match in the 1–6 loss against England. He retired from international football after Russia 2018. In Russia he became the oldest debutante to score in a World Cup match.