Philippines’ balance of payments (BOP) deficit increased to $7.83 billion as of end-September, while the gross international reserves (GIR) further dropped to a 31-month low of $93 billion.
Philippines’ balance of payments deficit increased to $7.83 billion as of end-September, while the gross international reserves further dropped to a 31-month low of $93 billion.
According to the BSP, the BOP deficit in September “reflected outflows arising mainly from the net foreign exchange operations and the National Government’s payments of its foreign currency debt obligations.” The BSP however said that “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.”
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