The Philippines’s foreign currency debts pushed the country’s balance of payments (BOP) to over $2 billion in September, the highest since April 2021, according to the Bangko Sentral ng Pilipinas (BSP).
THE Philippines’s foreign currency debts pushed the country’s balance of payments to over $2 billion in September, the highest since April 2021, according to the Bangko Sentral ng Pilipinas .
“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 persistent surge in international commodity prices and resumption in domestic economic activities,” the BSP said. The BSP said this buffer ensures the availability of foreign exchange to meet balance of payments financing needs, such as for payment of imports and debt service, in extreme conditions when there are no export earnings or foreign loans.
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