The Philippines’ balance of payments (BOP) position posted a deficit of $724 million in October 2024, a reversal from the $1.5-billion surplus recorded in
The Philippines’ balance of payments position posted a deficit of $724 million in October 2024, a reversal from the $1.5-billion surplus recorded in October 2023, the Bangko Sentral ng Pilipinas said Wednesday.
“The surplus reflected in part the continued net inflows from personal remittances, trade in services, and net foreign borrowings by the NG. Furthermore, net foreign direct and portfolio investments contributed to the BOP surplus,” the BSP said. The latest GIR level represents a more than adequate external liquidity buffer equivalent to 8.0 months’ worth of imports of goods and payments of services and primary income, it said.Michael Ricafort, chief economist at Rizal Commercial Banking Corp. , said the latest BOP and GIR data could have been supported by the continued growth in the country’s structural US dollar inflows such as OFW remittances, BPO revenues, exports, foreign investments, foreign tourism revenues.
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