The Philippines' Balance of Payments (BOP) recorded its largest deficit in 26 months at $2.276 billion in November 2024, driven by the national government's withdrawals from the Bangko Sentral ng Pilipinas (BSP) to settle foreign currency debts and fund expenditures. While the BOP remained in surplus for the 11-month period (January to November 2024) at $2.1 billion, this was lower than the $3 billion surplus seen in the same period last year. The BSP attributed the decline to lower net receipts from trade in services and net foreign borrowings by the national government.
WITHDRAWALS made by the national government from the Bangko Sentral ng Pilipinas caused the country’s Balance of Payments to register its widest deficit in 26 months.
“The BOP deficit in November 2024 reflected the national government’s net foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations and pay for its various expenditures, and the BSP’s net foreign exchange operations,” BSP said in a statement on Thursday.
“Based on preliminary data, the decline in the cumulative BOP surplus was due to lower net receipts from trade in services and net foreign borrowings by the NG,” BSP said. The latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.7 months’ worth of imports of goods and payments of services and primary income.
BALANCE OF PAYMENTS PHILIPPINES BSP FOREIGN CURRENCY FISCAL POLICY
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