THE country’s balance of payments (BoP) position swung to a $167-million deficit in July, the Bangko Sentral ng Pilipinas (BSP) reported late Tuesday, reversing from the P226-million and P62-million surpluses recorded a month and year earlier.
THE country’s balance of payments position swung to a $167-million deficit in July , the Bangko Sentral ng Pilipinas reported late Tuesday, reversing from the P226-million and P62-million surpluses recorded a month and year earlier.The result was due to “national government’s drawdowns on its foreign currency deposits with the Bangko Sentral ng Pilipinas to service external debt obligations,” the central bank said in a statement.
3 billion this year, higher than the $4.0 billion projected in March. It is seen narrowing to $2.8 billion next year, however, from the previous assumption of $4.3 billion.The shortfall has weighed on the country’s gross international reserves , which dropped to $105.4 billion as of end-July from $106.0 billion a month earlier.Despite the decline, the central bank said the reserves remained an “adequate external liquidity buffer, equivalent to 7.
Posts $167M Bop Deficit In July Reversing From Previous Surpluses
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