The Philippines recorded a $2.3 billion balance of payments (BOP) deficit in November 2024, a significant jump from the $216 million deficit in the same month last year. The Bangko Sentral ng Pilipinas (BSP) attributed the deficit to the national government's foreign currency withdrawals to settle debt obligations and expenditures, as well as the BSP's net foreign exchange operations. Despite the November deficit, the cumulative BOP position from January to November 2024 still showed a surplus of $2.1 billion. Lower net receipts from trade in services and government net foreign borrowing contributed to the decline in the cumulative surplus. However, this was partially offset by continued net inflows from personal remittances, foreign portfolio investments, and direct investments. The BOP position resulted in a decrease in the gross international reserves (GIR) to $108.5 billion as of end-November 2024, from $111.1 billion at the end of October 2024. Despite the decrease, the GIR still provides a more than adequate external liquidity buffer equivalent to 7.7 months' worth of imports and payments of services and primary income.
The Philippines posted $2.3 billion in balance of payments deficit in November 2024, a significant increase from the $216-million shortfall recorded in the same month last year, the Bangko Sentral ng Pilipinas said Thursday.
It said the BOP deficit in November 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.The BSP said despite the deficit in November, the cumulative BOP position registered a surplus of $2.1 billion from January to November 2024.
The BOP position reflects a decrease in the final gross international reserves level to $108.5 billion as of end-November 2024 from $111.1 billion as of end-October 2024. The November GIR still represented a more than adequate external liquidity buffer equivalent to 7.7 months’ worth of imports of goods and payments of services and primary income, the BSP said.
Balance Of Payments Philippines Foreign Currency Gross International Reserves Trade Deficit
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
RLC Residences Wins Multiple Awards at Outlook 2024 and Carousell Property Awards 2024RLC Residences has been honored with several awards, solidifying its position as a leader in the Philippine real estate market. The brand received recognition for its commitment to offering premium homes that enhance living standards, with notable wins including Best Luxury Condo of the Year and Developer of the Year.
Read more »
Philippines Inflation Rises to 2.5% in November 2024The country's inflation rate rose to 2.5% in November from 2.3% in October, according to the Philippine Statistics Authority. The increase was driven by higher prices of food and non-alcoholic beverages, yet still within the Bangko Sentral ng Pilipinas' forecast range of 2.2% to 3%. The overall inflation from January to November stood at 3.2%, within the government's target range of 2% to 4%. The central bank expects inflation to trend closer to the lower end of the target range in the near term.
Read more »
University of Cebu Graduate Secures Top Spot in November 2024 Civil Engineers Licensure ExamFrancis Charles Pepito Lauta of UC secured the top spot in the November 2024 Cele. Three other graduates from Cebu-based institutions also placed in the top ten, with Langbid sharing his experience and preparation strategy.
Read more »
BSP: November 2024 inflation pegged at 2.2% to 3%Latest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
RESULTS: November 2024 Licensure Examination for Geologists Computer-BasedPRESS RELEASE: The Professional Regulation Commission announces that 236 out of 349 passed the examination
Read more »
RESULTS: November 2024 Licensure Examination for MidwivesPRESS RELEASE: The Professional Regulation Commission announces that 3,997 out of 5,398 passed the examination
Read more »