The Philippines ended 2022 with its widest overall balance of payments (BOP) deficit in over five decades, according to data released by the Bangko Sentral ng Pilipinas (BSP). Know more:
THE Philippines ended 2022 with its widest overall balance of payments deficit in over five decades, according to data released by the Bangko Sentral ng Pilipinas .
Last year’s BOP deficit was also a reversal from the $1.345-billion surplus recorded in 2021. The last time the country had a full-year BOP deficit was in 2018, when it reached $2.306 billion. In December, the country’s overall BOP position posted a surplus of $612 million in December 2022—lower than the $991-million surplus recorded in the same month in 2021.“The BOP surplus in December 2022 reflected inflows arising mainly from the BSP net foreign exchange operations and net income from its investments abroad,” BSP said.
The latest GIR level represents a more-than-adequate external liquidity buffer equivalent to 7.3 months’ worth of imports of goods and payments of services and primary income, officials said.
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