The Philippines again posted a Balance of Payments (BOP) surplus after six consecutive months of posting deficits this year, according to the Bangko Sentral ng Pilipinas (BSP).
The Philippines again posted a Balance of Payments surplus after six consecutive months of posting deficits this year, according to the Bangko Sentral ng Pilipinas .
The BOP surplus for the month reduced the cumulative BOP deficit in January-October 2022 to $7.1 billion from a deficit of $7.8 billion in the first three quarters of the year. Meanwhile, the current year-to-date BOP level, which is a reversal from the $476 million surplus recorded in the same period a year ago, reflected the widening trade in goods deficit.
“Based on preliminary data from the Philippine Statistics Authority’s [PSA] International Merchandise Trade Statistics [IMTS], the trade deficit for January-September 2022 reached $46.7 billion, up from the $28.6 billion deficit posted in the same period last year,” BSP said.
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