• The Philippines’ balance of payments (BOP) position reverted to a $639 million deficit in April this year, data from the Bangko Sentral ng Pilipinas (BSP) showed.
  • In a press release on Monday evening, the BSP said that the country’s BOP saw an inversion from the $1.17 billion surplus in March 2024.
  • The latest BOP print is also higher than the $148 million BOP in March 2023.
  • The central bank attributed the outflows to the national government’s (NG) net foreign currency withdrawals from its deposits with the BSP to “settle its foreign currency debt obligations and pay for its various expenditures.”

https://www.philstar.com/business/2024/05/21/2356811/bop-swings-deficit-april-2024