Balance of payments yields deficit of $752m


The Philippines posted a balance of payments deficit of $752 million in January 2021, significantly lower than the $1.36-billion shortfall recorded in the same month last year, Bangko Sentral ng Pilipinas said Thursday.

Data showed it was the first BOP shortfall recorded in a year on a monthly basis.

“The BOP deficit in January 2021 reflected outflows mainly from the foreign currency withdrawals of the national government from its deposits in the BSP to pay its foreign currency debt obligations,” BSP said.

The outflows, however, were partly offset, by inflows from the BSP’s foreign exchange operations and income from its investments abroad.

The BOP position reflects a decrease in the gross international reserves level to $108.67 billion as of end-January 2021 from $110.12 billion as of end-December 2020.

“The latest GIR level represents an adequate external liquidity buffer, which can help cushion the domestic economy against external shocks. This buffer is equivalent to 11.6 months’ worth of imports of goods and payments of services and primary income,” it said.

COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.





Source link

SHARE ME PLEASE!
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Leave a Reply