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.
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