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ASEAN PROFILES ASEAN KEY DESTINATIONS 
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PHL payments position posts $994M deficit during Q1 2017 The Philippines' balance of payments (BOP) position posted a $994 million-deficit during 2017's first quarter, the Bangko Sentral ng Pilipinas reported on Friday. The deficit during the same period last year was $210 million. "The negative overall BOP position was a result of the deficit in the current account and net outflows or net lending by residents to the rest of the world in the financial account," Deputy Director for Department of Economic Statistics Fernando Silvoza explained in a press briefing in Manila. The current account reversed to a deficit of $318 million from a $730 million surplus as the trade-in-goods deficit continued to widen. The financial account registered lower net outflows of $579 million, mainly due to the turnaround in other investment accounts to net inflows from net outflows, along with increased net inflows of direct investments and financial derivatives, Silvoza sdded. Net receipts in the capital account or capital transfers to the national government declined substantially to $9 million from $24 million. The BOP is a record of all the country's transactions with rest of the world in a particular period. It is the difference of payments into and out of a country.
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