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Home  >>   Daily News  >>Philippines>>Economy>>PHL payments deficit widens to $678M in July
NEWS UPDATES Asean Affairs    August  21,  2017  












PHL payments deficit widens to $678M in July
 
The Philippine balance of payments (BOP) deficit widened further in July on the back of the central bank's financial exchange operations in light of a weakening peso.

BOP is the record of the country's economic transactions between its residents and the rest of the world in a given period.

Data released by the Bangko Sentral ng Pilipinas (BSP) on Friday showed that the BOP posted a $678 million deficit last month, $109 million wider than the $569 million payments gap in June and a reversal from the $215 million surplus in July 2016.

Last month's shortfall brought the year-to-date payments position to a $1.384-billion deficit, compared with a $848-million surplus a year earlier.

"The higher deficit was attributed to foreign exchange operations of the BSP and to payments made by the national government for its maturing foreign exchange obligations during the review month," the central bank said in a statement.

"Outflows during the months were partially tempered by foreign currency deposits of the national government and BSP's income from investments abroad," it added.

The central bank said that its foreign exchange operations remained driven by increasing market demand for foreign exchange, mainly to finance imports of capital goods.

"The BSP expects that the recovery in merchandise exports and higher-than-expected overseas remittances and BPO (Business Process Outsourcing) revenues would mitigate the current account and the overall balance of payments for the whole year," it said.

The BSP, in June, revised its projections for the full-year payments position to a $500 million deficit, from an earlier projection of $1 billion surplus, to reflect a widening trade gap in goods and services. PHL payments deficit widens to $678M in July

The Philippine balance of payments (BOP) deficit widened further in July on the back of the central bank's financial exchange operations in light of a weakening peso.

BOP is the record of the country's economic transactions between its residents and the rest of the world in a given period.

Data released by the Bangko Sentral ng Pilipinas (BSP) on Friday showed that the BOP posted a $678 million deficit last month, $109 million wider than the $569 million payments gap in June and a reversal from the $215 million surplus in July 2016.

Last month's shortfall brought the year-to-date payments position to a $1.384-billion deficit, compared with a $848-million surplus a year earlier.

"The higher deficit was attributed to foreign exchange operations of the BSP and to payments made by the national government for its maturing foreign exchange obligations during the review month," the central bank said in a statement.

"Outflows during the months were partially tempered by foreign currency deposits of the national government and BSP's income from investments abroad," it added.

The central bank said that its foreign exchange operations remained driven by increasing market demand for foreign exchange, mainly to finance imports of capital goods.

"The BSP expects that the recovery in merchandise exports and higher-than-expected overseas remittances and BPO (Business Process Outsourcing) revenues would mitigate the current account and the overall balance of payments for the whole year," it said.

The BSP, in June, revised its projections for the full-year payments position to a $500 million deficit, from an earlier projection of $1 billion surplus, to reflect a widening trade gap in goods and services.

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It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

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