BOP deficit narrows to $19-M in April


Posted at May 19 2014 10:54 PM | Updated as of May 20 2014 05:22 PM

MANILA – The Philippines' balance of payments, a measure of the country's transactions with the global economy, improved in April.

It remained a deficit, which means meaning more foreign money flowed outside of the country than inside, but it was much smaller at $19 million from $340 million in March.

Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco said the deficit was due to the payment of national government's foreign debt and the BSP's expenses for keeping the peso stable at the foreign exchange market.

For the first four months of the year, the Philippines' BOP deficit is at $4.5 billion dollars.

For the year, BSP expects a BOP surplus of $3 billion as the US Fed's tapering of economic stimulus program prompts investors to pull out from emerging markets like the Philippines. -- ANC