MANILA - The Philippines' overall balance of payments (BPO) posted a deficit of $895 million in February 2023, the Bangko Sentral ng Pilipinas said on Tuesday.
The month's total is higher than the $157 million BOP deficit recorded in the same month in 2021, the central bank said in a statement.
"The BOP deficit in February 2023 reflected outflows arising mainly from the National Government’s (NG) net foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations and pay for its various expenditures," the BSP said,
Cumulative BOP, however, remained at a surplus of $2.2 billion in the first 2 months of the year, data showed. This is a reversal from the $259 million deficit in the same period a year ago, the BSP added.
"Based on preliminary data, the cumulative BOP surplus reflected inflows that stemmed mainly from the Global Bond issuance of the NG in January 2023, personal remittances, and foreign portfolio investments," it said.