MANILA—The country's balance of payments deficit widened in October to $458 million from $368 million in the same month last year, the Bangko Sentral ng Pilipinas said Monday.
Since the start of the year, BOP registered a deficit of $5.59 billion as the country's imports continued to outpace exports.
BOP refers to all international financial transactions made by a country's residents; a deficit means a country imports more than it exports.
"This, in turn, was brought about mainly by the sustained rise in imports of raw materials and intermediate goods as well as capital goods to support domestic economic expansion," the BSP said.
The trade deficit stood at $1 billion in 2016 and $863 million in 2017.