MANILA - The Philippines posted a US$368 million balance of payments (BOP) deficit in October, the central bank said on Monday.
Last month figures deepened this year's BOP deficit to $1.735 billion as of end-October, compared with a surplus of $1.465 billion in the same period last year.
BOP shows a country’s transactions with the rest of the world including trade, investments and remittances. A deficit means more money went out.
The Bangko Sentral ng Pilipinas (BSP) said last month's outflows stemmed mainly from its foreign exchange operations and payments made by the national government (NG) for its maturing foreign exchange obligations.
"These were partially offset by the NG’s net foreign currency deposits and income from the BSP’s investments abroad," the BSP said in a statement.
The central bank expects a BOP deficit of $500 million this year, taking into account a surge in imports. - with a report from Reuters