THE PHILIPPINES posted a balance of payments (BoP) deficit in November, as more dollars flowed out of the country to pay for the government’s foreign debt and the trade deficit continued to widen.
balance of payments deowed out of the country to pay for the government’s foreign debt and the trade deData released by the Bangko Sentral ng Pilipinas late on Monday showed the BoP — the summary of the country’s economic transactions with the rest of the world within a given period — stood at a $756-million deficit last month. This was wider than the $123-million gap a year ago, and the biggest since the $2.34-billion gap in September.
The peso rebounded to the P56-a-dollar mark in November, closing the month at P56.56 on Nov. 29, up by P1.41 or 2.5% from its P57.97In the 11-month period, the BoP posted a $7.9-billion deficit, a turnaround from the $353-million surfeit in the same 11 months of 2021. BSP data also showed gross international reserves reached $95.1 billion as of end-November, up 1.17% from $94 billion in the prior month.ers are enough to service 7.2 months’ worth of imports of goods and payments of services and primary income.
Earlier this month, China began dropping its “zero-COVID” policy,” which included strict lockdowns and testing. However, health experts said China may face a large wave of coronavirus infections in the next few months.
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