PH balance of payments posts $756M deficit while GIR level hits $95.1B

MANILA, December 20 ------ The country's balance of payments (BOP) posted a deficit of $756 million in November 2022, higher than the $123 million deficit recorded in the same comparable period, data from the Bangko Sentral ng Pilipinas showed.

"The BOP deficit in November 2022 reflected outflows arising mainly from the National Government’s payments of its foreign currency debt obligations and the Bangko Sentral ng Pilipinas’ net foreign exchange operations," the central bank said in a statement.

November's total brought the cumulative year-to-date BOP level to a $7.9 billion deficit, a reversal from the $353 million surplus recorded in the same period in 2021, it said. The total BOP deficit was attributed to the widening trade in goods deficit as imports continued to surpass exports due to the increase in international commodity prices and resumption in domestic economic activities, it added.

Meanwhile, the country's gross international reserves (GIR) level rose to $95.1 billion as of the end of November from $94 billion the previous month, data showed. The latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.2 months' worth of imports of goods and payments of services and primary income. It is also about 5.8 times the country's short-term external debt based on original maturity and 3.8 times based on residual maturity, the BSP said.

Source: news.abs-cbn.com