By Katherine K. Chan, Reporter
THE PHILIPPINES’ balance of payments (BoP) deficit narrowed in August as sustained dollar inflows partly offset a higher import bill driven by elevated global oil prices, the Bangko Sentral ng Pilipinas (BSP) said.
Based on central bank data released late on Friday, the country’s BoP gap shrank to $596 million in August from the $1.47-billion deficit in July.
However, it marked a reversal of the $359-million surplus a year ago. It was also the second month in a row that the country’s BoP position settled at a shortfall.
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