THE PHILIPPINES’ balance of payments (BoP) position swung to a $167-million deficit in July as the government paid off external debt, the central bank said on Tuesday.
Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed the BoP position stood at a $167-million deficit in July, a reversal from the $226-million surplus recorded in June and the $62-million surplus in July 2024.
“The BoP deficit reflected National Government’s (NG) drawdowns on its foreign currency deposits with the BSP to service external debt obligations,” the BSP said in a statement.
For the first seven months, the BoP deficit widened to $5.756 billion, marking a reversal from the $1.504-billion surplus in the January-July period last year.
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