The current account, one of the main components of the balance of payments, posted a deficit of $1.7 billion in the first half, significantly lower compared to $3.8 billion year-on-year, the Bangko Sentral ng Pilipinas said Friday.
“This developed as a result of the higher net receipts in the primary income ($2.5 billion from $1.5 billion), trade-in-services ($5.9 billion from $4.9 billion), and secondary income accounts ($13.3 billion from $13.2 billion) and as the deficit in the trade-in-goods account posted a marginal increase ($23.5 billion from $23.3 billion),” it said in a statement.
The capital account registered higher net receipts of $33 million in the first six months of 2019 from $30 million on year.
“This resulted following lower payments made on acquired non-produced non-financial assets at $9 million compared to the $20 million recorded in the previous year,” BSP said.
Meanwhile, the financial account recorded higher net inflows of $5.7 billion in the first half of 2019 compared with $2.5 billion net inflows in the same period in 2018.