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Thursday, March 28, 2024

BOP posted deficit of $1.36B in January

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The country’s balance of payments’ position yielded a deficit of $1.36 billion in January 2020, a reversal of the $2.7-billion surplus a year ago, the Bangko Sentral ng Pilipinas said Thursday.

“The BOP deficit in January 2020 reflected mainly the outflows arising from the national government’s foreign currency withdrawals, which were used largely to pay its foreign currency debt obligations as well as net outflows in foreign portfolio investments,” the BSP said in a statement.

“These outflows were partly offset, however, by inflows representing the BSP’s net foreign exchange operations and income from its investments abroad during the month in review,” it said.

The BOP position reflected the final gross international reserves level of $86.87 billion as of end-January 2020. The GIR level represents ample liquidity buffer equivalent to 7.6 months’ worth of imports of goods and payments of services and primary income. 

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It is also equivalent to 5.4 times the country’s short-term external debt based on original maturity and 4 times based on residual maturity. 

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