PH Posts USD148 Million Deficit on April 2023

The Philippines has more foreign debt than it paid existing borrowings this April, as the country’s balance of payments (BoP) posted a USD148 million deficit in the latest report from the Bangko Sentral ng Pilipinas (BSP).

According to the BSP, the deficit is much narrower than the same month last year, with USD415-million.

BSP added that the country’s balance of payments (BoP) in March this year was USD1.27 billion in surplus, the opposite of what was posted in April, higher than the USD79 million surplus that was recorded in the same period last year.

“Based on preliminary data, the cumulative BOP surplus reflected inflows that stemmed mainly from personal remittances, net foreign borrowings by the NG, and foreign direct investments,” BSP said in a press release.

However, the country’s year-to-date BoP position remained positive, with a cumulative BOP level of USD3.3 billion surplus from January to April.

BSP also said that the gross international reserves (GIR) of the country increased to USD101.8 billion at the end of April 2023 compared to USD101.5 billion at the end of March of the same year. (ASC)