{"id":18861,"date":"2024-05-22T03:02:13","date_gmt":"2024-05-22T03:02:13","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/philippines-bop-deficit-widens\/"},"modified":"2024-05-22T03:02:13","modified_gmt":"2024-05-22T03:02:13","slug":"philippines-bop-deficit-widens","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/philippines-bop-deficit-widens\/","title":{"rendered":"Philippines\u2019 BoP deficit widens"},"content":{"rendered":"<div>\n<p class=\"p2\"><span class=\"s2\">THE COUNTRY\u2019S balance of payments (BoP) deficit widened in April as the government paid back foreign debt and the trade balance remained in a de<\/span><span class=\"s3\">f<\/span><span class=\"s2\">icit, the Bangko Sentral ng Pilipinas (BSP) said. <\/span><\/p>\n<p class=\"p3\">Data from the central bank showed the BoP position widened to a $639-million de<span class=\"s4\">f<\/span>icit in April from the $148-million gap a year ago.<\/p>\n<p class=\"p3\">This was also a reversal from the $1.17-billion surplus recorded in March.<\/p>\n<p class=\"p3\"><a title=\"Philippines: Balance of Payments (BoP) Position\" href=\"https:\/\/www.flickr.com\/photos\/142608056@N02\/53736449943\/in\/dateposted\/\" data-flickr-embed=\"true\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignleft\" src=\"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2024\/05\/53736449943_63c911bc3d_o.jpg\" alt=\"Philippines: Balance of Payments (BoP) Position\" width=\"300\" height=\"3780\"><\/a><script async src=\"\/\/embedr.flickr.com\/assets\/client-code.js\" charset=\"utf-8\"><\/script>The BoP measures the country\u2019s transactions with the rest of the world at a given time. A de<span class=\"s3\">f<\/span>icit means more funds left the economy than what went in, while a surplus shows that more money entered the Philippines.<\/p>\n<p class=\"p3\"><span class=\"s5\">\u201cThe BoP de<\/span><span class=\"s6\">f<\/span><span class=\"s5\">icit in April 2024 re<\/span><span class=\"s6\">f<\/span><span class=\"s5\">lected out<\/span><span class=\"s3\">f<\/span><span class=\"s5\">lows arising mainly from the National Government\u2019s (NG) net foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations and pay for its various expenditures,\u201d the central bank said in a statement.<\/span><\/p>\n<p class=\"p3\">In the <span class=\"s3\">f<\/span>irst four months, the BoP position swung to a deficit of $401 million from the $3.3-billion surplus posted a year ago.<\/p>\n<p class=\"p3\">\u201cBased on preliminary data, this cumulative BoP deficit reflected mainly the NG\u2019s repayments of its foreign loans coupled with the continued trade in goods de<span class=\"s3\">f<\/span>icit,\u201d it added.<\/p>\n<p class=\"p3\">The trade de<span class=\"s3\">f<\/span>icit sharply narrowed to $3.18 billion in March from the $5.02-billion de<span class=\"s3\">f<\/span>icit a year ago. In the <span class=\"s3\">f<\/span>irst quarter, the trade de<span class=\"s3\">f<\/span>icit shrank by 22.2% year on year to $11.24 billion.<\/p>\n<p class=\"p3\">Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the BoP deficit was due to payment of foreign obligations. This included the scheduled repayment of $365 million in matured Japanese yen bonds on April 12.<\/p>\n<p class=\"p3\">In the first quarter, debt repayments jumped by 74% to P986.036 billion. These include the P93.37 billion in principal payments on external debt and P54.11-billion in interest payments on external debt.<\/p>\n<p class=\"p3\">At its end-April position, the BoP re<span class=\"s3\">f<\/span>lected a <span class=\"s3\">f<\/span>inal gross international reserve (GIR) level of $102.6 billion, 1.4% lower than $104.1 billion as of end-March.<\/p>\n<p class=\"p3\">The dollar reserves were enough to cover 5.8 times the country\u2019s short-term external debt based on original maturity and 3.6 times based on residual maturity.<\/p>\n<p class=\"p3\">It is also equivalent to 7.6 months\u2019 worth of imports of goods and payments of services and primary income.<\/p>\n<p class=\"p3\">An ample level of foreign exchange bu<span class=\"s3\">f<\/span>fers safeguards an economy from market volatility and is an assurance of the country\u2019s capability to pay debts in the event of an economic downturn.<\/p>\n<p class=\"p3\"><span class=\"s7\">For the <\/span>coming months, Mr. Ricafort said that the BoP position could improve \u201cpartly due to proceeds of the National Government\u2019s foreign currency-denominated borrowing that would also be added to the country\u2019s BoP and GIR as well as from official development assistance and other multilateral sources.\u201d<\/p>\n<p class=\"p3\">In May, the government raised $2 billion from its issuance of the dual-tranche 10- and 25-year fixed-rate dollar bonds. This was the Philippines\u2019 first global bond sale for this year.<\/p>\n<p class=\"p3\">Mr. Ricafort also noted continued growth in remittances, business process outsourcing (BPO) revenues, foreign tourism receipts and foreign direct investments would help support the BoP position.<\/p>\n<p class=\"p3\">This year, the BSP expects the country\u2019s BoP position to end at a $700-million deficit, equivalent to 0.1% of GDP. \u2014 <b>Luisa Maria Jacinta C. Jocson<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<div>THE COUNTRY\u2019S balance of payments (BoP) deficit widened in April as the government paid back foreign debt and the trade balance remained in a deficit, the Bangko Sentral ng Pilipinas (BSP) said. Data from the central bank showed the BoP position widened to a $639-million deficit in April from the $148-million gap a year ago. [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":18862,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14845,14644,15776,1572,13744],"class_list":["post-18861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-bop","tag-bworldonline","tag-deficit","tag-philippines","tag-widens"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Philippines\u2019 BoP deficit widens - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/philippines-bop-deficit-widens\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philippines\u2019 BoP deficit widens - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE COUNTRY\u2019S balance of payments (BoP) deficit widened in April as the government paid back foreign debt and the trade balance remained in a deficit, the Bangko Sentral ng Pilipinas (BSP) said. Data from the central bank showed the BoP position widened to a $639-million deficit in April from the $148-million gap a year ago. 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Data from the central bank showed the BoP position widened to a $639-million deficit in April from the $148-million gap a year ago. 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