PH posts $439-M balance of payments deficit in May; GIR hit $100.6-B

ABS-CBN News

<p>MANILA — The Philippines&#x27; overall balance of payments (BOP) posted a deficit of $439 million in May 2023, lower than the $1.6 billion BOP deficit in the same period last year, the Bangko Sentral ng Pilipinas said.<br/> <br/>&quot;The BOP deficit in May 2023 reflected outflows arising mainly from the National Government’s (NG) net foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations and pay for its various expenditures,&quot; the central bank said in a statement.</p><p>Despite the May deficit, the cumulative BOP position posted a surplus of $2.9 billion in the first 5 months of the year, data showed. This is a reversal from the $1.5 billion deficit in the same comparable period, the BSP said.</p><p>&quot;Based on preliminary data, this cumulative BOP surplus was partly attributed to net inflows from personal remittances, net foreign borrowings by the NG, trade in services, and foreign direct investments,&quot; it said.</p><p>Meanwhile, the country&#x27;s gross international reserves (GIR) level dipped to $100.6 billion as of the end of May, from $101.8 billion the previous month, according to central bank data.</p><p>The latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.4 months&#x27; worth of imports of goods and payments of services and primary income, said the BSP.</p><p>It is also about 5.8 times the country&#x27;s short-term external debt based on original maturity and 4.1 times based on residual maturity, the BSP added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/19/23/ph-books-612-million-bop-surplus-in-december">PH posts balance of payments surplus in December but still ends 2022 in deficit</a></li>	<li><a href="https://news.abs-cbn.com/business/03/21/23/ph-posts-895-million-balance-of-payments-deficit-in-february">PH posts $895 million balance of payments deficit in February</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2412364" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The overall balance of payments posted a deficit of $439 million in May 2023, lower than the $1.6 billion BOP deficit in the same period last year. 

PH posts $439-M balance of payments deficit in May; GIR hit $100.6-B | ABS-CBN

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PH posts $439-M balance of payments deficit in May; GIR hit $100.6-B

PH posts $439-M balance of payments deficit in May; GIR hit $100.6-B

ABS-CBN News

Published Jun 20, 2023 09:30 AM PHT

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Updated Jun 20, 2023 02:14 PM PHT

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