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PH gross intl reserves fall to $97.4-B as BOP deficit rises to $5.5-B in August

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<p>MANILA - The Philippines&#x27; gross international reserves fell further in August as the country&#x27;s balance of payments deficit widened again, the Bangko Sentral ng Pilipinas said on Monday. <br/> <br/>The country posted a BOP deficit of $572 million in August 2022, a reversal from the $1 billion BOP surplus recorded in the same month last year, the BSP said. </p><p>This brought the country&#x27;s total BOP deficit from January to August to $5.5 billion, higher than the $253 million deficit recorded in the same period a year ago. </p><p>The gross international reserves level also declined to $97.4 billion as of end-August 2022 from $99.8 billion as of end-July 2022. </p><p>The central bank said the BOP deficit in August 2022 reflected outflows arising mainly from the government&#x27;s payment of foreign debt and other expenses. </p><p>Based on preliminary data, this cumulative BOP deficit also reflected the widening trade in goods deficit, the BSP added. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/09/22/trade-deficit-widens-to-593-billion-in-july-psa">Trade deficit widens to $5.93 billion in July: PSA</a></li></ul><p>&quot;Nonetheless, the latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.8 months’ worth of imports of goods and payments of services and primary income,&quot; the BSP said.</p><p>The country&#x27;s reserves are also about 7 times the country’s short-term external debt based on original maturity and 4.4 times based on residual maturity, the central bank added. </p><p>The Philippine peso has also significantly weakened against the dollar this year, making foreign debt payments more costly. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/13/22/the-economic-challenges-marcos-needs-to-hurdle">Dissecting Data: The economic challenges Marcos Jr needs to hurdle</a></li>	<li><a href="https://news.abs-cbn.com/business/08/31/22/philippines-to-aim-for-high-value-exports-dti">Philippines aiming for high value exports in new development plan: DTI</a></li></ul><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/mE-oLawDImw?enablejsapi=1" width="560"></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 Philippines' gross international reserves fell further in August as the country's balance of payments deficit widened again, the Bangko Sentral ng Pilipinas said. 