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BOP posts $756M deficit in November while GIR level hits $95.1B, says BSP

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<p>MANILA - The country&#x27;s balance of payments (BOP) posted a deficit of $756 million in November 2022, higher than the $123 million deficit recorded in the same comparable period, data from the Bangko Sentral ng Pilipinas showed.<br/> <br/>&quot;The BOP deficit in November 2022 reflected outflows arising mainly from the National Government’s payments of its foreign currency debt obligations and the Bangko Sentral ng Pilipinas’ net foreign exchange operations,&quot; the central bank said in a statement.</p><p>November&#x27;s total brought the cumulative year-to-date BOP level to a $7.9 billion deficit, a reversal from the $353 million surplus recorded in the same period in 2021, it said.</p><p>The total BOP deficit was attributed to the widening trade in goods deficit as imports continued to surpass exports due to the increase in international commodity prices and resumption in domestic economic activities, it added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/11/22/trade-deficit-widens-to-6-billion-in-august-psa">Trade deficit widens to $6 billion in August as exports weaken, imports surge</a></li>	<li><a href="https://news.abs-cbn.com/business/09/19/22/ph-gross-reserves-fall-as-bop-deficit-rises-in-august">PH gross intl reserves fall to $97.4-B as BOP deficit rises to $5.5-B in August</a></li></ul><p>Meanwhile, the country&#x27;s gross international reserves (GIR) level rose to $95.1 billion as of the end of November from $94 billion the previous month, data showed.</p><p>The latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.2 months&#x27; worth of imports of goods and payments of services and primary income.</p><p>It is also about 5.8 times the country&#x27;s short-term external debt based on original maturity and 3.8 times based on residual maturity, the BSP said.</p><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=2118146" 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 country's balance of payments (BOP) posted a deficit of $756 million in November 2022, higher than the $123 million deficit recorded in the same comparable period, data from the Bangko Sentral ng Pilipinas showed.