Dennis Gaviola

A store clerk counts their US dollar bills inside a money changer stall in Manila on September 23, 2022. The Philippine peso fell to a new record low for the fourth straight day today, closing at P58.50 against the US dollar. George Calvelo, ABS-CBN News

Article (news)

Arthur Fuentes

ABS-CBN News

MANILA — The Philippines posted a balance of payments (BOP) deficit of $1.5 billion in December 2024, reversing the $642 million surplus recorded in the same month the previous year, the Bangko Sentral ng Pilipinas (BSP) said.The December deficit was attributed to the central bank’s net foreign exchange operations and the national government’s (NG) drawdown of deposits with the BSP to service foreign currency debt obligations.Despite the December shortfall, the full-year 2024 BOP recorded a surplus of $609 million. However, this marked a decline from the $3.7 billion surplus seen in 2023. Preliminary data indicated that the decrease was driven by a wider trade-in-goods deficit and lower net receipts from trade in services and net foreign borrowings by the government. The impact was partially offset by continued inflows from personal remittances, as well as net foreign portfolio and direct investments.The country’s gross international reserves (GIR) dropped to $106.3 billion at the end of December 2024, down from $108.5 billion in November 2024. The BSP noted that the GIR remains a robust external liquidity buffer, equivalent to 7.5 months’ worth of imports of goods and payments for services and primary income. Additionally, it is 3.7 times the country’s short-term external debt based on residual maturity.The central bank said maintaining an adequate level of reserves is critical in supporting the Philippine economy’s resilience against external shocks.

The Philippines posted a balance of payments (BOP) deficit of $1.5 billion in December 2024.

The Philippines posted a balance of payments (BOP) deficit of $1.5 billion in December 2024.

PH books $1.5-B BOP deficit in December, annual surplus at $609-M

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PH books $1.5-B BOP deficit in December, annual surplus at $609-M

Arthur Fuentes,

ABS-CBN News

Published Jan 20, 2025 08:59 PM PHT

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