The Philippines’ balance of payments position yielded a lower deficit of $439 million in May 2023, compared to the $1.6-billion shortfall a year ago, the Bangko Sentral ng Pilipinas said Tuesday.
Latest BSP data showed that the May 2023 deficit reflected outflows arising mainly from the national government’s net foreign currency withdrawals of its deposits with the BSP to settle foreign currency debt obligations and pay for various expenditures.
It said despite the deficit in May, the BOP registered a surplus of $2.9 billion in the first five months, a reversal from the $1.5-billion deficit in the same period last year. “Based on preliminary data, this cumulative BOP surplus was partly attributed to net inflows from personal remittances, net foreign borrowings by the national government, trade in services and foreign direct investments,” the BSP said.