The country’s balance of payments position posted a deficit of $412 million in September, a reversal of the $2.1-billion surplus a year ago, as the government settled maturing foreign debt, the Bangko Sentral ng Pilipinas said Tuesday.
This resulted in a $665-million BOP deficit in the first nine months, also a reversal of the $6.88-billion surplus recorded in the same period last year.
“Based on preliminary data, this cumulative BOP deficit was partly attributed to a wider merchandise trade deficit and lower net foreign borrowings by the national government compared to the same period last year,” the BSP said in a statement.
The BOP position reflects a decrease in the final gross international reserves level to $106.6 billion as of end-September from $107.96 billion in August. The latest GIR level represents a more than adequate external liquidity buffer equivalent to 10.7 months’ worth of imports of goods and payments of services and primary income.