PHL payments position posts 2nd successive monthly deficit 

The Philippine balance of payments position (BOP) posted its second successive deficit last April, largely on settlement of maturing obligations by the government, according to the Bangko Sentral ng Pilipinas.

 

Central bank data released Friday showed a BOP deficit of $79 million in April, compared with the $209-million shortfall in March and a $1.08-billion surplus a year earlier.

 

The “small” deficit in April could be traced to the payments by the national government on its maturing debts and losses incurred by the central bank from its foreign exchange transactions, Bangko Sentral Gov. Amando Tetangco Jr. said in a text message to reporters.

 

Still, central bank data showed a $1.164-billion surplus in the first four months of the year, or 75 percent narrower that the $4.577 billion a year earlier.

 

“The cumulative BOP for the first four months remains in a healthy surplus,” Tetangco noted.

 

“We are watching global developments to see how these would affect traditional drivers of the BOP,” he added.

 

The payments position is the difference between foreign exchange inflows and outflows, and represents Philippine transactions with the rest of the world.

 

The Philippines registered a narrower BOP surplus of $10.179 billion last year from $14.308 billion in 2010. —VS, GMA News