PHL posts US$ 214-M BOP deficit in December ’16; end-’16 at US$ 420-M deficit

MANILA -- The Philippines registered another deficit on its balance of payment (BOP) position in December 2016, the third consecutive month, which monetary officials have earlier attributed to negative external developments.

Data released by the Bangko Sentral ng Pilipinas (BSP) Thursday showed a BOP position of US$ 214 million deficit last December, lower than month-ago's US$ 1.67 billion deficit but a reversal from the US$ 481 million surplus in December 2015.

It brought the full year figure for 2016 to a US$ 420 million deficit, a big contraction from the US$ 2.62 billion surplus in the previous year and below the central bank's US$ 500 million assumption.

For 2017, the central bank's BOP assumption is a surplus of US$ 1 billion.

BSP Deputy Governor Diwa Guinigundo, earlier, said 2016 "has been particularly challenging", thus, the cut in the BOP assumption from the earlier figure of US$ 2 billion surplus.

"There was a lot of unexpected developments in the market, most of which are anticipated but not in terms of the timing as well as the magnitude of those adjustments," he said. (PNA)

Source: Philippines News Agency

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