PHL posts USD1.67-B BOP deficit in November ’16

The Philippines posted a higher deficit in its balance of payment position (BOP) in November 2016 at USD1.67 billion, the Bangko Sentral ng Pilipinas (BSP) reported Monday.

Data released by the central bank showed that the BOP deficit last November was higher than month-ago's USD183 million deficit and year-ago's USD141 million deficit.

In the first 11 months this year, the BOP posted a USD206 million deficit, lower than the USD500 million surplus based on the latest assumption of the central bank.

Monetary officials have not replied to inquiries regarding the November BOP data.

Earlier, BSP Deputy Diwa Guinigundo traced the cut in the BOP assumption this year to negative external developments.

"I think we need to emphasize that 2016, especially in the last quarter of the year, has been particularly challenging. 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.

Other changes in the central bank's economic assumption this year include the current account surplus, which last May was at USD5.8 billion but at USD2.5 billion today.

The financial account was slightly revised upwards to USD600 million from USD500 million earlier.

Gross International Reserves (GIR) assumption is now at USD83.7 billion from USD84.8 billion.

For 2017, the central bank's BOP assumption is a surplus of USD1 billion, the current account is USD0.8 billion surplus, capital account is USD0.1 billion surplus, and financial account is USD 1.1 billion surplus.

Source: Philippines News Agency

Related posts