Data released by the Bangko Sentral ng Pilipinas (BSP) showed the BOP shortfall reached $961 million in the first two months of the year, 116 percent higher than the $445 million deficit recorded in the same period last year. “The higher cumulative BOP deficit for the first two months of the year may be attributed partly to the widening trade deficit in January, as well as higher net outflows of foreign portfolio investments,” the central bank said. For the month of February alone, the BSP said the BOP deficit amounted to $429 million slightly lower than the $531 million shortfall recorded last January and the $436 million deficit in the same month last year. The BSP expects the country to book a BOP deficit of $1 billion or 0.3 percent of gross domestic product (GDP) as it sees more foreign exchange exiting the Philippines. The BSP was looking at a BOP deficit of $1.4 billion or 0.5 percent of GDP.

Source: Philippine Star March 19, 2018 15:41 UTC