Based on BSP data, the country posted a BOP suplus of $847 million in November, a complete reversal of the $44 million shortfall recorded in November last year as well as the $458 million deficit booked in October. “Inflows in November stemmed mainly from the BSP’s foreign exchange operations and its income from investments abroad during the month,” the central bank said. For the first 11 months, the country’s BOP deficit widened by 167 percent to $4.75 billion from $1.78 billion in the same period last year. The foreign exchange cover is also equivalent to 5.6 times the country’s short-term external debt based on original maturity and 3.9 times based on residual maturity. The BSP has revised upwards is BOP deficit target for 2018 to $5.5 billion or 1.6 percent of gross domestic product (GDP) instead of $1.5 billion or 0.4 percent of GDP.

Source: Philippine Star December 19, 2018 16:01 UTC