However, the latest deficit figure was significantly lower than the $1.18 billion deficit recorded in June last year. Despite the strong outflows which resulted in a deficit in June, the country booked a BOP surplus of $4.79 billion in the first half, reversing the $3.26 billion deficit recorded in the same period last year. The BSP now expects the Philippines to book a BOP surplus of $3.7 billion this year, reversing the $2.3 billion deficit recorded in 2018. The projected surplus this year is also a complete reversal of the projected BOP deficit of $3.5 billion as of November last year. This despite the projected record current account deficit of $10.1 billion this year due to wider trade deficit.

Source: Philippine Star July 19, 2019 16:00 UTC