MANILA, Philippines — The country’s current account deficit has remained manageable despite widening to a record high of $7.9 billion in 2018, a senior official of the Department of Finance (DOF) said over the weekend. “The current account remains financeable even as the deficit rose to 2.4 percent of GDP (gross domestic product) in 2018. The current account is the balance of exports and imports of goods and services and income balances. In 2018, the Philippines’ current account deficit reached $7.9 billion or 2.4 of GDP, almost four times the $2.1 billion shortfall or 0.7 percent of GDP in 2017. This was the highest on record since the $4.4 billion current account deficit recorded during the height of the Asian financial crisis in 1997.

Source: Philippine Star March 24, 2019 16:14 UTC