The Philippines’ overall balance of payments (BOP) posted a deficit of 606 million U.S. dollars in June, lower than the 1.6-billion-dollar BOP deficit recorded a year ago, according to the Philippine central bank data released Wednesday night.
The Bangko Sentral ng Pilipinas (BSP) said the BOP deficit in June reflected outflows arising mainly from the national government’s net foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations.
Notwithstanding the deficit in June, the Southeast Asian country’s cumulative BOP position registered a 2.3-billion-dollar surplus in the first six months of the year, the BSP added.—Xinhua
