BoP surplus hits $1.35B, smallest since 2008 - BusinessWorld Online

1/27/2022 3:30:00 AM

THE PHILIPPINES’ balance of payments (BoP) position stood at a $1.345-billion surplus in 2021, its smallest since 2008, due to a wider trade deficit, according to the central bank.

THE PHILIPPINES’ balance of payments (BoP) position stood at a $1.345-billion surplus in 2021, its smallest since 2008, due to a wider trade deficit, according to the central bank. READ:

THE PHILIPPINES’ balance of payments (BoP) position stood at a $1.345-billion surplus in 2021, its smallest since 2008, due to a wider trade deficit, according to the central bank.

fiLast year’s BoP surplus was also the lowest since the $89-million surplus in 2008.flows for the year, such as the BSP’s income from its investments abroad, personal remittances, trade in services, foreign direct investments, and net foreign borrowings by the National Government (NG),” the BSP said in a statement.

fiAt this level, the country’s dollar reserves were enough to cover 10.3 months’ worth of imports of goods and payments of services and primary income. It was also equivalent to 8.7 times the country’s short-term external debt based on original maturity and 5.8 times based on residual maturity.

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Linkedin THE PHILIPPINES’ balance of payments (BoP) position stood at a $1.A bug in the largest NFT marketplace, OpenSea, allowed attackers to purchase at least $1 million worth of NFTs across multiple different wallets for significantly below market price, blockchain analytics firm Elliptic said on Monday, January 24.ARTA Director General Jeremiah B.In the 2022 Emerging Trends in Real Estate report, Manila ranked 21 st out of 22 cities in terms of city investment prospects, slipping from 19 th spot in the previous year.

345-billion surplus in 2021, its smallest since 2008, due to a wider trade de fi cit, according to the central bank. Data released by the Bangko Sentral ng Pilipinas (BSP) on Tuesday evening showed last year’s BoP surplus was significantly smaller than the $16. OpenSea is the largest marketplace for speculators and enthusiasts to trade their NFTs, with $4.022-billion surfeit seen in 2020, and below the projected $1. Belgica said.6-billion surplus for 2021. But a flaw in the marketplace allowed users to buy certain NFTs at prices which they had been listed for in the past, without the owner realizing that they were still on sale. Last year’s BoP surplus was also the lowest since the $89-million surplus in 2008. Manila’s property sector has also been affected by the exodus of Philippine Offshore Gaming Operators, which had taken up new supply before the pandemic.

For December alone, the payment position stood at a $991-million surplus, much lower than $4. “The exploit appears to come from the fact that it was previously possible to re-list an NFT at a new price, without cancelling the previous listing,” said Tom Robinson, chief scientist and co-founder at Elliptic. Delays or deductions in their SRA would be a huge disservice to them,” he added.236 billion a year earlier and a turnaround from a deifict worth $123 million in November. “In December 2021,… [the] BoP surplus…re fl ected the structural in fl ows for the year, such as the BSP’s income from its investments abroad, personal remittances, trade in services, foreign direct investments, and net foreign borrowings by the National Government (NG),” the BSP said in a statement.” For example, an NFT of a cartoon ape from the Bored Ape Yacht Club collection, Bored Ape #9991, was bought for 0. “However, these in ows were moderated by a wider trade in goods de fi cit,” it added. 11494 or the Bayanihan to Recover as One Act, all public and private health workers directly attending to or in contact with COVID-19 patients are eligible for the SRA for every month of the state of national emergency. The BoP reflects the end-December gross international reserves worth $108. Bored Ape Yacht Club is a set of 10,000 algorithmically generated cartoon ape NFTs made by the U. For real estate investors, the most problematic issue remains the impact of the COVID-19 pandemic on property rent and values.

79 billion, 0.89% lower than $107.-based company Yuga Labs. “It was found that having to compute based on days served in the hospital could cause an inequitable designation of value for work since many are giving more than what can be measured in hours and days,” he added.82 billion as of end-November. At this level, the country’s dollar reserves were enough to cover 10.77 ether, it was sold on for 84.3 months’ worth of imports of goods and payments of services and primary income. The funds will cover the unpaid SRA of health workers from Dec.

It was also equivalent to 8. The NFT’s original owner, who identified themselves on Twitter as “TBALLER.7 times the country’s short-term external debt based on original maturity and 5.8 times based on residual maturity.77?????” “I didn’t list me ape at all…. Ochave. The BoP gives a glimpse into the country’s transactions with the rest of the world. A deficit means more funds left the country, while a surplus shows that more money came in.77?????? Wtf??????” Elliptic’s Robinson said that he had identified eight NFTs stolen in this way so far, from eight different wallets, by three attacker wallets.

“The smaller 2021 BoP surplus was caused by the wider trade deficit. The pre-pandemic level of import growth supported the bigger trade balance for 2021,” UnionBank of the Philippines, Inc. He noted that while crypto wallets are usually anonymous, it may be possible for the attackers to be identified if they use an exchange to cash out into fiat currency. Chief Economist Ruben Carlo O. Asuncion said in an e-mail. OpenSea was founded in 2017 and was recently valued at $13. Latest data from the Philippine Statistics Authority showed the trade balance had ballooned to a $37.

92-billion deficit as of end-November, bigger than the $22. Elliptic data shows that since 2020, $2 billion has been stolen from users of decentralized finance (DeFi) through hacks.15-billion trade gap in 2020’s comparable 11 months. “The reopening of the local economy and improving levels of infections encouraged domestic demand toward the last quarter of 2021, while exports slowed further due to the softening recovery growth of our trading partners, particularly that of the biggest one, China,” Mr. We do see individual users being hacked and having their NFTs stolen, for example through phishing attacks, but it’s not common to see something that affects potentially the entire marketplace,” Robinson added. Asuncion said. He said the BoP is likely to post a slimmer surplus or even a deficit on prospects of economic recovery that will be supported by domestic demand.com.

Mr. Asuncion said the peso could weaken versus the greenback as a result. The peso closed at P50.999 a dollar on Dec. 31, 6.

2% weaker than its P48.023 fi nish a year earlier. Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said an improvement in global vaccination rates would likely lift the economic outlook.

“This could in turn support increased recurring dollar flows into the country such as remittances, business process outsourcing revenues, and foreign investments. There could also be some pickup in foreign tourism receipts if fully vaccinated people would be allowed greater mobility,” he said in a Viber message. The BSP expects the BoP to post a surplus worth $700 million this year, equivalent to 0.2% of the gross domestic product. — Luz Wendy T.

Noble .