The Philippines posted a historic balance of payments deficit in 2022 as the country recorded a wider trade gap during the period, data released by the Bangko Sentral ng Pilipinas on Thursday showed.
This was, however, not enough to offset the deficits recorded in the previous months as the full-year BOP position stood at a deficit of $7.263 billion, reversing the $1.345-billion surplus recorded in 2021. “The BOP surplus in December 2022 reflected inflows arising mainly from the BSP’s net foreign exchange operations and net income from its investments abroad,” it said in an accompanying statement.
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