THE Philippines lost more than a billion dollars in its transactions against the rest of the world in May this year, due largely to foreign currency debt repayments during the month.
“The BOP deficit in May 2022 reflected outflows mainly from the National Government’s [NG] foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations and pay for its various expenditures,” the Central Bank said in a statement. Just last week, the BSP said the country’s overall BOP is expected to register a wider- than-expected deficit due to the buildup in external risks.
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