Philippines Balance of Payments at $678 Million Deficit in July 2017

Manila | 18th August 2017

Philippines balance of payments (BOP) in July 2017 posted a deficit of US$678 million, higher by US$109 million than the previous month’s shortfall of US$569 million.

” Philippines balance of payments in July 2017 at $678 million deficit “

This month’s deficit brought the year-to-date BOP deficit to US$1.384 billion from the US$706 million recorded during the first six months of the year. Bangko Sentral ng Pilipinas (BSP) expects that the recovery in merchandise exports and higher-than-expected overseas remittances and BPO revenues would mitigate the current account and the overall balance of payments for the whole year of 2017. BSP’s forecast balance of payments for 2017 is currently at US$500 million shortfall.

Source: Bangko Sentral ng Pilipinas

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