For the third month in a row this year, more dollars exited the Philippines than entered it, reversing last year’s trend of successive monthly surpluses as the coronavirus pandemic savaged the economy.
While economic activity has been picking up this year, however, data from the central bank showed that the balance of payments deficit in the first quarter of the year has been so far driven by debt repayments being made by the national government to foreign creditors.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said the country’s overall balance of payments position posted a deficit of $73 million in March 2021, a reversal from the $448 million surplus recorded in the same…
Keep on reading: Q1 balance of payments deficit hits $2.84B