Philippines balance of payments position posts higher in 2018

17 March, 2019 12:00 AM printer

MANILA: The Philippines' balance of payments (BOP) position for full-year 2018 posted a deficit of 2.3 billion U.S. dollars, "significantly higher" than the 863 million U.S. dollars deficit recorded a year ago, the Philippine central bank has said.

"This development was brought about by the rise in the current account deficit as the trade-in-goods deficit continued to widen," the Bangko Sentral ng Pilipinas (BSP) said in its statistics on Friday, reports Xinhua.

The BSP said the current account yielded a deficit of 7.9 billion U.S. dollars or 2.4 percent of gross domestic product (GDP) in 2018, higher than the 2.1 billion U.S. dollars deficit (0.7 percent of GDP) registered in 2017.