BoP reverses to deficit, GIR drops

GOVERNMENT debt payments swung the country's balance of payments into a deficit in April, the Bangko Sentral ng Pilipinas reported late Monday.The country recorded a $639-million BoP shortfall in April, reversing from March 2024's $1.2-billion surplus and also larger than the year-earlier deficit of $148 million.

The year-to-date BoP position also reversed to a $401-million deficit from the $3.3-billion surplus recorded in January-April 2023.The central bank said the cumulative shortfall reflected 'mainly the NG's repayments of its foreign loans coupled with the continued trade in goods deficit.'The BoP deficit also reflected a drop in gross international reserves to $102.6 billion as of end-April from $104.1 billion a month earlier, the central bank said.

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