BOP swings to a $368-M deficit in Oct

The country’s balance of payments position swung to a deficit of $368 million in October, the widest in three months, partly due to a weaker peso.

Bangko Sentral ng Pilipinas data released Monday showed that the BOP deficit last month, which meant that more dollars left than entered the economy, was the biggest since the $678-million deficit in July as well as reversed the $24-million surplus in September.

“Outflows stemmed mainly from the foreign exchange operations of the BSP and payments made by the national government for its maturing foreign exchange obligations during the month in review. These were partially offset by the national government’s net foreign currency deposits and income from the BSP’s investments abroad,” Governor Nestor A. Espenilla Jr. said in a statement.

At the end of the first 10 months, the BOP deficit further widened to a cumulative $1.735 billion, reversing the $1.465-billion surplus as of end-October last year.

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