PH posted $756-M balance of payments deficit in Nov 

The Philippines’ balance of payments in a month swung back to a deficit at $756 million in November, more than six times as wide as the $123-million deficit recorded in the same month of 2021 as the government serviced foreign debt while the Philippine peso was emerging from weakest levels against the US dollar.

The November readout comes after the Bangko Sentral ng Pilipinas recorded a surplus of $711 million in the country’s transactions with the rest of the world last October.

Results for November brought the 11-month BOP to a deficit of $7.88 billion, which counters a $353-million surplus in the same period last year.

The BSP said in a statement the January-November BOP deficit was due to the widening imbalance of the trade in goods in favor of the rest of the world, as goods imports continued to surpass goods exports amid increased  international commodity prices.