Philippines' balance of payments recorded a $639M deficit in April, reversing the end-March surplus.

The Philippines' balance of payments (BOP) recorded a deficit of $639 million in April, reversing the end-March surplus of $238 million. The deficit was attributed to the national government's net foreign currency withdrawals from the central bank to settle foreign debt and cover expenditures. The BOP deficit in April resulted in a year-to-date BOP level of $401 million, a reversal from the $3.3 billion surplus recorded in January-April 2023.