Philippines reports $2.3B balance of payments deficit in November, due to debt and spending.

The Philippines saw a significant balance of payments (BOP) deficit of $2.3 billion in November 2024, a substantial increase from the previous year and month. The Bangko Sentral ng Pilipinas (BSP) attributed the deficit to government foreign currency withdrawals for debt and expenditures. Despite this, the country maintained a cumulative BOP surplus of $2.1 billion for the year, though lower than the previous year. The deficit also led to a decrease in the country's gross international reserves to $108.5 billion by November's end.

3 months ago
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