PH BOP deficit narrows to $225 million in November

The Philippines' balance of payments (BOP) deficit narrowed to $225 million in November, a significant improvement from the $2.276 billion deficit recorded in the same month last year.

This narrowing was attributed to higher remittance inflows during the holiday season and a reduction in import payments.

Despite the monthly improvement, the cumulative BOP deficit from January to November reached $4.83 billion, a substantial shift from the $2.12 billion surplus recorded during the same period the previous year.

The November deficit marks the first time in four months that the country's BOP position fell into a deficit.

Analysts suggest the November performance is primarily due to seasonal factors, increased import demand during the holidays, debt repayments, and portfolio outflows, rather than a fundamental weakening of the country's external position.