Philippines' BoP deficit at $123M in November

The Philippines' balance of payments (BoP) returned to a $123 million deficit in November 2021, reversing from a surplus of $1.473 billion in the same period last year.

This deficit was mainly due to the National Government's repayment of foreign currency debt and various expenditures, according to the Bangko Sentral ng Pilipinas (BSP).

Despite this, economist Michael Ricafort forecasts that BOP could recover partly due to seasonal inflows of remittances from overseas Filipino workers during Christmas.

Ricafort also cited other factors such as scheduled fund-raising activities by banks and corporates, preparations for the reopening of the economy, increased borrowings before expected interest rate hikes, and foreign aid for Typhoon Odette-affected areas.