The country’s overall balance of payments (BOP) position posted a deficit of $415 million in April 2022, a reversal from the $2.61 billion BOP surplus recorded in the same month last year.
The BOP deficit in April 2022 reflected outflows mainly from the National Government’s (NG) foreign currency withdrawals from its deposits with the BSP as the NG settled its foreign currency debt obligations and paid for various expenditures.
Notwithstanding the deficit in April, the cumulative BOP position registered a surplus of $79 million in the first four months of the year. This level is a reversal from the $231 million deficit recorded in the same period a year ago.
Based on preliminary data, the cumulative BOP surplus reflected inflows that stemmed mainly from personal remittances, net foreign borrowings by the NG, and foreign direct investments.
