MANILA, Dec. 19 (Xinhua) -- The Philippines' overall balance of payments (BOP) posted a deficit of 2.3 billion U.S. dollars in November 2024, higher than the 216-million-dollar BOP deficit recorded in November 2023, the central bank said Thursday.
The Bangko Sentral ng Pilipinas (BSP) said the BOP deficit reflected the national government's net foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations and pay for its various expenditures and its net foreign exchange operations.
Notwithstanding the deficit, the BSP said the cumulative BOP position registered a surplus of 2.1 billion dollars in the first 11 months of this year, lower than the 3-billion-dollar surplus recorded in the same period of last year. ■
