The Philippines’ overall balance of payments position (BOP) in 2022 settled at a deficit of $7.3 billion, reversing from a surplus of $1.34 billion in 2021, according to the Bangko Sentral ng Pilipinas (BSP).
At the same time, the BSP’s gross international reserves (GIR) as of the end of December increased by a slightly larger amount than previously thought, reaching $96.1 billion instead of just $96 billion as preliminary data that was available earlier this month suggested.
“Based on preliminary data, this cumulative [full-year] BOP deficit was due to the widening trade in goods deficit as goods imports continued to surpass goods exports on the back of the increase …
Keep on reading: More dollars flowed out of PH in 2022 on import spending
