BOP reverts to deficit

The country's balance of payments (BOP) position swung to a deficit of $724 million in October, ending three straight months of surplus, as the national government settled more foreign currency debt obligations, according to the Bangko Sentral ng Pilipinas (BSP).

-  KEISHA TA-ASAN

The latest BOP shortfall was a reversal of the $3.53 billion surplus in September and the $1.51 billion surfeit a year ago.

"The BOP deficit in October 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," the central bank said.

The BOP is the difference in total values between payments into and out of the country over a period.