BOP deficit narrows at end-Oct.

Despite hitting an eight-month high in October, the Philippines’ balance of payments (BOP) position remained at a yawning deficit in the first 10 months at $4.61 billion, a full swing from a surplus of $4.39 billion in the same period last year.

- By DERCO ROSAL

The latest data from the Bangko Sentral ng Pilipinas (BSP) showed that the BOP, which reflects the country’s transactions with the rest of the world, reversed to a $706-million surplus from a $724-million deficit in October last year.

According to the BSP, last month BOP’s surplus reflected the country’s “improved” external accounts.

As of end-October, the country’s United States (US) dollar stock, or gross international reserves (GIR), stood at $110.2 billion from $111.1 billion a year ago.