BOP Shortfall Widens to $4B

The country's balance of payments (BOP) swung to a deficit of $4.08 billion in January, the widest in 11 years, amid the Bangko Sentral ng Pilipinas' foreign exchange operations and as the government paid its foreign currency debt obligations, according to the BSP.

- By KEISHA TA-ASAN

Latest BSP data showed that the January BOP was nearly six times higher than the $740 million shortfall in the same month last year.

This also marked the widest gap in 11 years or since the $4.5 billion deficit recorded in January 2014.

The BSP said last month's deficit was a reflection of the outflows arising mainly from its net foreign exchange operations and the government's payments of foreign currency debt obligations.