MANILA (Xinhua): The Philippines' overall balance of payments (BOP) position posted a US$1.4bil deficit in May, a reversal from the $2.43bil BOP surplus recorded a year earlier, the Philippine central bank said Wednesday (June 23).
The Bangko Sentral ng Pilipinas (BSP) attributed the deficit to outflows arising from the foreign currency withdrawals by the national government from its deposits with the BSP as the government settled its foreign currency debt obligations and paid for various expenditures.
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