The Philippines’ overall balance of payments position 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. | RonWDomingoINQ /PDI
In December alone, the country’s transactions with the rest of the world tallied at a surplus of $621 million, which meant a drop of 33 percent from the $911 million recorded in the same month of 2021.“The BOP surplus in December 2022 reflected inflows arising mainly from the [BSP’s] net foreign exchange operations and net income from its investments abroad,” the central bank said.
Addressing corporate chief executives at the World Economic Forum in Switzerland, Finance Secretary Benjamin Diokno said the GIR remained at a healthy level. Yet, according to Deutsche Bank, the peso may be on a path of weakening again this year from 55:$1 in the first quarter through 56:$1 in the second quarter to 57:$1 in the third quarter.
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