The Philippines incurred the biggest deficit in 14 years in its balance of payments for 2014, but the shortfall had been expected by analysts—given the investment outflows that began last year as the United States Federal Reserve began easing its quantitative easing policy—and is not projected to have a significant impact on the economy this year.

Analysts said they expect the Philippine economy and financial system will be strong enough to withstand external shocks in 2015 that could come from volatility in the global markets, despite seeing the country’s balance of payments (BOP) swinging to a deficit in 2014 from a surplus the preceding year.

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