BOP April deficit shrinks to $19M

The Philippines’ balance of payments (BOP) remained in deficit in April but the gap had narrowed sharply to $19 million from the $340 million recorded in March and $274 million a year earlier, providing some relief to the local currency.

The cumulative BOP position for the first four months of the year stood at a deficit of $4.49 billion, up from $4.475 in March but shows a sharp reversal from the $1.81 billion payments surplus recorded in the same period a year earlier.