Philippines’ current account—a major component of the balance of payments (BOP)—for full-year 2015 remained in surplus at $8.4 billion, or 3.8 percent of the country’s gross domestic product, but was lower than the surplus in 2014.

The BSP said the country’s current account last year declined 21.9 percent from a $10.8 billion surplus recorded in full-year 2014 “due primarily to the widening of the trade-in-goods deficit and contraction in net services receipts.”

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