The Philippines’ balance of payments (BOP) recorded a $316-million deficit in February as the outward flow of dollars exceeded capital inflows due to the continuous settlement of the country’s debt to its foreign creditors, the Bangko Sentral ng Pilipinas reported over the weekend.

The February deficit is a 180-degree turn from a $985-million surplus in the same month last year, but an improvement from the $813-million deficit in January this year.

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