The country’s balance of payments (BOP) reverted to negative territory at the start of the year, marking the biggest shortfall since 2014, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.
Officials said this was due to government debt servicing, central bank foreign exchange operations and a net hot money outflow. Analysts echoed the view and added that the deficit could also be traced to a widening trade gap and lower remittances.
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