The nation posted a balance of payments (BOP) deficit of $550 million in March, the sixth straight month that the quantity of that left the economic system was greater than those who got here in.

The newest Bangko Sentral ng Pilipinas knowledge launched on Wednesday confirmed that final month’s BOP deficit was the most important in 4 months, exceeding February’s $436 million, January’s $9 million and December final yr’s $214 million.

READ: BOP deficit widened to $436M in February

The deficit in March additionally reversed the $854-million surplus throughout the identical month final yr.

At the tip of the primary quarter, the deficit widened to $994 million from the $210-billion deficit recorded at end-March final yr.

The BOP is a abstract of all the companies the nation does with the remaining of the world.

BOP knowledge is tracked carefully to be certain that the provision of in the economic system stays ample to permit the federal government in addition to companies to transact with the remaining of the world.

Sources of greenback revenue for the nation embrace remittances from Filipinos abroad, gross sales from exports of items and companies, in addition to overseas investments and revenues from industries equivalent to enterprise course of outsourcing and tourism.

The nation makes use of the it earns for the importation of items, equivalent to meals and gasoline, and in addition for exterior debt payments.

The nation ended 2016 with a BOP deficit of $420 million.

For 2017, the BSP targets a BOP surplus of $1 billion at the same time as the present account is seen additional narrowing to $800 million because the projected 10-percent progress in imports would outpace the 2-percent exports progress.

According to the BSP, the 2017 BOP place outlook was based mostly on the next assumptions: a pickup in the worldwide progress outlook; gradual enhance in oil costs; much less volatility in world monetary markets; in addition to continued favorable progress prospects for the home economic system.

Foreign direct funding web inflows had been anticipated to hit $7 billion this yr, whereas overseas portfolio funding would post a web outflow of $900 million.

Gross worldwide reserves would probably rise to $84.7 billion in 2017, equal to eight.eight months of imports, whereas money remittances from abroad Filipinos would additional enhance to $27.7 billion.

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Source: inquirer