The overall balance of payments (BOP) position posted a deficit of $102 million in January, significantly lower than the $752 million BOP deficit recorded in the same month last year, the Bangko Sentral ng Pilipinas said late Friday.

The BOP deficit in January reflected outflows arising mainly from the national government's payments of its foreign currency debt obligations.

The BOP position reflects a decrease in the final gross international reserves (GIR) level to $107.69 billion as of end-January from $108.79 billion as of end-December 2021.

The latest GIR level represents a more than adequate external liquidity buffer equivalent to 10.2 months’ worth of imports of goods and payments of services and primary income.

Moreover, it is also about 8.4 times the country’s short-term external debt based on original maturity and 5.7 times based on residual maturity. BSP