The overall balance of payments (BOP) position posted a deficit of $639 million in April, higher than the $148 million BOP deficit recorded in April 2023.

The BOP deficit in April reflected outflows arising mainly the National Government’s (NG) net foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations and pay for its various expenditures.

Meanwhile, the BOP deficit in April brought the current year-to-date BOP level to a $401 million deficit, a reversal from the $3.3 billion surplus recorded in January-April 2023.

Based on preliminary data, this cumulative BOP deficit reflected mainly the NG’s repayments of its foreign loans coupled with the continued trade in goods deficit.

The BOP position reflects a decrease in the final gross international reserves (GIR) level to $102.6 billion as of end-April from $104.1 billion as of end-March 2024.

The latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.6 months’ worth of imports of goods and payments of services and primary income.[

Moreover, it is also about 5.8 times the country’s short-term external debt based on original maturity and 3.6 times based on residual maturity. Bangko Sentral ng Pilipinas