The overall balance of payments (BOP) position posted a deficit of $148 million in April, lower than the $415 million BOP deficit recorded in the same month last year.

The BOP deficit in April reflected outflows arising mainly from the National Government’s (NG) payments of its foreign currency debt obligations.

Notwithstanding the deficit in April, the cumulative BOP position registered a surplus of $3.3 billion in the first four months of the year. This level is markedly higher than the $79 million surplus recorded in the same period a year ago.

Based on preliminary data, the cumulative BOP surplus reflected inflows that stemmed mainly from personal remittances, net foreign borrowings by the NG, and foreign direct investments.

The gross international reserves (GIR) level increased to $101.8 billion as of end-April from $101.5 billion as of end-March.

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 6 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity. BSP