The overall balance of payments (BOP) position posted a deficit of $756 million in November, higher than the $123 million BOP deficit recorded in the same month last year.

The BOP deficit in November reflected outflows arising mainly from the National Government’s payments of its foreign currency debt obligations and the Bangko Sentral ng Pilipinas’ net foreign exchange operations.

The BOP deficit in November brought the current year-to-date BOP level to $7.9 billion deficit, a reversal from the $353 million surplus recorded in the same period a year ago.

Based on preliminary data, this cumulative BOP deficit was due to the widening trade in goods deficit as goods imports continued to surpass goods exports on the back of the increase in international commodity prices and resumption in domestic economic activities.

The gross international reserves (GIR) level increased to $95.1 billion as of end-November from $94 billion as of end-October.

Nonetheless, the latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.2 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 3.8 times based on residual maturity. BSP