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The Philippines ended 2018 with the biggest net outflow of dollars from the local economy in four years due to the country's yawning trade deficit---a situation mitigated only by the recent strength of the peso and remittances that traditionally surge during2018 BOP deficit swells to $2.3B
The Philippines ended 2018 with the biggest net outflow of dollars from the local economy in four years due to the country's yawning trade deficit---a situation mitigated only by the recent strength of the peso and remittances that traditionally surge during the holiday season. Data released by the Bangko Sentral ng Pilipinas on Friday showed that the country's full-year balance-of-payments (BOP) position registered a higher deficit of $2.31 billion compared to the $863-million deficit in 2017. More importantly, however, this amount was 53-percent higher than the $1.5-billion in net dollar outflows the central bank had predicted for the local economy in 2018, it...Keep on reading: 2018 BOP deficit swells to $2.3B Read more