The country’s overall balance of payments (BOP) position in October 2017 posted a deficit of US$368 million, higher by US$185 million than the US$183 million deficit recorded in October 2016. This brought the cumulative BOP position for the first ten months of the year to a deficit of US$1.735 billion, a reversal from the US$1.465 billion surplus recorded in the same period last year.
Outflows stemmed mainly from the foreign exchange operations of the Bangko Sentral ng Pilipinas (BSP) and payments made by the National Government (NG) for its maturing foreign exchange obligations during the month in review. These were partially offset by the NG’s net foreign currency deposits and income from the BSP’s investments abroad.
Meanwhile, the final data on the country’s gross international reserves (GIR) level was recorded at US$80.419 billion as of end-October 2017, lower by US$197 million compared to the preliminary GIR level of US$80.616 billion due mainly to end-of-month revaluation adjustments on foreign currency-denominated reserves. Also, the final GIR level was lower by US$543 million than the end-September 2017 level of US$80.962 billion. 1
1 The preliminary data on GIR as of end-October 2017 was released to the public on 7 November 2017. Preliminary data are released every 7th of the month in the Statistics section of the BSP’s website in compliance with the International Monetary Fund’s (IMF) Special Data Dissemination Standards (SDDS). If the 7th day of the month falls on a weekend or is a non-working holiday, the release date shall be the working day before the 7th. Meanwhile, the BOP position and final GIR data are published in the BSP’s website every 19th day of the month. If the 19th day of the month falls on a weekend or is a non-working holiday, the release date shall be the working day nearest to the 19th.