MANILA - The Philippines posted a balance of payments (BOP) deficit of $455 million in July pushing the total BOP deficit from January to July to $3.71 billion, the Bangko Sentral ng Pilipinas (BSP) said Monday.
This was more than double the $1.38 billion BOP deficit recorded during the same period in 2017
The BSP said the shortfall last month was due to outflows from the government's foreign debt payments and the central bank's foreign exchange operations.
BOP refers to all international financial transactions made by a country's residents; a deficit means a country imports more than it exports.
The central bank said the higher BOP deficit may be attributed to the sustained rise in imports of raw materials and capital goods to support domestic economic expansion.
The growing BOP deficit has been cited as one of the reasons for the weakness of the Philippine peso.