July Balance of Payments at $678 Million in Deficit

The balance of payments (BOP) deficit hit an eight-month high of $678 million on the month the peso neared its 11-year low. The July deficit was the widest since the $1.671 billion posted in November last year, and a reversal of the $215-million surplus in the same month last year. BSP officials attributed the deficit to a surge in imports of capital goods resulting from the government’s plan to ramp up infrastructure investments…

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