Read this in The Manila Times digital edition.
THE national government's external debt payments dragged the country's balance of payments (BoP) into a deficit of $123 million in November, according to the Bangko Sentral ng Pilipinas (BSP). The outcome, announced on Tuesday, reversed a $1.47-billion surplus in November 2020 and erased a $1.14-billion surplus in October of this year. It was also the largest shortfall since September, when the payments situation was $412 million in the red.
The payments balance is a record of all trade and financial transactions that took place between entities in one country and the rest of the world within a specific time period. When a country imports more products, services and capital than it exports, it has a deficit; when it exports more, it has a surplus.
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