BANGKO Sentral ng Pilipinas (BSP) on Friday said the Philippines' balance of payments (BOP) position logged a deficit of $3.6 billion in the second quarter of 2022.

In its BOP Developments Report, the BSP said that was a reversal from the $905-million surplus recorded in the same quarter last year. The BSP defines BOP as 'a summary of the economic transactions of a country with the rest of the world for a specific period. It serves as an accounting statement on the economic dealings between residents of the country and nonresidents.'