The Bangko Sentral ng Pilipinas (BSP) reported that the country's balance of payments (BOP) deficit narrowed in April, signaling an improving external payments position.
According to the BSP, the deficit stood at $1.2 billion in April, down from $1.9 billion in the same month last year. This improvement was attributed to higher foreign currency inflows from overseas Filipino remittances and revenues from business process outsourcing firms.
For the first four months of the year, the BOP deficit reached $4.1 billion, narrower than the $5.3 billion recorded a year earlier. The central bank remains optimistic that the full-year BOP position will settle within the projected range.
The narrower deficit could help stabilize the Philippine peso and support foreign exchange reserves. Analysts said the trend reflects the resilience of the domestic economy amid global uncertainties.