The country's overall balance of payments (BOP) position in November 2017 posted a deficit of US$44 million, lower than the US$1.7 billion deficit recorded in the same month last year. Notwithstanding the decline in the deficit in November, the BOP position for the period January-November 2017 posted a higher deficit of US$1.8 billion compared to the US$206 million BOP deficit recorded in the same period last year.

Outflows in November 2017 stemmed mainly from payments made by the National Government (NG) for its maturing foreign exchange obligations during the month in review. These were offset by the net foreign currency deposits of the NG and income from the BSP's investments abroad. The higher cumulative BOP deficit for January- November 2017 was brought about largely by the big reversal in foreign portfolio investments from US$1.3 billion net inflow to US$770 million net outflow for the first ten months of the year.1

The BOP position reflected the final GIR level of US$80.3 billion as of end-November 2017. The GIR level remains adequate as it can cover 8.2 months' worth of imports of goods and payments of services and primary income. It is also equivalent to

5.6 times the country's short-term external debt based on original maturity and 4.1 times based on residual maturity.

Source: Bangko Sentral ng Pilipinas (BSP)