World Economy

Philippines Current A/C Surplus Sinks

Philippines Current A/C Surplus SinksPhilippines Current A/C Surplus Sinks

The current account surplus of Philippines registered a decline in the second quarter of the year on account of increase in trade-in-goods deficit, the Bangko Sentral ng Pilipinas reported, GMA reported. The CA, a component of balance of payments position, posted a lower surplus of $65 million from a $3.2-billion surplus a year earlier, according to a data from the BSP. This contributed 0.1% to a gross domestic product lower than the 4.3% share recorded last year. External trade deficit rose to $8.6 billion from $4.2 billion due to a 23.6% rise in imports and a 6.6% decline in exports.