PH current account gap doubled to USD 2.5 Bill in 2017

 THE current account deficit more than doubled to $2.5 billion in 2017 from the $1.2-billion gap a year ago on the back of the widening trade-in-goods deficit, the Bangko Sentral ng Pilipinas said Friday. Data showed the deficit was the biggest since 1999, when the current account shortfall stood at $2.85 billion. The current account is one of the main components of the balance of payments. Bangko Sentral assistant governor Francisco Dakila Jr. said in a briefing Friday the higher trade deficit more than offset the increased net receipts in the trade-in-services, and secondary and primary income accounts during the year. The trade-in-goods deficit for 2017 rose 15.9 percent to $41.2 billion as the growth in imports of goods of 14.2 percent outpaced that of exports of goods at 12.8 percent “The widening of trade-in-goods deficit was reflective of the continued growth of the economy as the growth in imports was driven by demand for goods to be used for infrastructure projects of the government,” Dakila said .........
THE current account deficit more than doubled to $2.5 billion in 2017 from the $1.2-billion gap a year ago on the back of the widening trade-in-goods deficit, the Bangko Sentral ng Pilipinas said Friday. Data showed the deficit was the biggest since 1999, when the current account shortfall stood at $2.85 billion. The current account is one of the main components of the balance of payments. Bangko Sentral assistant governor Francisco Dakila Jr. said in a briefing Friday the higher trade deficit more than offset the increased net receipts in the trade-in-services, and secondary and primary income accounts during the year. The trade-in-goods deficit for 2017 rose 15.9 percent to $41.2 billion as the growth in imports of goods of 14.2 percent outpaced that of exports of goods at 12.8 percent “The widening of trade-in-goods deficit was reflective of the continued growth of the economy as the growth in imports was driven by demand for goods to be used for infrastructure projects of the government,” Dakila said .........




 A former hearing officer of the Bureau of Immigration (BI) has been appointed by President Duterte as Deputy Commissioner of the Agency.
A former hearing officer of the Bureau of Immigration (BI) has been appointed by President Duterte as Deputy Commissioner of the Agency. PRESIDENT Duterte said on Tuesday he would build by next year “new alliances” with China and Russia to cushion the fallout from the possible withdrawal of the United States from the Philippines. In a speech in Pampanga province, Mr. Duterte said Filipinos would have to make a small sacrifice for what he had previously declared “crossing the Rubicon” in his ties with the United States while pursuing partnerships with its rival countries or what he called countries on the “other side of the ideological barrier.”
PRESIDENT Duterte said on Tuesday he would build by next year “new alliances” with China and Russia to cushion the fallout from the possible withdrawal of the United States from the Philippines. In a speech in Pampanga province, Mr. Duterte said Filipinos would have to make a small sacrifice for what he had previously declared “crossing the Rubicon” in his ties with the United States while pursuing partnerships with its rival countries or what he called countries on the “other side of the ideological barrier.”