00:00In the meantime, the Banco Central non-Pilipinas, or BSP, reported that the Philippines' balance of payments, or BOP, deficit
00:06narrowed to $373 million U.S. last January,
00:11significantly narrower than the $827 million U.S. dollar shortfall recorded last December and the over $4 billion U.S.
00:19dollar deficit from a year earlier.
00:21The BOP measures the country's total transactions with the rest of the world over a specific period.
00:27In a related development, the country's gross international reserves also showed an increase, rising to $112.6 billion U.S.
00:35dollars in January.
00:37The BSP noted that this is sufficient to cover 7.5 months of imports of goods and payments of services,
00:43this exceeding the international benchmark of three to four months of import cover.
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