Philippines Macroeconomist/Strategist

Jun Trinidad

Macroeconomics

<p><strong>Shedding value. </strong>The country’s BoP shortfall (US$2bn in Jan-May) lowered the gross international reserves (GIR) of the Bangko Sentral ng Pilipinas (BSP) to US$77.7bn in June. Versus the beginning year’s GIR position, BSP’s dollar stock holdings shed US$3.9bn as of June, which may just preview the worsening BOP outlook. In 1Q18, the BoP deficit was marked by upbeat residents’ investments overseas (see <a href="https://www.smartkarma.com/insights/bop-shortfall-from-strong-net-imports-to-hefty-net-financial-outflows" target="_blank" data-smartkarma-citation="insights:21636">BoP Shortfall: From Strong Net Imports to Hefty Net Financial Outflows</a>). Despite lackluster GIR…</p>

Shedding value. The country’s BoP shortfall (US$2bn in Jan-May) lowered the gross international reserves (GIR) of the Bangko Sentral ng Pilipinas (BSP) to US$77.7bn in June. Versus the beginning year’s GIR position, BSP’s dollar stock holdings shed US$3.9bn as of June, which may just preview the worsening BOP outlook. In 1Q18, the BoP deficit was marked by upbeat residents’ investments overseas (see BoP Shortfall: From Strong Net Imports to Hefty Net Financial Outflows). Despite lackluster GIR…

Philippines Stock Exchange PSEi Index (PCOMP INDEX)

Persistent Weakness of the Bangko Sentral's FX Reserves