Manila registers deficit

Manila registers deficit

MANILA (AFP): The Philippines registered a US$645-million
balance of payments deficit in the three months to March from a
surplus of $895 million in the same period last year, the Central
Bank said yesterday.

Officials attributed the shortfall to a higher current account
deficit of $1.1 billion from January to March, from $712 million
last year.

Imports for the quarter totaled $5.6 billion, with exports
worth $3.7 billion, the figures showed.

Foreign investment inflow for the period amounted to $1.4
billion, lower than the $1.6 billion in the first quarter of
1994.

An International Monetary Fund (IMF) team that arrived here
Thursday to review a three-year economic program has urged Manila
to institute new fiscal measures to control the deficit.