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.