RP's BOP surplus narrows

RP's BOP surplus narrows

MANILA (AFP): The Philippines' balance of payments surplus narrowed to US$80 million in January compared with $175 million in the same period last year, the Central Bank said yesterday.

The current account position deteriorated with a $300 million- deficit, from a $34 million surplus in January 1993 due mainly to a near doubling of the merchandise trade deficit to $697 million.

Medium- and long-term loans posted a net inflow of $179 million, along with foreign investments with a balance of $84 million.