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Philippine Current Account Surplus Falls In Q4

Philippines' current account surplus decreased from last year in the fourth quarter, data released by the central bank showed Friday.

The current account surplus declined sharply to $1.81 billion or 2.9 percent of GDP in the fourth quarter from $2.13 billion or 3.7 percent of GDP in the same period last year. The surplus was sustained by net receipts in current transfers, services and income, which offset the widening trade-in-goods deficit.

The goods and services trade account showed a deficit of $3.71 billion during the three-month period, higher than the previous year's $2.83 billion deficit.

The balance in the income account was a surplus of $752 million in the fourth quarter, up from the $516 million surplus seen in the fourth quarter of 2010. The surplus in the current transfers account advanced to $4.77 billion from $4.45 billion.

In the whole of 2011, the current account balance was a deficit of $7.08 billion, down from the $8.9 billion surplus recorded in the previous year.

by RTT Staff Writer

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