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Philippine Current Account Surplus Falls In Q4

3/23/2012 4:41 AM ET

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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