ING senior economist Nicholas Mapa said a bigger-than-expected drop in exports and surprise rise in capital imports have resulted in a deeper trade deficit for November last year.
Latest data from the Philippine Statistics Authority (PSA) showed the country’s trade deficit widened to $4.69 billion in November from $4.39 billion in October.
“This development suggests that the current account is likewise in shortfall and points to sustained pressure on the Philippine peso in the coming months,” Mapa said.
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