NEWSFLASH

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BOP DEFICIT DOWN TO $2.05 BILLION

Manila, Dec. 15, 1997 - The deficit of the country's cumulative balance of payments (BOP) has narrowed down to only $2.051 as of mid-November 1997.

Data from the Bangko Sentral ng Pilipinas (central bank) indicated that the latest BOP level was a considerable improvement from the $2.345 billion deficit recorded for the first half of the year.

The improving BOP level was boosted by the central bank's foreign exchange purchases which amounted to $60 million for the first two weeks of November alone.

Aside from the dollar purchases, the inflows from investment income and the lower debt service payments have also contributed in bringing down the BOP deficit.

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