Balance of Payments

Despite earlier indications that the Phillippines’ was doing quite well in its 2008 Balance of Payments, recent developments have seen the islands drift into a $248 million deficit, according to the Phillippines Inquirer.

The central bank had previously posted an enormous $1.93 billion surplus on the Balance of Trade, though all that changed in June after one severe update.

According to the manager of the central bank the deficit is symptomatic of an outflow of foreign investments in the country, a marked change from the previous influx that made for the surplus.