MANILA, Feb. 20 -- The country's overall balance of payments (BOP) position posted a deficit of USD740 million in January 2024, a reversal from the USD3.1 billion BOP surplus recorded in the same month last year, the Bangko Sentral ng Pilipinas (BSP) said.

"The BOP deficit in January 2024 reflected outflows arising mainly from the National Government's (NG) payments of its foreign currency debt obligations," the central bank said in a statement late Monday.

The BOP is a summary of the economic transactions of a country with the rest of the world for a specific period.

The overall position can be in surplus, in deficit, or in balance.

The BSP said the BOP position reflects a decrease in the final gross international reserves (GIR) leve...