RTTNews - The Philippines posted a current account of US$2.2 billion in the first quarter, higher than a surplus of US$1.3 billion seen in the same quarter last year.

During the first quarter, the deficit in the goods and services account narrowed to US$1.36 billion from US$2.2 billion last year. At the same time, the current transfers account showed a higher surplus of US$3.8 billion compared to a surplus of US$3.6 billion in the first quarter last year.

However, the deficit in the income account widened to US$308 million from US$194 million in the previous year.

Meanwhile, the capital and financial account showed a deficit of US$758 million in the first quarter, in contrast to a surplus of US$507 million in the previous year.

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