For Q2 2019, the current account registered a deficit of $ million, a 95.6 percent reduction from the $ billion deficit registered in the same quarter in 2018. This developed on account mainly of the lower deficit in the trade-in-goods account.
Increased net receipts trade-in-services, and secondary and in the primary income also contributed to the improvement of the current account in the second quarter of the year. Driving this surplus includes reliable inflows from Overseas Filipinos’ (OF) remittances and net inflows of portfolio investments during the first half of the year.