The Philippines’ overall balance of payments (BOP) position posted a surplus of $ billion in December 2020, bringing the full-year 2020 BOP surplus to an all-time high of $ billion.
That is because we are maintaining our productivity relative to the competition, but we’re not improving. The solution is not to lower your prices – in a depressed market that won’t get you many more customers, and those that you do get will probably be pinching their pennies. Rather, you want to get ahead by outgunning the competition, through improved productivity.