BOP swings to deficit in January

MANILA, Philippines - More financial resources left than entered the Philippines in January in a sign of pinch during the global financial volatility that greeted 2016.

The country's balance of payments (BOP) swung to a deficit of $813 million in the first month of the year, a reversal of $136 million surplus a year ago, the Bangko Sentral ng Pilipinas reported on Friday.

BOP is the sum of transactions of the Philippines with the rest of the world.

A deficit indicates more capital left the country than entered during a particular period.

Last year, the central bank recorded a BOP surplus of $2.606 billion.