MANILA, Philippines - The Philippines recorded a balance of payments (BOP) deficit of $93 million in November, the central bank reported on Thursday.

The figure is a reversal from the $896 million-surplus recorded in the previous month. It brought the country's year-to-date BOP surplus to $4.08 billion.

The central bank has projected a BOP surplus of between $4 billion and $5 billion, higher than its initial $700-million estimate, partly due to strong remittance inflows.

The central bank sees a 4% growth in remittances this year despite the global economic crisis, higher than a previous estimate of a flat growth from the record high of $16.4 billion last year.

In 2008, the Philippines had a BOP surplus of $89 million, the lowest in 4 years. With a report from Reuters