The Philippines’ balance of payments (BoP) position swung to a surplus in January from a deficit a year ago, reflecting the proceeds of the government’s global bond issuance, the Bangko Sentral ng Pilipinas (BSP) said on Monday. READ:
US dollar banknotes are seen in this illustration taken July 17, 2022. — REUTERS
This was also the largest BoP surplus in 26 months or since the $4.24-billion surfeit in December 2020. “OFW remittances are a significant source of foreign exchange for the Philippines and have been relatively resilient despite the pandemic,” Mr. Roces said. In December, the value of merchandise exports fell by 9.7% to $5.67 billion, while imports also declined by 9.9% to $10.26 billion. This brought the trade-in-goods deMr. Roces said the resumption of international and local tourism also contributed to the surplus, as there could be an increase in foreign exchange earnings from tourism-related activities.ects a final gross international reserve of $100.7 billion, up by 4.8% from $96.1 billion a month earlier.
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