GOVERNMENT debt payments swung the country's balance of payments (BoP) into a surplus in May, the Bangko Sentral ng Pilipinas (BSP) reported late Wednesday.
GOVERNMENT debt payments swung the country's balance of payments into a surplus in May, the Bangko Sentral ng Pilipinas reported late Wednesday.The country posted a $2.0-billion BoP surplus in May, reversing from April's $639-million and last year's $439-million shortfall.
This was mainly due to 'the narrowing trade in goods deficit alongside the continued net inflows from personal remittances, net foreign borrowings by the NG, foreign direct investments, foreign portfolio investments and trade in services,' the BSP said.The BoP surplus also reflected a surge in gross international reserves to $105.0 billion as of end-May from $102.6 billion a month earlier, the central bank said.
Swings To Surplus Reserves Surge To $105B
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