The country’s balance of payments reverted to a surplus of $495 million at the end of the first quarter 2022, an improvement compared to the $2.844 billion deficit same period last year.
The country’s balance of payments reverted to a surplus of $495 million at the end of the first quarter 2022, an improvement compared to the $2.844 billion deficit same period last year.
The cumulative BOP surplus of $495 million in the first quarter likewise reversed the $259 million deficit in the first two months of 2022. “Based on preliminary data, the cumulative BOP surplus reflected inflows such as from personal remittances, net foreign borrowings by the NG, and foreign direct and portfolio investments,” said the BSP.
Last year, the country’s BOP position yielded a lower surplus of $1.345 billion against $16.022 billion surplus in 2020. The GIR forecast remains at $108 billion for this year. The GIR will still be supported by foreign borrowings by the government and potential increase in the volume of gold purchases, said the BSP.
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