The country’s balance of payments (BOP) position improved and posted a surplus for the first time in nine months, according to the Bangko Sentral ng Pilipinas (BSP). Know more:
THE country’s balance of payments position improved and posted a surplus for the first time in nine months, according to the Bangko Sentral ng Pilipinas .
“The BOP surplus in January 2023 reflected inflows arising mainly from the National Government’s [NG] net foreign currency deposits with the BSP, which include proceeds from its issuance of ROP Global Bonds, and net income from the BSP’s investments abroad,” the BSP said. He added that another factor was the recent narrowing of the trade deficit/net imports to the narrowest in nearly a year recently.
The latest GIR level, BSP said, represented a more than adequate external liquidity buffer equivalent to 7.6 months’ worth of imports of goods and payments of services and primary income.
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