For the fourth consecutive month, the Philippines saw its external payments position grow as it registered a surplus in the balance of payments in February. The BPO industry remains a major contributor to the country’s strong performance. Data from the Bangko Sentral ng Pilipinas showed that as of February, there was a surplus of USD467m, which is a turnaround from the USD429m deficit logged in the same month last year. The central bank explained that the reversal this year was due to strong inflows. Aside from the BPO sector, the other contributors to the surplus were remittances from Filipino workers abroad, exports, and tourism receipts. A surplus occurs when more foreign investments flow into the country than flow out to pay for the importation of more goods, services, and capital.
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