Philippines posts USD4.7bn BOP surplus in first 4 months

Philippines posts USD4.7bn BOP surplus in first 4 months

The Philippines has recorded a balance of payments (BOP) surplus of USD4.7bn in the January to April 2019 period, a turnaround from the USD1.5bn shortfall recorded in the same period last year, according to the Bangko Sentral ng Pilipinas (BSP). The central bank said the surplus may be partly attributed to remittances from overseas Filipino workers, net inflows of foreign portfolio investments in the first quarter of 2019, and net inflows of foreign direct investments in the first two months of this year. The last time the country recorded a BOP surplus was in 2013, with USD5bn. For April 2019, the country posted a BOP surplus of USD467bn, a reversal from the USD270m deficit posted in the same month last year. BSP said the April inflows were driven by BSP’s foreign exchange operations and income from investments abroad, and the government’s net foreign currency deposits. As of the end of April, the Philippines has USD83.88bn of gross international reserves, said the central bank.

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