Photo Courtesy of Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (BSP) has reported that the Philippines has sustained a healthy balance of payments (BOP) surplus exceeding $2 billion from January to August this year.
Data released by the central bank reveals that the Philippines recorded a BOP surplus of $2.15 billion during the eight-month period, marking a significant turnaround from the $5.49 billion deficit reported in the same period the previous year.
For August alone, the BOP deficit saw a remarkable 90 percent reduction, shrinking to just $57 million compared to the $572 million deficit recorded in August of the previous year. This reduction is attributed mainly to net outflows arising from the national government’s foreign currency debt obligations.
The BSP noted, “Notwithstanding the deficit in August, the cumulative BOP position registered a surplus of $2.1 billion in the first eight months of the year, which was a reversal of the $5.5 billion deficit recorded in the same period a year ago.”
