Metro Manila (CNN Philippines, December 19) — The country’s balance of payments (BOP) was at a surplus in November, according to latest Bangko Sentral ng Pilipinas (BSP) data, indicating ability to pay off short-term foreign debts.
The Philippine’s balance was at $541 million in November, aided by foreign currency deposits of the national government, overseas Filipino remittances and foreign investments, and offset by payments in national government debts.
While this is lower than the $847 surplus recorded for the same month last year, the overall balance from January to November is at a $6.27 billion. This was a turnaround from the $4.75 deficit recorded from January to November last year.
“The surplus may be attributed partly to lower trade in goods account deficit, higher net receipts in the trade in services account and personal
remittance inflows from overseas Filipinos, and net inflow of foreign direct investments and foreign portfolio investments,” the BSP said in a statement.
This put the gross international reserves (GIR) of the Philippines at $86.23 by end-November, which is equivalent to 7.5 months’ worth of import goods and payments of services and primary income.
The GIR is also equivalent to 5.4 times the Philippines’ short-term foreign debt.
