Tuesday, 17 February 2009

Philippine balance of payments swings to $1.7-B surplus in January

BusinessWorld Online

A SUCCESSFUL 10-year sovereign bond issue and partial payment for a key power asset made the country’s external payments position swing to surplus in January from a deficit a month earlier.

Central bank data released yesterday showed a balance of payments (BoP) surplus of $1.735 billion last month, from a deficit of $275 million in December.

A central bank official, who asked not to be named, attributed last month’s surplus to the National Government’s 10-year bond issue, which fetched about $1.5 billion, and partial payment of $987.5 million by the National Grid Corp. of the Philippines, which won the right to run the country’s electricity transmission grid for 50 years. — PLGM

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