Saturday, 19 June 2010

BoP yields $2.7-billion surplus in 5 months

Manila Bulletin

The Bangko Sentral ng Pilipinas (BSP) reported a balance of payments (BoP) surplus of $2.733 billion in the first five months, the highest this year.

BSP released the data Friday, which show that BoP is in excess of $388 million for the month of May, but lower compared to the April surplus of $982 million.

The end-May BoP was higher compared to the same period last year of $2.143 billion.

BoP summarizes the country’s economic transactions with the rest of the world and is determined by such indicators as exports/imports, foreign direct investments, foreign portfolio investments or hot money and remittances.

For 2010, the central bank forecast BoP to reach $3.7 billion while current account, which is fueled by overseas Filipinos remittances, is expected to increase to $8.1 billion.

In 2009, BoP was a surplus of $5.3 billion from only $89 million in 2008. Current account surplus reached $8.6 billion.

As of the end of April, remittances were up by 6.6 percent to $5.86 billion. The BSP expects remittances to grow by eight percent this year to about $18.7 billion from $17.45 billion in 2009.

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