Thursday, 23 August 2012
The country recorded a balance of payments surplus of $3.2 billion in July, up 151 percent from just $1.3 billion a year ago, on the back of a steady stream of remittances, foreign fund inflows and outsourcing revenues.
Data from the Bangko Sentral showed the July surplus was the highest in 20 months since it hit $3.9 billion in November 2010. The figure was also up from just $14 million registered in June.
The amount also brought the cumulative BoP surplus to $4.5 billion in the first seven months, although this was down from $6.3 billion booked in the same period last year.
Bangko Sentral Governor Amando Tetangco Jr. said the bank’s foreign exchange operations and investments abroad supported the rise in the BoP surplus. The bank earns from its investments abroad, like US Treasuries.