More money flowed into the Philippines than out of the country last March, showing a $1.27- billion surplus in the balance of payments that meant a 68-percent increase from $754 million in the same month last year. | RonWDomingoINQ /PDI
The latest monthly readout brought the first-quarter BOP to a surplus of $3.5 billion, which was seven times as big as the $495-million surplus in the same period of 2022.“Based on preliminary data, the cumulative BOP surplus reflected inflows that stemmed mainly from personal remittances, net foreign borrowings by the national government, and foreign direct investments,” the BSP said.
As for the GIR at end-March, it represented 7.6 months’ worth of imports of goods and payments of services and primary income.The BSP’s reserves were also about 6.1 times the country’s short-term external debt based on original maturity and 4.2 times based on residual maturity.Michael Ricafort, chief economist at Rizal Commercial Banking Corp.
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