The Philippines’ balance of payments (BOP) went back to a surplus in March to reflect the inflows from the national government’s foreign currency loans, the Bangko Sentral ng Pilipinas (BSP) reported Wednesday.
The Philippines’ balance of payments went back to a surplus in March to reflect the inflows from the national government’s foreign currency loans, the Bangko Sentral ng Pilipinas reported Wednesday.Data released by the central bank showed that the BOP level was a $1.267-billion surplus in March, following the $895-million deficit in February and the $754-million surplus the same month last year.
The BOP consists of Philippine transactions with the rest of the world during a specific period. A surplus means more funds entered the country, while a deficit means more funds left.“The BOP surplus in March 2023 reflected inflows arising mainly from the national government’s net foreign currency loans, which were deposited with the BSP, and net income from the BSP’s investments abroad,” the BSP said in an accompanying statement.
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