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Remittances from OFWs help PH post surplus balance of payment of $1.14B as of October 2021

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The Philippines posted a surplus balance of payment after stronger dollar inflows.

The improved position was on the back of proceeds from the national “government’s foreign borrowings during the period as well as remittances from overseas Filipinos.”

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Bangko Sentral ng Pilipinas (BSP) said the country’s overall balance of payments position showed a surplus of $1.14 billion in October 2021 which was lower than the $3.44 billion surplus recorded in the same month last year.

The surplus reflected inflows from the national government’s net foreign currency deposits with the BSP and the central bank’s income from its investments abroad.

The cumulative surplus for the January-October period has reached $476 million reversing the deficit of $665 million for the first nine months of the year.

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The current year-to-date balance of payments level is lower than the $10.31 billion surplus recorded in the same period a year ago.

Net inflows from personal remittances, net foreign borrowings by the national government, foreign direct investments, and trade in services contributed to the positive outlook. (AW)

Staff Report

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