The country’s balance of payment surplus has reached $3.45 billion in the first quarter of 2023, according to the Bangko Sentral ng Pilipinas (BSP).
This figure marks a significant improvement from the same period last year, which saw a surplus of only $495 million.
The surge in the BOP surplus can be attributed to the BSP’s recent efforts to accumulate foreign exchange reserves.
Furthermore, the BSP revealed that the country’s gross international reserves (GIR) now stand at $101.5 billion, which is an increase from the $98.21 billion recorded in end-February.
In addition, the BOP surplus for March 2023 totaled $1.27 billion, higher than the $754 million recorded in the same period last year.
According to the BSP, the March 2023 BOP surplus was fueled by inflows resulting 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.
Notable deposits include the $600 million financing from the World Bank’s International Bank for Reconstruction and Development (IBRD) and $550 million loan from the Asian Development Bank.
The BSP also highlighted that the cumulative BOP surplus came from various foreign exchange inflows such as overseas Filipinos’ remittances, government’s net foreign borrowings, and foreign direct investments.
As of end-February, cash remittances amounted to $5.33 billion, while FDIs as of January reached $448 million.
