The Philippines recorded an increased balance of payments (BOP) surplus, reaching $3.246 billion as of the end of October.
This marks a notable shift from the monthly deficits incurred over the past six months, starting in April this year.
For October, the BOP exhibited a surplus of $1.51 billion, marking the first positive position since March’s surplus of $1.267 billion. The monthly deficits reported by the Bangko Sentral ng Pilipinas (BSP) commenced in April, with the highest recorded in February at $895 million, subsequently reversed by the March surplus.
The BOP, serving as a comprehensive summary of a country’s economic transactions with the rest of the world within a specific period, showed a notable reversal in comparison to the same period last year.
The current BOP position contrasts with the $7.119 billion deficit recorded in October 2022, showcasing a surplus of $711 million in the same month of the previous year.
The year-to-date BOP surplus, based on preliminary data, indicates an improved balance of trade, higher net inflows from personal remittances, trade in services, and foreign borrowings by the NG. Lower net inflows from foreign direct investments also contributed to the surplus.