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BoP surplus tops $1 billion in July

Posted on August 23, 2013

THE BALANCE of payments (BoP) surplus hit a six-month high in July, which a central bank official said highlighted the country’s strong fundamentals.

The month’s result was $1.099 billion, up from June’s $692 million and the highest since January’s $2.043 billion. It brought the year-to-date surplus to $3.677 billion, nearer to the Bangko Sentral ng Pilipinas’ (BSP) $4.4-billion forecast for 2013.

The BoP details the country’s transactions with the rest of the world. A surplus indicates that more funds flowed into the economy than out, providing a cushion against external volatility.

With the peso and stock markets having plunged yesterday, central bank Deputy Governor Diwa C. Guinigundo said the BoP surplus would provide support to the economy.