By Joann Santiago
MANILA, (PNA) — The Philippines’ balance of payments (BOP) position in September 2013 reversed to positive territory at US$ 465 million surplus from the previous month’s US$ 318 million deficit.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo, in a text message, attributed the surplus to the “continued inflow of foreign exchange from different sources particularly foreign portfolio and direct investments.”
Central bank data show that foreign portfolio investments as of end-September this year posted a net inflow of US$ 682.73 million, better than the US$ 441.56 million net outflow in the previous month and the US$ 402.43 million net inflows in end-September 2012.
The central bank has yet to release the September 2013 data on foreign direct investments (FDI) but last July’s inflows reached US$ 533 million, up 227 percent against the US$ 163 million same period last year.
Guinigundo said data for exports, remittances and BPO receipts for the ninth month this year “are still not available although initial indicators show their continued strength.”
“These inflows were supported by BSP investment income from abroad and NG (national government) deposits of foreign exchange with the BSP,” he added.
The surplus last September is, however, lower compared to the US$ 751 million surplus registered in the same period last year, BSP data released Friday showed.
At the end of the first nine months this year, the BOP surplus reached US$ 3.8 billion, also lower than the US$ 5.8 billion surplus in 2012.
The country has a US$ 4.4 billion BOP surplus target this year.