By Joann Santiago
MANILA, June 19 (PNA) — The Philippines posted a USD 58-million deficit in its balance of payment (BOP) position in May 2015 but central bank officials remain confident of a surplus figure for the whole year.
Bangko Sentral ng Pilipinas (BSP) data released Friday showed that the deficit in the fifth month this year is a reversal from the USD 373-million surplus same period last year.
“This resulted mainly from debt servicing by both the public and private sectors even as remittances and BPO revenues remain strong,” BSP Deputy Governor Diwa Guinigundo said.
The BOP deficit last May brought the surplus for the first five months this year down to USD 1.2 billion from month-ago’s USD 1.26 billion but is better than year-ago’s USD 4.1-billion deficit.
Amid the negative level of the country’s BOP position last May Guinigundo is positive that the full-year level would remain in surplus.
“We continue to be optimistic we would sustain a BOP surplus for 2015,” he said. (PNA)