By Joann Santiago
MANILA, July 20 (PNA) — The Philippines posted a recovery in its balance of payments (BOP) position in June 2015 after it returned to a surplus.
Data released by the Bangko Sentral ng Pilipinas (BSP) Monday showed a USD 485 million BOP surplus for the country in the sixth month this year, a reversal from the USD58 million deficit in the previous month.
Compared to the level in June 2014, the latest surplus is also better than the USD 24 million deficit during the same period.
In the first half of the year, the country registered a USD 1.68 billion BOP surplus, way better than the USD 4.14 billion deficit in end-June last year.
BOP is the sum of a country’s transaction with the rest of the world.
Last year, the Philippines ended with a USD 2.86 billion deficit in its BOP position due to volatilities when investors pulled out their funds in line with the withdrawal by the Federal Reserve of its stimulus program.
For this year, Philippine monetary officials are positive that the country would end the year with surplus in its BOP position because of the country’s strong current account surplus.
Central bank’s 2015 BOP surplus assumption for this year is USD 2 billion. (PNA)