All is well for the economy of the Philippines, as a matter of
fact its been great we have been registering low inflation rates for the past
few months and now this is another good news.
The Philippines just posed $3.8 –billion BOP ( balance of
payments) surplus for the first quarter of 2019, as reported by the Banko
Sentral ng Pilipias (BSP).
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| Bangko Sentral ng Pilipinas (photo credit to BM) |
What is BoP? Balance of Payments (BoP) “is the summary of the country’s dollar transactions with the
rest of the world. A surplus in an economy’s BOP means that the country has
earned more dollars than what it spent during the period. The BOP is usually an
indicator of an economy’s external health position.”
This is a complete contrast of a scenario compared last year,
where “the Philippine economy profusely bled dollars throughout the entire
year. Comparing its level to the same months in 2018, the $3.8 billion more
than reverses the $1.2-billion deficit seen in the same three-month period last
year.”
BSP said the multibillion-dollar surplus came
as the country was able to consistently post monthly dollar earnings in the
first quarter.
In March alone, in particular, the country’s
surplus hit $627 million, up from the previous month’s $467-million surplus and
a reversal of the deficit of $266 million seen a year ago.
The Bangko Sentral welcomes the BoP’s return to surplus territory,
In a statement released, the BSP attributes said surplus to “remittance inflows from overseas Filipinos and the net
inflows of foreign portfolio investments (FPI) or the so-called hot money
during the period.”
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Report from Business Mirror
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