Philippines’ surplus grows rapidly in March

Philippines’ surplus grows rapidly in March

MANILA, (Xinhua) — The Philippines’ overall balance of payments (BOP) posted a 1.3 billion U.S. dollars surplus in March, higher than the 754 million U.S. dollars surplus recorded in March 2022, the Philippine central bank said on Wednesday.

The BOP surplus in March brought the Southeast Asian country’s first three months BOP level to a 3.5 billion U.S. dollars surplus, markedly higher than the 495 million U.S. dollars surplus recorded in the same period a year ago.

The Bangko Sentral ng Pilipinas (BSP) said the BOP surplus in March reflected inflows arising mainly from the national government’s net foreign currency loans, which were deposited with the BSP, and net income from the BSP’s investments abroad.

Based on preliminary data, the cumulative BOP surplus also reflected inflows from personal remittances.

The BSP added that the gross international reserves (GIR) level also increased to 101.5 billion U.S. dollars as of end-March from 98.2 billion U.S. dollars as of end-February.

According to the BSP, the latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.6 months’ worth of imports of goods and payments of services and primary income.

Moreover, the March GIR level is about 6.1 times the country’s short-term external debt based on original maturity and 4.2 times based on residual maturity.

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