Latest Stories

PH registers $600M surplus in balance of payments


The country registered a surplus of over $600 million in its balance of payments in October, driven partly by dollar inflows in the form of remittances, as well as investments in the business process outsourcing sector.

The amount is about three times more than the $208 million recorded in the same month last year.

“Exports, remittances, tourism receipts, and BPO revenues have been fueling the surplus,” BSP Deputy Governor Diwa Guinigundo told reporters.

The surplus in October brought the total for the first 10 months of the year to $6.4 billion. But the figure still represented a 35-percent decline from the $9.9 billion reported in the same period a year ago.

Despite the year-on-year decline, the BSP said the surplus helped boost the country’s total reserves of foreign exchange, now standing at a historic high of $82 billion.

BOP is a record of the country’s commercial and financial transactions with the rest of the world. It is computed as the difference between the inflows and outflows of foreign currencies.

The country’s foreign exchange reserves receive a boost whenever the BOP hits a surplus.

The BSP said significant inflows of foreign exchange would also serve to strengthen the peso.

Since the start of the year, the peso had appreciated by 6 percent. It now hovers in the 41 to a dollar territory, from the previous level of 43:$1 last seen in January.

Growth in remittances is attributed to labor markets’ strong demand for Filipino workers.

According to government officials, demand for Filipinos in the Middle East has helped boost remittances to the Philippines even as the eurozone and the United states are crippled with economic problems.

Also, the country’s growing foreign exchange reserves is a key factor that bolstered the country’s credit-worthiness, the BSP said.

Earlier this month, Moodys Investors Service upgraded the country’s credit standing from two notches to just a notch below investment grade.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: balance of payments , BOP surplus , Philippines

  • joboni96

    bayaran na lahat ng foreign loans ng gobyerno
    ng hindi 1/3 ng national budget pinambabayad
    at magamit na para sa mga projects

    malaki pa maiiwang forex reserves

    tututulan ito ng mga dayuhan
    para pagkwartahan pa tayo sa interes ng utang

    sangayon naman
    ang mga taga bsp na kumikita at nakikinabang

  • http://www.facebook.com/profile.php?id=100003672409753 Jean Claude

    so tataas nanaman ang Piso? 39-40 level na next year? O__o

    • Diablo_III

      Kung tataas pa yung reserve natin tiyak lalakas siguro ang peso? OMG…

      • http://profile.yahoo.com/L3OTOGACZFETL54S4T3E2KUAYY Jessie

        Lalo mabawasan ang kita ng OFW
        Buti sana kung bumaba ang bilihin sa pinas

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Henares on Pacquiao bashing: I did not start this
  • Drilon, Nancy Binay urge Filipinos to strengthen faith
  • ‘Yolanda’ toll now at 6,300 – NDRRMC
  • ‘Mom, I love you,’ says text from student on sinking ferry
  • Moderate earthquake jolts southern Iran
  • Sports

  • Power Pinays smash India in Asian Women’s Club volleyball opener
  • PH youth boxers off to stumbling start in AIBA World tilt
  • Durant has 42, Thunder beat Pistons 112-111
  • Walker leads Bobcats over Bulls in OT, 91-86
  • Man City slips further out of title contention
  • Lifestyle

  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Moist, extra-tender blueberry muffins
  • Entertainment

  • Will Arnett files for divorce from Amy Poehler
  • American rapper cuts own penis, jumps off building
  • Jay Z to bring Made in America music fest to LA
  • Why Lucky has not bought an engagement ring for Angel
  • Derek more private with new girlfriend
  • Business

  • Asia stocks fail to match Wall Street gains
  • Fired Yahoo exec gets $58M for 15 months of work
  • PH presses bid to keep rice import controls
  • PSEi continues to gain
  • Number of retrenched workers rose by 42% in ’13
  • Technology

  • Netizens seething in anger over Aquino ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Syria most dangerous country for journalists, PH 3rd—watchdog
  • Japan says visa-free entry still a plan
  • First Fil-Am elected to Sierra Madre, Calif. city council
  • UC Irvine cultural night to dramatize clash of values in immigrant family
  • Filipino sweets and info served at UC Berkeley Spring Fest
  • Marketplace