Latest Stories

Current account surplus up 34% in Q3

THE COUNTRY enjoyed a double-digit increase in its current account surplus in the third quarter as exports rose while remittances from overseas Filipino workers remained robust.

According to the Bangko Sentral ng Pilipinas, the current account surplus in the third quarter amounted to $3.1 billion, rising by 34 percent from 2.3 billion as of the same period last year.

Current account is the record of inflows and outflows of foreign exchange to and from the country resulting from trade of goods and services, and income transfers such as remittances.

Export earnings improved in the third quarter from a year ago despite lingering problems confronting the euro zone, as demand from alternative markets reportedly increased.

Higher export earnings were driven largely by increased sale of machinery and transport equipment, wood manufacture and food and beverages to foreign buyers, the BSP yesterday said.

Buyers were mostly from Japan, Hong Kong, Singapore, the United Kingdom and Canada.

Current transfers, which include remittances, reached a net amount of $4.6 billion in the third quarter, up year-on-year by 2.6 percent from $4.5 billion.

“This developed on the back of sustained foreign demand for skilled Filipino manpower and continued financial service innovations of banks and other financial institutions to address the remittance needs of overseas Filipinos and their beneficiaries,” the central bank said in its “Balance of Payments Report” for the third quarter.

Meantime, for the first three quarters of the year, the current account posted a surplus of $7.2 billion, rising by 41 percent from $5.1 billion in the same period last year.

The central bank said exports grew in January to September, thereby boosting inflow of dollars into the country. Officials said, however, that export performance could have been better if not for the crisis gripping the euro zone, a key export market.

Cumulative exports in the first three quarters reached $39.7 billion, up by 7.9 percent from $36.79 billion.

“Total exports of goods were driven mainly by higher growth in exports of manufactured products, fruits and vegetables, and forest products,” the BSP said in the report.

Current transfers posted a net of $13.19 billion up by 2.3 percent from $12.9 billion in the same period last year.

According to the BSP, there is a strong likelihood that the county’s current account would post a higher surplus next year on the back of better export earnings and growing remittances.  Michelle V. Remo

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: Business , Current account surplus

  • latino_boom

    Oh dito wala rin ring mga talangka at matatalino…now am thinking that this crab mentality Filipinos and the Intelligent ones who think they are better than the People from the Gov’t  are just choosing what to read and what to like …pity what a pity

    • blainz

      Haha… There’s just too many positive news about the economy for the crabs to downplay.

    • OFW28

      nag-iba na sila ng pangalan mga PRO PROGRESS na sila ngayon kasi wala na silang magagawa kundi sumama sa mga PRO PROGRESS na gaya natin

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


  • Security in place for Obama as police hope for ‘peaceful’ visit
  • Retired SC justice Lorenzo Relova; 98
  • Ligots fight 2nd forfeiture case
  • PH will be partly cloudy in afternoon, evening—Pagasa
  • Ex-COA chief nabbed for plunder
  • Sports

  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • NLEX roars to 7th D-League win
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • HK victims to get P115M; traders raised money
  • Afghan hospital guard kills 3 US doctors, including Fil-Am pediatrician
  • Marketplace