More dollars came in than went out in October this year, allowing the country’s balance of payments (BOP) position to swing to a surplus of $711 million, ending six straight months of a deficit, according to the Bangko Sentral ng Pilipinas (BSP).
Based on the central bank’s latest data, the surplus in the BOP—which is the record of all international financial transactions made by a country—reduced the deficit recorded from January to October to $7.1 billion from $7.8 billion at the end of September.
“The BOP surplus in October 2022 reflected inflows arising mainly from the national government’s net foreign currency deposits with the Bangko Sentral ng Pilipinas,” the BSP said in a statement on Friday last week.
—Alden M. Monzon INQ
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