Bangko Sentral: PHL payments position posts $274-M surplus in April

The Philippine balance of payments (BOP) registered a $274- million surplus in April, reversing a shortfall in the same month last year, Bangko Sentral ng Pilipinas data released Monday showed.

 

The payments position last month compares with a $79 million deficit a year earlier, but narrower than the $452-million surplus in March this year. 

 

The April surplus brought the BOP position in the first four months to $1.809 billion, or 55.41 percent wider than the $1.164 billion in January to April last year.

 

BOP is the summary of transactions between the Philippines and the rest of the world. A surplus means more money entered the country, giving it the resources to settle external obligations and beefing up its foreign reserves position which serves as cushion against external shocks. 

 

The country’s gross international reserves (GIR) stood at $83.4 billion in April, the Bangko Sentral earlier said.

 

Philippine foreign reserves were enough to cover nearly a year of imports and is 6.3 times more than its total outstanding debts to foreign creditors maturing within one year. – Siegfrid Alegado/VS