THE PHILIPPINE balance of payments position swung back to a surplus last May after two successive months of deficit, the Bangko Sentral ng Pilipinas said Tuesday.
The payments position last month was a $138-million surplus from a deficit of $79 million in April and $209 million in March, said Bangko Sentral Gov. Amando Tetangco Jr.
The May surplus was 36.4 percent narrower than the $217 million surplus recorded a year earlier, central bank data showed.
The BOP is the difference between foreign exchange inflows and outflows in a given period and reflects transactions with the rest of the world.
Most of the inflows last May consisted of gains by the Bangko Sentral foreign exchange operations and its income from investments abroad, Tetangco said in a text message to reporters.
The outflows were mainly payments by central bank and the national government on their maturing obligations.
In January to May, Tetangco noted the payments surplus reached $1.302 billion or 72.8 percent narrower than the $4.794 billion booked a year earlier.
In a financial forum Monday, Tetangco said the Bangko Sentral lowered its payments surplus target to $2.6 billion from $2.8 billion this year and as well as the gross international reserves forecast to $77.5 billion to $78 billion from $79 billion. (GMA News)