2014 current account surplus also a record

The Philippines’ current account—a major component of the balance of payments—for full-year 2014 reached a record surplus of $12.6 billion as exports far outpaced imports and compensation for resident Filipino workers overseas increased, official data shows.

In a press briefing on Friday, the Bango Sentral ng Pilpinas (BSP) said the country’s current account last year rose about 11 percent over an $11.4 billion surplus recorded in full-year 2013.