THE country’s balance of payments (BOP) bounced back to positive territory in September from a huge deficit in the preceding month, central bank data released on Monday showed.
The BOP recovered to a $219-million surplus from August’s $450-million deficit. The September result was also higher than the $98-million surplus recorded a year earlier.
“The BOP reverted to a surplus in the month of September, as inflows from BSP’s foreign exchange operations, income from abroad and the deposits of the national government more than covered the payments for national government’s foreign exchange operations,” central bank Governor Amando Tetangco Jr., said in a text message to reporters.
The cumulative nine-month surplus widened to $1.808 billion from $1.588 billion in August. It was a reversal from the $3.432-billion deficit seen a year earlier.
Tetangco said the latest data indicated that the BSP would likely achieve its full-year target BOP surplus of $2 billion, reversing 2014’s $2.88-billion deficit.
“The healthy BOP figure augurs well for stability in the foreign exchange market,” he ad ded.
The BOP summarizes the country’s economic transactions with the rest of the world over a certain period. It consists of the current account, capital account and the financial account.