The country’s balance of payments (BOP) position recorded a surplus of $1.09 billion in July, data from the Bangko Sentral ng Pilipinas (BSP) showed on Thursday.
Despite volatility in the global markets, the month of June figure recorded the biggest surplus since January’s $2.04 billion.
The figure was higher compared to the $692-million surplus in June 2013 but lower compared to the $3.18-million surplus recorded in the same month last year.
The BSP data also said that cumulative surplus from January to July 2013 reached $3.68 billion.
It was lower than the $4.5-billion surplus recorded in the first seven months of 2012.
After ending last year with a $9.2-billion surplus, the central bank expects a BOP surplus of $4.4 billion for the rest of 2013.
The BOP summarizes the country’s economic transactions with the rest of the world, such that a surplus means dollar receipts exceed payments and a deficit the reverse. The BSP said that persistent BOP surpluses help build up the country’s gross international reserves (GIR), an ample supply of which helps prop up the peso and keeps domestic inflation at bay.
As of end-July, the country’s GIR level stood at $82.9 billion, while inflation for the same month eased to 2.5 percent, below the 3-percent to 5-percent target range of the BSP.