The country’s balance of payments (BOP) position recorded a surplus of $692 million in June, data from the Bangko Sentral ng Pilipinas (BSP) showed on Friday.
Despite volatility in the global markets, the month of June recorded the biggest surplus since January’s $2.043 billion.
The figure was higher compared to the $75-million surplus in May 2013 as well the $14-million surplus recorded in the same month last year.
The BSP data also said that cumulative surplus from January to June 2013 reached $2.577 billion.
It was higher than the $1.316-billion surplus recorded in the first six months of 2012.
“The six-month cumulative surplus of $2.6 billion keeps us on track to meet the full-year revised projection of $4.4-billion surplus,” BSP Governor Amando Tetangco Jr. said in a text message to reporters.
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.
Tetangco added that, “Expected sustained inflows from remittances, business process outsourcing services and investments back up the full-year projection, which should in turn provide the fundamental support to the peso.”
“We will remain watchful of external developments and will review our projections in the course of time, and revise if needed,” he said.
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.
Furthermore, the BSP explained 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-June, the country’s GIR level stood at $81.6 billion, while inflation for the same month settled at 2.8 percent, below the 3-percent to 5-percent target range of the government.