Current account surplus more than doubles to $3.3B in Q1

The Philippines’ current account—a major component of the balance of payments (BOP)-- posted a surplus of $3.3 billion in the first quarter on the back of a smaller trade gap and higher net receipts in the services, primary and secondary income accounts coupled with the narrowing of the trade-in-goods deficit.

In a press briefing on Friday, the Bangko Sentral ng Pilpinas (BSP) said the country’s current account in the first three months was up 121 percent compared to the $1.5 billion surplus recorded during the same period last year.