|
By Maricel E. Burgonio Reporter
THE country’s net dollar
receipts from its nontrade transactions with the rest of the world
have exceeded the full-year forecast at end-September due to strong
foreign investments, the Bangko Sentral ng Pilipinas (BSP) said
Friday.
In a briefing, BSP Deputy
Governor Diwa C. Guinigundo said the capital and financial account
reversed to a net inflow of $3.2 billion in the first nine months
from a net outflow of $1 billion in the comparable period last year.
The end-September performance is better than the $3.1-billion
forecast the central bank set for the whole year.
For trade-related transactions,
or the so-called current account, the BSP projected a full year
$6.7-billion surplus. At end-September, the dollar surplus amounted
to $4.2 billion driven by remittances, exports receipts and imports
payments.
Due to the performance of the two
segments, the country’s balance of payments (BOP) could register a
$8.6-billion surplus this year, exceeding the $8-billion to
$8.5-billion forecast.
“The third quarter
development captured the continued favorable external payment
position. These are historical high[s], $3.5 billion in September
and $6.7 billion,” Guini-gundo said.
The BOP summarizes the
country’s economic transactions with the rest of the world, with a
surplus indicating the country has been earning more dollars than it
is giving up. The BOP or external payments position comprises the
country’s trade sector or the current account, and its nontrade
sector, or the capital and financial account.
The BSP said foreign direct
investments (FDI) reached $1.6 billion at end-September, putting
them on track to hitting the $2.2-billion forecast this year.
“We continue to receive
strong inflows of portfolio and FDI due to large accumulation of
foreign exchange reserves,” Guinigundo said.
Portfolio investments, or
money foreigners invest in local stocks and other peso-denominated
financial assets, reached $3.6 billion at end-December as against a
full-year forecast of $4 billion.
Overseas Filipino
remittances are expected to grow 12 percent to $14.3 billion this
year from $12.9 billion last year.
The BSP, however, downgraded its
exports and imports forecast to a 6- percent and 6.5-percent rise,
respectively.
As a result, the country
expects to raise its dollar reserves to $33 billion this year. At
end-November, they stood at $32.5 billion.
|
