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BUOYED by strong remittances from overseas Filipino workers (OFWs),
export receipts and foreign investments, the country enjoyed a
dollar surplus in the first two months of the year, the Bangko
Sentral ng Pilipinas (BSP) said Monday.
BSP Governor Amando M. Tetangco Jr. said the
country’s balance of payments (BOP) at end-February registered a
surplus of $1.257 billion, lower than the $1.285-billion surplus in
the same period last year.
In February alone, the surplus however surged to
$1.041 billion, from $554 million the same month last year.
Tetangco said debt servicing by both the
national government and the BSP partially reduced the end-February
surplus.
Last year, the country’s BOP registered an
$8.58-billion surplus. For this year, the central bank forecast a
much lower surplus of $3.4 billion.
The BOP sums up the country’s economic
transactions with the rest of the world, including its external
trade and net investments flows and other income transfers. A
surplus is deemed positive as this means the country earned more
dollars than it gave up, thus boosting its reserves level.
As a result of a higher dollar surplus, the
country’s gross international reserves posted a record high of
$36.1 billion at end-February this year. A healthy reserves level
props up the peso, and keeps inflation in check.
-- Chino S. Leyco
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