The Philippines recorded a two-year high balance of payments (BOP) surplus in January due mainly to the inflows of the net foreign currency deposits with the Bangko Sentral ng Pilipinas (BSP), data released Monday showed.
The central bank said the BOP surplus stood at $3.081 billion in January, the highest in over two years since December 2020. It compares with the $612-billion surplus in December 2022, and the $102-billion deficit in January 2022.
“The BOP surplus in January 2023 reflected inflows arising mainly from the national government’s net foreign currency deposits with the BSP, which include proceeds from its issuance of ROP Global Bonds, and net income from the BSP’s investments abroad,” the central bank said in an accompanying statement.
The BSP said the latest BOP position also reflects an increase in the final gross international reserves level to $100.7 billion from $96.1 billion as of end-December 2022. The GIR is also estimated to be about 6.2 times the country’s short-term external debt based on original maturity, and 4.1 times based on residual maturity.
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