2010 BOP surplus at record $14.4-B -- BSP

Reuters

Posted at Jan 19 2011 12:59 PM | Updated as of Jan 20 2011 06:39 AM

MANILA, Philippines - The country recorded a balance of payments (BOP) surplus of $1.23 billion in December, bringing the full-year 2010 surplus to $14.4 billion, way above official estimates, central bank documents show.

The documents obtained by Reuters were dated Jan. 11 but reflected preliminary data as of Jan 4. The central bank will release official December BOP data later on Wednesday.

The central bank had set a BOP surplus estimate for 2010 of $8.2 billion, revised up from a previous forecast of $3.7 billion. The Philippines had a BOP surplus of $6.4 billion in 2009.

On Tuesday, central bank governor Amando Tetangco told Reuters he expected the country's 2011 balance of payments surplus to be substantially higher than the $2 billion estimate set in October.