PH posts $2.7-B balance of payments surplus in January

ABS-CBN News

Posted at Feb 19 2019 07:46 PM | Updated as of Feb 19 2019 07:47 PM

MANILA - The Philippines posted a balance of payments (BOP) surplus of $2.7 billion in January 2019, the Bangko Sentral ng Pilipinas said on Tuesday. 

This was a reversal of the $531 million BOP deficit recorded in January 2018, the BSP said. 

The country has been posting BOP deficits since 2016. 

"Inflows in January 2019 stemmed mainly from the National Government's (NG) net foreign currency deposits, BSP's foreign exchange operations and income from its investments abroad," the BSP said. 

Net inflows in foreign portfolio investments also contributed to the BOP surplus. 

The country has $82.49 billion in gross international reserves as of end-January 2019, which is equal to 7.3 months' worth of imports of goods and is 6.3 times the country's short-term external debt, the BSP said.