Philippines books $3.1 billion BOP surplus in January, gross reserves hit $100.7 billion

MANILA - The Philippines booked a $3.1 billion balance of payments (BOP) surplus in January 2023, the Bangko Sentral ng Pilipinas said on Monday. 

The BSP said this was a reversal of the $102 million BOP deficit recorded in the same month last year. 

"The BOP surplus in January 2023 reflected inflows arising mainly from the National Government’s (NG) 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. 

Following the BOP surplus, the country's gross international reserves climbed to $100.7 billion as of end-January 2023 from $96.1 billion as of end-December 2022, the BSP said. 

The latest GIR level is equivalent to 7.6 months’ worth of imports of goods and payments of services and primary income. It is also about 6.2 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity, the BSP said. 

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