MANILA - The Philippines booked a balance of payments (BOP) surplus of $627 million in March 2019, the Bangko Sentral ng Pilipinas (BSP) said Wednesday.
This was a reversal of the $266 million BOP deficit recorded in the same month last year, the BSP said.
From January to March, the country posted a BOP surplus of $3.8 billion, a turnaround from the $1.23 billion deficit recorded in the first quarter of 2018, the BSP added.
"The surplus may be attributed partly to remittance inflows from overseas Filipinos and net inflows of foreign portfolio investments (net BSP-registered transactions based on custodian banks’ reports) for the first two months of the year, and net inflows of foreign direct investments in January 2019," the central bank said.
The Philippines posted a $2.3 billion BOP deficit last year, and has not posted a full-year surplus since 2015.