MANILA — The Philippines booked a balance of payments (BOP) surplus of $1.3 billion in March 2023, higher compared to the $754 million in the same period last year, central bank data released on Wednesday showed.

March's total brought the current January to March BOP level to $3.5 billion surplus, higher by $495 million than the same comparable period, the Bangko Sentral ng Pilipinas said in a statement.

"Based on preliminary data, the cumulative BOP surplus reflected inflows that stemmed mainly from personal remittances, net foreign borrowings by the NG, and foreign direct investments," the BSP said.

Meanwhile, the country's gross international reserves (GIR) level rose to $101.5 billion in March from $98.2 billion the previous month, data showed.

The BSP said the latest GIR level represents more than adequate external liquidity buffer equivalent to 7.6 month's worth of imports of goods and payments of services and primary income. It is also 6.1 times the country's short-term external debt based on original maturity and 4.2 times based on residual maturity, it added.

• Philippines books $3.1 billion BOP surplus in January, gross reserves hit $100.7 billion
• Philippines' gross int'l reserves level at $96 billion as of end December: BSP

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