PH posts balance of payments surplus in April

ABS-CBN News

Posted at May 20 2019 03:19 PM

MANILA - The Philippines posted a balance of payments surplus of $467 million in April, a reversal from the $270 million deficit posted in the same month last year, the Bangko Sentral ng Pilipinas said Monday.

This brought the BOP surplus in the January to April period to $4.27 billion, a turnaround from the $1.5 billion shortfall booked in the same period in 2018, the BSP said.

"The surplus may be partly attributed to remittance inflows from overseas Filipinos and net inflows of foreign portfolio investments during the first quarter, and net inflows of foreign direct investments in the first two months of 2019," the BSP said. 

As of end-April, the Philippines has $83.3 billion in gross international reserves, the BSP said.