MANILA - The Philippines posted a balance of payments surplus of $2.61 billion in April, higher than the $1.67 billion BOP surplus recorded in the same month last year, the Bangko Sentral ng Pilipinas said Wednesday.
The central bank attributed the BOP surplus in April to inflows arising mainly from the proceeds of the National Government’s (NG) ROP Global and Samurai Bond issuances, which were deposited with the BSP.
The BOP surplus in April reduced the cumulative BOP deficit for the period January-April 2021 to $231 million, from a deficit of $2.84 billion for the first quarter of the year.
Despite this, the current year-to-date BOP level is a reversal of the $1.6 billion surplus recorded in the same period a year ago, the BSP said.
The cumulative BOP deficit was partly due to the country’s merchandise trade deficit and net outflows of foreign portfolio investments, the central bank said, based on preliminary data.
"The BOP position reflects an increase in the final gross international reserves (GIR) level to $107.71 billion as of end-April 2021 from $104.48 billion as of end-March 2021," the BSP noted.
The GIR is equivalent to 12.3 months’ worth of imports of goods and payments of services and primary income, the BSP said.
It is also about 7.4 times the country’s short-term external debt based on original maturity and 5.1 times based on residual maturity.