MANILA - The Philippines posted a balance of payments (BOP) surplus of $1.27 billion in August 2018, the Bangko Sentral ng Pilipinas (BSP) said Wednesday.
The BSP said this was a reversal from the $7-million deficit recorded in the same month last year. This was also the highest surplus since January 2013.
However, despite the surplus last month, the Philippines still booked a cumulative BOP deficit of $2.44 billion for January to August 2018, higher than the $1.39 billion deficit recorded in the comparable period in 2017.
The BSP said the higher cumulative BOP deficit for the period may be attributed partly to the widening trade deficit brought about by the sustained rise in imports.
BOP refers to all international financial transactions made by a country's residents; a deficit means a country imports more than it exports.