Phl posts smaller BOP surplus in September

The Philippines posted a smaller balance of payments (BOP) surplus in September, reflecting subdued external inflows compared to last year, according to the Bangko Sentral ng Pilipinas (BSP).

- By KEISHA TA-ASAN

The country recorded a BOP surplus of $82 million in September, sharply lower than the $3.5-billion surplus in the same month a year ago.

The BSP said the surplus reflected the central bank’s net income from its investments abroad and the national government's net foreign currency deposits with the BSP.

Despite the weaker monthly surplus, the figure helped narrow the year-to-date BOP deficit to $5.32 billion from $5.4 billion in the January to August period.

“The smaller BOP surplus reflects fewer one-off inflows and a still-wide trade gap, but the external position remains manageable with steady remittances, strong services exports and solid reserves,” SM Investments Corp. chief economist Robert Dan Roces said.