November 24, 2021

In October, the balance of payments surplus reached $1.14 billion.

In October 2021, the country’s overall balance of payments (BOP) position posted a surplus of USD1.14 billion, a decrease from the USD3.44 billion BOP surplus recorded in the same month last year.

The BOP surplus last month reflected inflows primarily from the national government’s (NG) net foreign currency deposits with the Bangko Sentral ng Pilipinas (BSP) and the BSP’s income from its foreign investments.

The BOP surplus in October brought the total BOP surplus for the first ten months of the year to USD476 million, reversing the USD665 million deficit for the first nine months of the year.

The current BOP level is lower than the USD10.31 billion surplus recorded in the same period last year.

According to preliminary data, net inflows from personal remittances, net foreign borrowings by the NG, foreign direct investments, and trade in services contributed to the cumulative BOP surplus.

The BOP position reflects an increase in final gross international reserves (GIR) to USD107.89 billion at the end of October 2021, up from USD106.6 billion at the end of September 2021.

The most recent GIR level represents a more than adequate external liquidity buffer, equivalent to 10.8 months’ worth of goods imports, service payments, and primary income.

It is also approximately 7.9 times the country’s short-term external debt in terms of original maturity and 5.5 times in terms of residual maturity.

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