Philippines posts $88-M balance of payments surplus in August | ABS-CBN
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Philippines posts $88-M balance of payments surplus in August
Benise Balaoing,
ABS-CBN News
Published Sep 20, 2024 12:21 PM PHT
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Updated Sep 21, 2024 09:09 AM PHT
MANILA -- The Philippines posted a balance of payments (BOP)surplus of $88 million in August 2024, the Bangko Sentral ng Pilipinasn (BSP) said on Thursday.
MANILA -- The Philippines posted a balance of payments (BOP)surplus of $88 million in August 2024, the Bangko Sentral ng Pilipinasn (BSP) said on Thursday.
This is a reversal of the $57 million deficit seen in August 2023.
This is a reversal of the $57 million deficit seen in August 2023.
The BSP said the surplus reflects inflows mainly from the net income from the central bank's investments abroad.
The BSP said the surplus reflects inflows mainly from the net income from the central bank's investments abroad.
From January to August, the BOP posted a surplus of $1.6 billion, lower than the $2.1 billion seen in the same period last year.
From January to August, the BOP posted a surplus of $1.6 billion, lower than the $2.1 billion seen in the same period last year.
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Meanwhile, gross international reserves reached $107.9 billion at the end of August, higher than the $106.7 billion seen at the end of July.
Meanwhile, gross international reserves reached $107.9 billion at the end of August, higher than the $106.7 billion seen at the end of July.
The BSP said this reflects more than adequate external liquidity buffer equivalent to 7.8 months’ worth of imports of goods and payments of services and primary income.
The BSP said this reflects more than adequate external liquidity buffer equivalent to 7.8 months’ worth of imports of goods and payments of services and primary income.
It is also more than adequate external liquidity buffer equivalent to 7.8 months’ worth of imports of goods and payments of services and primary income.
It is also more than adequate external liquidity buffer equivalent to 7.8 months’ worth of imports of goods and payments of services and primary income.
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