Balance of payments posted $2.2-b surplus in 7 months; GIR rose to $100b

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The country’s balance of payments position posted a lower deficit of $53 million in July 2023, an improvement from the

Philippines News, Philippines Headlines

“The BOP deficit in July 2023 reflected net outflows arising mainly from the national government’s payments of its foreign currency debt obligations,” the BSP said in a statement.

“This development reflected mainly the improvement in the balance of trade and the sustained inflows from personal remittances, net foreign borrowings by the national government, trade in services and foreign direct investments,” the BSP said.Data from the BSP showed that the GIR increased to $100 billion as of end-July from $99.4 billion as of end-June. The latest GIR level represented a more than adequate external liquidity buffer equivalent to 7.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said BOP data in the coming months could still improve “with the continued growth in the country’s structural inflows as the economy reopened further towards greater normalcy.”

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