The surplus from January to September was a complete reversal of the $7.83 billion shortfall recorded in the same period last year.MANILA, Philippines — The Philippines posted a balance of payments surplus of $1.74 billion in nine months despite the deficits booked since April, according to the Bangko Sentral ng Pilipinas .
A surplus means more US dollars flowed into the country from exports, remittances from overseas Filipino workers earnings and tourism receipts than what flowed out to pay for the importation of more goods, services and capital. For the month of September alone, the country recorded a BOP deficit amounting to $414 million, lower than the $2.34 billion shortfall booked in the same month last year.
Despite the decline, the level represents a more than adequate external liquidity buffer equivalent to 7.3 months’ worth of imports of goods and payments of services and primary income. On the other hand, the central bank sees the GIR level falling below $100 billion at $99.5 billion this year before rising to $102 billion next year.
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