MANILA - The Philippines recorded a balance of payments (BOP) surplus of $73 million in June after a deficit of $55 million in May, the Bangko Sentral ng Pilipinas (BSP) reported Friday.

The BSP said the country's $750-million global bond sale this week and strong remittance inflows could push up the BOP surplus to $1 billion this year, higher than its original $700-million surfeit estimate for 2009.

The Philippines had a BOP surplus of $89 million in 2008, the lowest in 4 years, after a record $8.58-billion surplus in 2007. The BSP is currently reviewing its BOP figures, with the revised numbers set to be released next month. 

The BSP expects remittances for the full-year to match 2008's $16.4 billion. But BSP Governor Amando Tetangco said the bank's forecast is conservative as inflows have held up well despite the global downturn.

Remittances reached a record $1.48 billion in May, but the pace of growth is still slow at 3.7% compared to double-digit increases in the previous years.