Philippines' BOP surplus shrinks in June
MANILA, Philippines - The Philippines' balance of payments surplus fell to $14 million in June, compared to $222 million surplus during the same month last year, the Bangko Sentral ng Pilipinas reported.
For the first half of the year, the BOP surplus dropped significantly to $1.316 billion versus year-ago $5.016 billion
The BOP refers to the difference between foreign exchange inflows and outflows on a particular period and represents the country’s transactions with the rest of the world.
The central bank trimmed slightly its forecast for balance of payment surplus this year to $2.6 billion from $2.8 billion to take into account the potential impact of the global economic turmoil on investor appetite.
It also revised down slightly its estimate for gross international reserves to a range of $77.5 billion to $78 billion from $79 billion. - Reuters