July balance of payments surplus at 20-month high

Posted at 08/22/12 6:30 PM

MANILA, Philippines - The Philippines posted a balance of payments (BOP) surplus of $3.18 billion in July, according to data from the Bangko Sentral ng Pilipinas.

The July BOP surplus is significantly higher than the $1.267 billion surplus a year ago. The BSP said the BOP surplus in July is at a 20-month high.

The BOP is a summary of the economic transactions of a country with the rest of the world for a specific time period, with a surplus indicating foreign exchange earnings outstripping payments and a deficit the reverse.

From January to July, the total BOP surplus stood at $4.498 billion, still lower than the $6.283 billion a year ago.

The central bank expects a balance of payments surplus of $2.6 billion this year, slightly lower than an earlier forecast of $2.8 billion, taking into account the potential impact of the global economic turmoil on investor appetite and debt payments.  - With Reuters