BoP surplus reaches $2-B in November

Posted at 12/19/12 4:24 PM

MANILA, Philippines - The country's balance of payments (BoP) surplus ballooned by 494% in November from a year ago, Bangko Sentral ng Pilipinas (BSP) data showed Wednesday.

BoP surplus reached $2.161 billion last month, above the $364 million in the same month last year.

In the 11 months to November, the country saw a surplus of $8.596 billion, 16% below the $10.293 billion last year.

But despite the decrease, the latest level is already above the BSP's $6.8 billion projection for 2012.

The BoP gives an overview of a country's transactions with the rest of the world. Components include remittances from overseas Filipinos, exports, imports and foreign investments.