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MANILA - The Bangko Sentral ng Pilipinas said the country's balance of payments returned to a surplus last month.
In a statement, the BSP said the country enjoyed a $138 million surplus in May, reversing the $79 million deficit in April.
This brought the five-month BOP position to a $1.302 billion surplus, a 72 percent drop from the $4.794 billion in the same period last year.
The BSP recently cut its full-year BOP surplus forecast to $2.6 billion from the earlier estimate of $2.9 billion.
BSP Governor Amando M. Tetangco Jr. said the reduction in the central bank's forecast was on account of the euro zone debt crisis.
He said the May surplus owed to gains from the central bank's foreign exchange operations and investment income, both of which offset the debt payments made by the BSP and the national government.
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