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MANILA – The Philippines’ balance of payments surplus at end-July surged past the full-year forecast of the central bank.
Data the Bangko Sentral ng Pilipinas released on Wednesday showed that the country’s BOP surplus jumped to $3.182 billion last month from $14 million in June. This pushed the seven-month tally to $4.498 billion, higher than the full-year forecast of $2.6 billion.
This year’s seven-month surplus however was 28.4 percent lower than the $6.283 billion last year.
“The strong foreign exchange inflows continue to buoy our external position. Given our relatively good macroeconomic fundamentals, we expect the external position to remain robust,” BSP Governor Amando M. Tetangco Jr. said in a text message.
“That said, we remain watchful of potential asset price pressures and excessive volatility in the foreign exchange market. The BSP stands ready to implement policies from our tool kit to ensure these do not fuel instability,” Tetangco said.
The peso gained 3.3 centavos to close at 42.29 for every US dollar at the Philippine Dealing and Exchange Corp. on Wednesday.
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