Macro update; 8.19.2009

By Randell Tiongson on August 19th, 2009

Philippine BOP surplus improves to $506 mn in July

  • The Philippines reported a balance of payments surplus of $506 million in July.
  • This is much larger than the $142 million recorded  in the same month last year.
  • This brought the January-July period  balance to a surplus of $2.72 billion.
  • Figure is an improvement from last year’s surplus of $2.08  billion.
  • The country’s balance of payments  will likely exceed target surplus of $700 million.
  • Strong overseas workers remittances and investments helped BPO surplus grow from %89 mn as of end 2008.

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Macro update; 8.19.2009