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.