MANILA (XINHUA) – The Philippines’ overall balance of payments (BOP) posted a surplus of USD642 million in December 2023, higher than the USD612 million dollars recorded in the same month 2022, the country’s central bank said yesterday.
The Bangko Sentral ng Pilipinas (BSP) said the BOP surplus in December 2023 reflected inflows arising mainly from the national government’s net foreign currency deposits with the BSP, net income from the BSP’s investments abroad, and the BSP’s net foreign exchange operations.
“The BOP surplus in December brought the full-year 2023 BOP level to USD3.7 billion surplus, a reversal from the USD7.3 billion deficit recorded in the same period a year ago,” the BSP said.
Based on preliminary data, the BSP said the development reflected mainly the improvement in the balance of trade alongside the higher net inflows from personal remittances, trade in services, and foreign borrowings by the national government.
“Net inflows from foreign direct investments contributed to the surplus, albeit lower during the period,” said the central bank.
The BSP said the gross international reserves (GIR) level increased to USD103.8 billion as of the end of December 2023 from USD102.7 billion in November 2023.
