The Philippines gained more foreign exchange in the first nine months of the year that the balance of payments (BOP) surplus widened to $6.54 billion.
In September, the payments surplus of $3.062 billion was a record, Bangko Sentral ng Pilipinas Gov. Amando M. Tetangco Jr. said in a text message to reporters Tuesday.
“This was a record high monthly BOP surplus since the BSP shifted to the new BOP compilation methodology in 1999,” Tetangco said.
The September surplus was more than four times the $611 million recorded in a year earlier.
The nine-month payments surplus of $6.54 billion was $119 million more than the $6.42 billion recorded in the same 2009 period, Tetangco added.
The central bank’s foreign exchange operations, proceeds from the national government’s bond issuance as well as proceeds from overseas development assistance loans, helped boost the country’s BOP position, Tetangco said.
The BOP measures a country’s transactions with the rest of the world and shows the sum or difference between the amounts of foreign exchange that went in and out of the country in a particular period.
In August, Finance Secretary Cesar V. Purisima sold $1 billion worth of peso-denominated global bonds.
The local and foreign banks that helped the Department of Finance raise money overseas asked Purisima to raise the offering that was oversubscribed, but he declined.
Instead, the Finance Department went for a $1.5-billion bond-swap-for-new-money sale in September.
While the Philippines was able to sell around $500 million worth of bonds as new money component to that transaction, it was able to exchange outstanding but more expensive bonds with newer and less expensive debts totaling $1 billion.
Tetangco also said the payments surplus reflected the global shift in capital flows toward emerging markets like the Philippines.
Monetary authorities also noted that the money transferred by overseas Filipino workers (OFWs) to relatives in the Philippines continue to support the country’s payments position.
Remittances largely from OFWs grew by 7.4 percent to $12.181 billion in the first eight months of the year, latest central bank data showed. — DM/VS, GMANews.TV
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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