Manila suffers forex net outflows

Published by rudy Date posted on March 19, 2011

THE Philippines suffered net outflows of foreign exchange in February, as it registered a balance of payments (BOP) deficit during the period.

Data released by the Bangko Sentral ng Pilipinas (BSP) showed that the country registered a $ 133 million deficit in its BOP last month.

“The February deficit of $133 million was due largely to payments of maturing foreign exchange obligations by the national government,” BSP Governor Amando Tentangco Jr. said.

“These weren’t, however, enough to reverse the trend, as the cumulative position for the first two months of 2011 was still a surplus at $1.47 billion,” he said.

The end-February BOP surplus was higher than last year’s $ 1.11 billion.

The large BOP surplus last January was primarily on account of the national government’s global peso bond sale worth $ 1.25 billion.

“We continue to expect to register a full-year BOP surplus for 2011. We still see foreign exchange inflows into emerging market economies, given our growth prospects,” Tetangco said.

The governor said that remittances are also expected to be resilient.

“These should provide fundamental support to the peso. Our regular review of BOP projections will be done in April,” he said. –Katrina Mennen A. Valdez, Reporter

Month – Workers’ month

“Hot for workers rights!”


Solidarity with CTU Myanmar,
trade unions around the world,
for democracy in Myanmar,
with the daily protests of
people in Myanmar against
the military coup and
continuing oppression.


Accept National Unity Government
(NUG) of Myanmar.
Reject Military!

#WearMask #WashHands

Time to support & empower survivors.
Time to spark a global conversation.
Time for #GenerationEquality to #orangetheworld!
Trade Union Solidarity Campaigns
Get Email from NTUC
Article Categories