Daily News

PH books 4th straight month of BOP surplus

The country’s external payments position strengthened for the 4th straight month with the balance of payments (BOP) surplus hitting $467 million in February, a complete reversal of the $429 million deficit recorded in the same month last year due to strong inflows, according to the Bangko Sentral ng Pilipinas (BSP) or central bank. Data released by the BSP showed the country’s BOP position has been recording a surplus since November last year with $847 million, December with $2.44 billion, and January with $2.7 billion. The BOP is the difference in total values between payments into and out of the country over a period. From January to February, the BSP said the country’s BOP position yielded a surplus of $3.17 billion due to higher remittances from Filipinos living and working abroad as well as net inflows from foreign portfolio investments or hot money. This was a turnaround from the $961 million deficit registered in January and February last year.