The country’s balance of payments position swung to a surplus of $682 million in August from a $450-million deficit a year ago.
Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. attributed the surplus in August to foreign exchange operations and foreign exchange deposits of the national government, which were partly offset by payments for maturing obligations.
“With a cumulative BoP for the eight months of $1.531 billion, the projection for full year is within reach. But we continue to monitor global developments and market sentiments with regard to announcements of advanced economies’ central banks, including the Fed, as these could lead to global portfolio rebalancing away from emerging market economies including the Philippines,” Tetangco said in a text message.
“Nevertheless we don’t see any need to deviate from the current stance of keeping a market-determined exchange rate policy,” Tetangco said.
The August surplus was also 217 percent higher than the surplus of $215 million in July. This brought the BoP position in the first eight months to a surplus of $1.531 billion, or 3.5 percent lower than $1.588 billion a year ago.