The country’s balance of payments posted a surplus of $2.61 billion in April, higher than the $1.67-billion surplus registered in the same month last year, the Bangko Sentral ng Pilipinas said Wednesday.
It said the surplus in April was supported by the proceeds of the government's ROP Global and Samurai Bond issuances, which were deposited with the BSP.
The BOP surplus in April reduced the cumulative BOP deficit in the first four months to $231 million.
"Notwithstanding, the current year-to-date BOP level is a reversal of the $1.6-billion surplus recorded in the same period a year ago. Based on preliminary data, this cumulative BOP deficit was partly due to the country’s merchandise trade deficit and net outflows of foreign portfolio investments," the BSP said.
The BOP position reflects an increase in the final gross international reserves level to $107.71 billion as of end-April from $104.48 billion as of end-March. The latest GIR level represents a more than adequate external liquidity buffer, which can help cushion the domestic economy against external shocks.
This buffer is equivalent to 12.3 months’ worth of imports of goods and payments of services and primary income. It is also about 7.4 times the country’s short-term external debt based on original maturity and 5.1 times based on residual maturity.
Last year, the BOP posted a record surplus of $16.02 billion while the GIR hit an all-time high of $110.12 billion, despite the challenging global environment highlighted by the prolonged COVID-19 pandemic.
The Bangko Sentral expects the BOP to post a surplus of $6.2 billion in 2021.