April BoP yielded surplus of $917m
THE country’s balance of payments position in April 2017 swung to a surplus of $917 million from a $550-million deficit a month ago, driven mainly by sustained remittance inflows, business process outsourcing receipts and merchandise exports, data from Bangko Sentral ng Pilipinas on Friday show.
The surplus was the highest in more than two years on a monthly basis since the $985-million surplus recorded in February 2015.
The April surplus significantly reduced the balance of payments deficit in the first four months to $78 million from $994 million a month ago.
“It is very encouraging that the April BoP position reversed to a surplus position and mitigated the cumulative BoP shortfall for the first four months of 2017,” Bangko Sentral Deputy Governor Diwa Guinigundo said in a text message.