MANILA, Philippines (Xinhua) - The Philippines posted a balance of payments (BOP) surplus of $2.043 billion in January, more than double the previous year's $864 million, the central bank said today.
January's BOP surplus represents about 70 percent of the official $3 billion surplus forecast for the year. Central Bank Governor Amando Tetangco Jr. said dollar purchases to temper the peso's strength as well as investment income abroad expanded the country's BOP surplus.
"When the 2013 projections were made in late 2012, the expectation was that, among others, the country will have a larger trade deficit, as imports will recover, in line with a recovery in the export market," Tetangco said.
He said this year's BOP outlook will be reviewed on back higher- than-expected inflows that widened the BOP surplus. The central bank usually reviews forecasts on April and November.