BOP reverts to surplus in February

The country's balance of payments (BOP) position finally reverted to a surplus in February, ending four months of deficits, according to the Bangko Sentral ng Pilipinas (BSP).

- KEISHA TA-ASAN

Preliminary data released by the central bank showed that the $3.09-billion BOP surplus recorded last month put an end to the series of shortfalls recorded since October.

The amount marked a significant turnaround from the $4.08-billion deficit recorded in January and the $196-million shortfall in February last year.

"The BOP surplus reflected the national government's net foreign currency deposits with the BSP, which include proceeds from ROP Global Bonds, and net income from the BSP's foreign investments," the central bank said.

The Philippines successfully raised $3.3 billion in dollar and euro bonds in January, leaving only a small balance of $250 million to $500 million in potential additional foreign borrowing for the year.