The country’s balance of payments posted a surplus of $3.1 billion in January, a reversal from the $102-million deficit a year earlier, the Bangko Sentral ng Pilipinas said Monday.
“The BOP surplus in January 2023 reflected inflows arising mainly from the national government’s net foreign currency deposits with the BSP, which include proceeds from its issuance of ROP Global Bonds, and net income from the BSP’s investments abroad,” the BSP said in a statement.
Data also showed that the gross international reserves also increased to $100.7 billion as of end-January from $96.1 billion in December.
The latest GIR level represented a more than adequate external liquidity buffer equivalent to 7.6 months’ worth of imports of goods and payments of services and primary income.
It was also about 6.2 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity. Julito G. Rada