The country’s overall balance of payments position posted a surplus of $754 million in March, a reversal from the $73-million deficit recorded in the same month last year.
The BOP surplus in March reflected inflows arising mainly from the government’s net foreign currency deposits with the Bangko Sentral ng Pilipinas and BSP’s income from its investments abroad.
It brought the cumulative BOP surplus to $495 million in the first quarter, a reversal from the $2.84-billion deficit recorded a year ago.
Preliminary data showed the cumulative BOP surplus reflected inflows including personal remittances, net foreign borrowings by the government and foreign direct and portfolio investments.
Meanwhile, the gross international reserves declined slightly to $107.31 billion as of end-March from $107.8 billion in February.
The latest GIR level represents a more than adequate external liquidity buffer equivalent to 9.5 months’ worth of imports of goods and payments of services and primary income.