The country’s balance of payments position swung to a surplus of $7.84 billion in 2019 from a deficit of $2.31 billion in 2018, according to the Bangko Sentral ng Pilipinas.
It also surpassed the target of $4.8-billion surplus set by the BSP for the year.
“Based on preliminary data, the surplus was supported by higher net receipts of trade in services, personal remittance inflows from overseas Filipinos, and sustained net inflows of foreign direct investments and portfolio investments,” the BSP said in a statement.
Data showed that the BOP position posted a surplus of $1.57 billion in December 2019, lower than the $2.44-billion BOP surplus in the same month a year ago.
“Inflows in December 2019 reflected the BSP’s net foreign exchange purchases from its foreign exchange operations and income from its investments abroad, and increase in the national government’s net foreign currency deposits,” the BSP said.
The BOP position reflects the final gross international reserves level of $87.84 billion as of end-December 2019.