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PIA Press Release
2006/10/05

BOP surplus seen to exceed $1.8-B

By Rose B. Palacio

Davao City (5 October) -- Bangko Sentral ng Pilipinas (BSP) said the Philippines might have higher payment surplus this year than the government's target because of the rising exports and record remittances from overseas Filipinos.

BSP deputy governor Diwa Guinigundo said the country may have a $2-billion balance of payments (BOP) surplus, beating the $1.8-billion target. The excess was $2.4-billion surplus last year and $2.53 billion in the first eight months this year, according to the central bank.

"Exports are in our favor and there is much promise in remittances," Guinigundo said. The widening excess in the balance of payments, which comprises all the nation's financial transactions with the rest of the world, may extend the peso's gains.

The surplus is boosting the currency. The peso has gained 5.8 percent in the last three months, making it the second best performer of 15 Asia Pacific currencies.

We expect investments to grow on good macroeconomic indicators and the very good fiscal position of the government. Guinigundo said the government is aware of the need to enhance competitiveness with infrastructure. (PIA-XI) [top]

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