SUMMARY
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MANILA, Philippines – The Philippines’ balance of payments (BOP) surged to $2.04 billion in January, according to the Bangko Sentral ng Pilipinas (BSP) on Tuesday, February 19.
Data showed that the country’s BOP surplus was a 42.29% growth from the $864 million posted in January 2013. This was the highest surplus posted in January since 2010 when the surplus was at $1.233 billion.
The BOP represents the country’s commercial transactions with the rest of the world, with a surplus indicating more foreign exchange inflows than outflows.
Foreign exchange reserves or gross international reserves (GIR) serve as buffer funds against any financial shock. The GIR is what the country uses to pay for its most immediate obligations: imports and debts. – Rappler.com
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