SUMMARY
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MANILA, Philippines – The Philippines’ balance of payments (BOP) swung to a surplus of $274 million in April, from a deficit of $79 million in the same month of 2012, the central bank reported Monday, May 20.
The BOP surplus was, however, lower than the $452 million suprlus the country posted in March.
For the first 4 months, the BOP surplus stood at $1.81 billion, higher than the $1.16 billion recorded in the same period of 2012.
The BOP represents the country’s commercial transactions with the rest of the world. A surplus indicates more foreign exchange inflows than outflows.
Foreign exchange reserves serve as buffer funds against any financial shock. These are what the country uses to pay for its most immediate obligations like imports and debts. – Rappler.com
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