PH BOP surplus down to $82 million in September

The Philippines recorded a balance of payments (BOP) surplus of $82 million in September, a significant decrease from the $3.5 billion surplus recorded in the same month last year.

This surplus was attributed to the Bangko Sentral ng Pilipinas' (BSP) net income from foreign investments and the national government's foreign currency deposits.

Despite the monthly surplus, the year-to-date BOP deficit narrowed to $5.3 billion, primarily due to a persistent trade deficit in goods.

The trade deficit was partially offset by consistent net inflows from personal remittances, trade in services, foreign investments, and foreign borrowings.

Meanwhile, the country's gross international reserves (GIR) increased to $109.1 billion in September, providing an adequate external liquidity buffer.

The GIR is sufficient to cover 7.3 months of imports and is 3.8 times the country's short-term external debt.