PH dollar surplus up 79.9% to $10.31B as of October

The Philippines' dollar surplus significantly increased by 79.9% to $10.31 billion in the first ten months of 2020 compared to the same period last year, reaching $5.73 billion.

This surge in dollar surplus is attributed to reduced spending on imported goods and services by individuals and companies due to the pandemic.

Additionally, foreign borrowings by the national government to fund its COVID-19 response efforts have contributed to the surplus.

The Bangko Sentral ng Pilipinas reported that the current surplus was bolstered by higher net foreign borrowings from the national government and a reduced merchandise trade deficit.