PH posts $706M BOP surplus in October

The Philippines recorded a $706 million balance of payments (BOP) surplus in October, the largest in eight months.

This marks the third consecutive month of BOP surplus for the country, with September also recording a surplus of $82 million.

The surplus in October narrowed the country's external position gap for the ten-month period, bringing the total deficit from January to October to $4.6 billion.

The Bangko Sentral ng Pilipinas (BSP) reported that the country's gross international reserves increased to $110.2 billion by the end of October.

These reserves are equivalent to 7.4 months' worth of imports of goods and payments of services and primary income, and 3.8 times the country's short-term external debt.