Philippines records $2.431B BoP surplus in May

The Philippines recorded a balance of payments (BoP) surplus of $2.431 billion in May, marking its fourth consecutive month of surplus.

This surplus is significantly higher than the $928 million surplus in May 2019 and represents the highest since January 2019's $2.704 billion surplus.

The increase was driven by foreign borrowings and a reduction in import expenses due to economic activity slowdown during the pandemic.

Foreign currency deposits of the national government and BSP’s foreign exchange operations contributed to the inflow of dollars, while financial market flows also played a role.