Philippines BoP surplus widens to $642M in July

The Philippines' balance of payments (BoP) surplus widened to $642 million in July 2021, compared to a $8 million surplus in July 2020.

This surplus was mainly due to the National Government's net foreign currency deposits with the Bangko Sentral ng Pilipinas (BSP) and the BSP’s income from its offshore investments.

The government issued Global Bonds in July 2021, depositing $2.975 billion with the BSP, contributing significantly to the surplus.

However, this was partially offset by the National Government's foreign currency debt obligations worth $465 million and the central bank’s net foreign exchange operations valued at $398 million.