Philippines records record-high $16B BoP surplus in 2020

The Philippines recorded a record-high balance of payments (BoP) surplus of $16.02 billion for 2020, more than doubling the previous year's surplus.

This surplus was higher than the central bank's worst-case forecast due to a sharp decline in imports and an increase in foreign borrowing by the government.

In December alone, the BoP surplus reached $4.24 billion, driven by inflows from foreign exchange operations, income from investments abroad, and proceeds from bond issuances, partially offset by debt repayments.