BOP – Maniolas

BOP posts $465-M surplus in Sept

Economy

Oct 182013

MANILA, Philippines – The country’s balance of payments (BOP) position reverted to a surplus in September amid the return of foreign portfolio and direct investments into the country, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

The country posted a surplus of $465 million in September, a turnaround from the $318-million deficit in August.

The latest surplus, however, was 38 percent lower than last year’s $751-million surplus.

“BOP position for September… (was) on account of continued inflow of foreign exchange from different sources particularly foreign portfolio and direct investments,” BSP Deputy Governor Diwa C. Guinigundo said in a text message.

“Data for exports, remittances and BPO (business process outsourcing) receipts are still not available although initial indicators show their continued strength,” he added.

“These inflows were supported by BSP investment income from abroad and NG (national government) deposits of FX (foreign exchange) with the BSP,” Guinigundo further said.

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The BoP position summarizes a country’s transactions with the rest of world. This includes exports, imports, foreign direct and portfolio investments, other investments, and even remittances from Filipinos abroad.

A surplus means more funds went into the country, while a deficit means otherwise.

In the nine months to September, the country’s BoP surplus declined 34 percent to $3.824 billion from $5.831 billion a year ago.

The central bank expects a surplus of $4.4 billion in the country’s BOP for this year.

Guinigundo earlier said this projection is under review in light of latest developments that could affect financial markets globally.

BSP reviews macro-economic targets

Economy

Oct 132013

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is reviewing forecasts for foreign direct and portfolio investments, remittances, and other balance of payments components to take into account the latest developments that could affect inflows of capital into local financial markets. BSP Deputy Governor Diwa C. Guinigundo told reporters the central bank has already started reviewing projections for the country’s balance of payments (BOP) position. “We are reviewing that now. Not only the overall balance of payments, the current accounts, financial and capital accounts, but also the components,” Guinigundo said. The central bank revisits its forecasts for said indicators twice a year, usually in April and in October. The revised figures following the second review, meanwhile, are announced in November or in December. The review will take into account developments that could impact capital inflows to the country, along with remittances. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The balance of payments position is a summary of a country’s transactions with the rest of the world. Its components include imports of goods and services, merchandise exports, foreign direct investments, hot money, remittances, and other investments. Latest central bank data showed the country has seen a BOP surplus of $3.359 billion in the eight months to August, already 76 percent of the BSP’s full-year forecast of $4.4 billion. Foreign direct investments, meanwhile, summed up to $2.615 billion as of July, above the BSP forecast of $2.2 billion. Foreign portfolio investments or hot money already totaled $2.007 billion as Read More …

Phl posts $75-M BOP surplus

Economy

Jun 192013

MANILA, Philippines – The Philippines still managed to post a balance of payments (BOP) surplus in May despite the start of a huge sell-off in the financial markets. The country’s BOP — which measures all inflows and outflows — posted a surplus of $75 million last month, the lowest for the year, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. BSP officials could not be reached for comment. A surplus indicates more than enough resources to meet external trade and debt obligations. It brought the year-to-date tally to $1.884 billion, a wider surplus against the $1.302 billion in the same period last year. Financial markets have slumped after reaching its peak last May 15, owing to investor concerns the US economy would scale down its stimulus measures soon. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As a result, foreign portfolio investments — which record placements to bond and stock markets — plunged to a net outflow of $640 million in May, the highest on record. Portfolio investments, together with foreign direct investments, feed in the capital account segment of the BOP. While this portion was on the negative, BOP sourced strength from current account flows, which included remittances and exports. BSP data showed remittances hit $6.916 billion as of April, up 5.7 percent. Merchandise exports, meanwhile, went down 7.95 percent to $16.12 billion for the first four months.

BSP: Remittances grew by 6% in February

Economy

Apr 152013

MANILA, Philippines – Money sent home by Filipinos abroad grew by 6 percent in February to $1.682 billion from $1.587 billion a year ago, the central bank reported on Monday. The amount represented cash coursed through banks. It brought the two-month tally to $3.363 billion, an improvement of seven percent from last year. The Bangko Sentral ng Pilipinas (BSP) projects a 5-percent expansion in cash remittances for 2013. A separate gauge called personal remittances- which included hand-carry transfers– rose by a faster 6.9 percent last month and 7.6 percent for the first two months of the year. “The steady deployment of overseas Filipino workers remained a primary contributory factor to the growth in remittances flows,” BSP said in a statement. More than three-fourths of cash remittances were sent by land-based workers, while about a quarter were sent by seafarers, figures showed. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The United States remained the top source of remittances, accounting for 41.5 percent of the total. It was followed by Canada (9.8 percent), Saudi Arabia (7.9 percent), the United Kingdom (5.3 percent), the United Arab Emirates (4.5 percent), Singapore (4.1 percent) and Japan (3.5 percent). The BSP said remittances are poised to increase further in the coming months as indicated by the Department of Labor and Employment. “[O]pportunities for migrant workers through infrastructure projects in Hong Kong and increased minimum wage for monthly paid workers in Taiwan, could support further the sustained inflows of remittances to the country in the Read More …