Philippine 1st Quarter Forex In Windfall
"The Philippines’ balance of payments yielded a surplus of $98 million in March 2005 on strong inflows from exports, portfolio investments, and workers’ remittances," reported inq7.net, the online edition of the Philippine Daily Inquirer that’s co-branded with GMA 7 Broadcasting network, two of the Philippines major media companies.
Sourced from the country’s central bank data, the balance of payments registered a three-year high surplus of $962 million in February bringing first-quarter foreign exchange windfall to $783 million. Foreign exchange transactions between the Philippines and the rest of the world are measured by the balance of payments (BOP). The BOP increased despite high oil imports and continued debt servicing.
"The strong inflows of portfolio investments since the start of the year, which has led to a sharp appreciation of the Peso against the US Dollar, also gave the Central Bank opportunity to buy Dollars in the spot market," the website’s article (Payments Balance Shows $783-M Surplus In 1st Quarter) summarized.
Sourced from the country’s central bank data, the balance of payments registered a three-year high surplus of $962 million in February bringing first-quarter foreign exchange windfall to $783 million. Foreign exchange transactions between the Philippines and the rest of the world are measured by the balance of payments (BOP). The BOP increased despite high oil imports and continued debt servicing.
"The strong inflows of portfolio investments since the start of the year, which has led to a sharp appreciation of the Peso against the US Dollar, also gave the Central Bank opportunity to buy Dollars in the spot market," the website’s article (Payments Balance Shows $783-M Surplus In 1st Quarter) summarized.
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