RP likely posted payments surplus this August

The Philippines likely posted a balance of payments (BOP) surplus on strong foreign exchange inflows, particularly money sent home by overseas Filipino workers (OFWs) this August. "The indications are that in August there is also another surplus in the BOP," BSP Gov. Amando Tetangco Jr. told reporters Tuesday. The BOP measures the country’s transactions with the rest of the world, or simply the sum of foreign exchange that came in versus the amount that went to pay for external obligations. The country's BOP surplus widened by 22.2 percent to $3.326 billion in the first seven months of the year from $2.722 billion a year earlier, helped by foreign investment and higher OFW remittances. "We have a favorable environment for foreign investments because of the favorable macroeconomic environment and benign inflation," Tetangco said. —VS, GMANews.TV