BOP surplus rises to $5 billion in H1 – BSP

Foreign exchange, nearly $69 billion flowing in from January to June, boosted the country’s balance of payments (BOP) surplus by 53 percent to over $5 billion, according to the Bangko Sentral ng Pilipinas (BSP). Latest BSP data showed that 86 percent of the gross international reserves consisted of $59.48 billion in BSP income from investments abroad. BSP gold holdings gained by 11 percent on revaluation, rising to $7.62 billion from $6.86 billion while earnings from foreign exchange operations amounted to $359 million in June, down from $511 million from a year ago. Export earnings contributed $19.185 billion to the foreign reserves in the first five months based on official figures of the National Statistics Office. Remittances of overseas Filipinos sent through the banks added $7.438 billion as of end-May. In the first half, the peso-dollar exchange rate started off at P43.811 to $1 on January 3, falling to a low of P44.585 to $1 on January 19, then appreciating to P42.69 to $1 on May 3 and then settling to P43.494 to $1 on June 30. The BSP sees payments surplus hitting $6.7 billion this year, with the GIR climbing to a new record $70 billion. — ELR/VS, GMA News