THE Bangko Sentral ng Pilipinas said that the Philippines’ balance of payments (BOP) position is now at a surplus during their data collected in October as they showed a deficit during the prior six months.

The BSP said that the BOP position indicated a $1.510-billion surplus.

It was higher than when compared to the $414-million deficit in September, as well as the $711-million surplus in October 2022.

The Central Bank said that the October 2023 surplus was recorded during the highest in nine months. 

A surplus means more funds entered the country, while a deficit means more funds exited. Meanwhile, the BOP consists of Philippine transactions with the rest of the world during a specific period. 

“The BOP surplus in October 2023 reflected inflows arising mainly from the national government’s (NG) net foreign currency deposits with the BSP and the BSP’s net foreign exchange operations and net income from its investments abroad,” the central bank said in an accompanying statement.

According to the latest figures, the year-to-date BOP is at $3.246-billion surplus.

This is a complete reversal of the $7.119-billion deficit that was recorded in the same period last year.

“Based on preliminary data, this development reflected mainly the improvement in the balance of trade alongside the higher net inflows from personal remittances, trade in services, and foreign borrowings by the NG,” the BSP said.