The inflow of remittances, investments as well as borrowings significantly narrowed the country’s balance of payments deficit to $439 million in May, from $1.6 billion in the same month last year, according to the Bangko Sentral ng Pilipinas.
“Based on preliminary data, this cumulative BOP surplus was partly attributed to net inflows from personal remittances, net foreign borrowings by the NG, trade in services, and foreign direct investments,” the BSP said.Meanwhile, the central bank said the final readout for the gross international reserves as of the end of May was $101.6 billion. This was greater than the preliminary figure of $101.3 billion that the BSP saw earlier this June and closer to the $101.8 billion recorded in April.
The GIR is also about 5.8 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity.Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the BOP deficit in May was the widest in three months or since the $895 million seen in February.
Ricafort said the BOP data could continue to see support from the continual growth in US dollar inflows such as remittances from overseas Filipino workers, revenues from business process outsourcing, foreign direct investments, exports and foreign tourism receipts, among others.Support could also come from “the further narrowing of the country’s trade deficit amid the recent decline in world prices of crude oil and other commodities,” he added.
Last week, the BSP said the full-year BOP in 2023 was now expected to settle at a narrower deficit of $1.2 billion from the $1.6 billion forecast three months ago, amid slower activities worldwide.In particular, the Philippines’ deficit in the trade of goods is expected to be narrower this year as both exports and imports decline amid decreasing commodity prices.
Also, the growth in remittances from overseas-based Filipinos is expected to be supported by steady demand for Filipino workers amid a labor shortage in destination countries.Subscribe to our daily newsletter
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