ASEAN KEY DESTINATIONS
Philippine forex surplus exceeds full-year forecast
This brought the BOP to a cumulative surplus of $9.276 billion in the first 10 months of the year, or 75 percent higher than the $5.299 billion surplus in the same period last year.
The year-to-date surplus was $1 billion higher than the revised $8.2 billion full-year forecast for 2010.
BSP Gov. Amando Tetangco Jr. said this development mirrored the global shift of capital flows into emerging markets, including the Philippines.
Amid the strong inflows, monetary authorities will continue to use their “enhanced tool kit” to ensure that the domestic liquidity generated by these inflows remain in check and that volatilities in the exchange rate are well-managed, he said.
The robust external position for the 10-month period was also attributed to the proceeds of the national government’s bond issuance and official development assistance loans from multilateral lenders.
Money sent home by overseas Filipino workers (OFW) rose 10.6 percent to $1.6 billion in September from $1.4 billion in the same month last year. The double-digit growth for the month was the highest so far this year.
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