Sunday, December 27, 2009
Philippine Central Bank sees 2009 BOP surplus at $4.9 bln
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MANILA, Dec 23 (Reuters) - The Philippines will likely end the year with a balance of payment surplus of $4.9 billion on the back of strong remittance inflows from overseas Filipinos, the central bank said on Wednesday.
The central bank's full year estimate is way above the surplus of $89 million last year, but lower than the record surfeit of $8.58 billion in 2007.
In October, it predicted a BOP surplus of $4-5 billion for this year.
Remittances have held up well this year despite the global financial crisis, with total inflows in 2009 expected to settle 4 percent higher than the previous year's $16.4 billion.
Filipinos overseas sent home $1.5 billion in remittances in October, bringing inflows in the first 10 months to $14.3 billion. These inflows are expected to climb further in the last two months of the year in the run up to the Christmas and New Year holidays.
The country's current account surplus stood at $6.2 billion in the nine months to September, exceeding the central bank's $6 billion surfeit estimate for the whole year, central bank data also showed.
The country's trade deficit narrowed to $4.175 billion in the ten months to October, compared with $7.07 billion in the same period last year.
Manila expects merchandise exports to fall 25 percent this year but grow 7-9 percent in 2010, and imports to slip 25 percent this year and climb 13-15 percent next year.
Labels: balance of payment, current account surplus, merchandise exports, philippine news online, remittance inflows, trade deficit
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