Philippine balance of payments slips into deficit in September |
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Tue, 16 Oct 2007 05:09
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MANILA (Thomson Financial) - The Philippines' balance of payments (BOP) slipped into a deficit in September following nine months of surpluses, but the cumulative surplus for the first nine months of the year stayed above the full-year target of 6.3 billion US dollars, central bank data showed on Monday.The BOP deficit last month stood at 95 million dollars, reversing the surplus of 2.21 billion recorded in August.It was the first monthly BOP deficit since November last year when a deficit of 17 million dollars was recorded.For the first nine months of 2007, the central bank recorded a BOP surplus of 6.66 billion dollars, reflecting record-high cash remittances from Filipinos working overseas, as well as increased foreign investments and exports earnings.On Monday, the central bank said money sent home by Filipinos working abroad rose 10.6 percent in August to 1.2 billion dollars from the same time a year ago. Remittances for the first eight months grew 15.3 percent to 9.3 billion dollars.Foreign direct investments for the first seven months rose 68 percent to 1.6 billion dollars, while exports for the first eight months increased 4.8 percent to 32.8 billion dollars.enrico.delacruz@thomson.comed/jgCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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