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7.18.2009

RP POSTS BOP SURPLUS ON A BAD YEAR

January to June Balance Of payments (BOP) surplus reaches $2.216 billion. This country, which has very rarely experienced BOP surplus, is still at it as of now. Let's hope that all poor countries experience this, especially at times like this.

Here are some excerpts:

- Manila's successful $750 million global bond sale this week and strong remittance inflows could push up the balance of payments surplus to $1 billion this year, the central bank said, higher than its original $700 million surfeit estimate for 2009. [ID:nMNA000302]

- The Philippines had a balance of payments surplus of $89 million in 2008, the lowest in four years, after a record $8.58 billion surplus in 2007.

- The central bank expects remittances in 2009 to match the previous year's $16.4 billion. But central bank Governor Amando Tetangco has said the bank's forecast is conservative since inflows have held up well despite the global downturn.

Continued here

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