The country’s balance of payments (BOP) was a surplus of $3.277 billion as of September, the highest surplus total for the year, the Bangko Sentral ng Pilipinas (BSP) reported.

For the month of September alone, the BSP said BOP surplus amounted to $502 million.

The central bank recently raised the BOP forecast to $4-$5 billion for 2009 from a previous estimation of $700 million. Next year’s BOP projection is $3-$4 billion.

The National Government's recent success in raising an additional $1 billion from the sale of ROPs will improve BOP position.

BOP summarizes the country’s economic transactions with the rest of the world and is determined by such indicators as exports/imports, foreign direct investments, foreign portfolio investments or hot money and remittances.

For this year, the BSP also raised its remittances projection to $17.1 billion from $16.4 billion. For 2010, they expect overseas Filipinos fund transfers will grow six percent to $18.1 billion.

As for FDIs and hot money, these are projected to reach $1.5 billion and $3 billion, respectively, for this year.

Inflows from remittances, FDIs and portfolio funds will boost gross international reserves to $40-$42 billion for this year and $47 billion in 2010.

As of September, the GIR level was its highest at $42.28 billion. Including the central bank’s unofficial foreign exchange reserves of $6.67 billion known as swaps or long positions in forwards and futures, the total GIR is almost $50 billion. BOP surplus reach $3.27B in September BSP

October19

The country’s balance of payments (BOP) was a surplus of $3.277 billion as of September, the highest surplus total for the year, the Bangko Sentral ng Pilipinas (BSP) reported Tuesday.

For the month of September alone, the BSP said BOP surplus amounted to $502 million.

The central bank recently raised the BOP forecast to $4-$5 billion for 2009 from a previous estimation of $700 million. Next year’s BOP projection is $3-$4 billion.

The National Government's recent success in raising an additional $1 billion from the sale of ROPs will improve BOP position.

BOP summarizes the country’s economic transactions with the rest of the world and is determined by such indicators as exports/imports, foreign direct investments, foreign portfolio investments or hot money and remittances.

For this year, the BSP also raised its remittances projection to $17.1 billion from $16.4 billion. For 2010, they expect overseas Filipinos fund transfers will grow six percent to $18.1 billion.

As for FDIs and hot money, these are projected to reach $1.5 billion and $3 billion, respectively, for this year.