In the first 8 months of 2016

In the first 8 months of 2016, the excess stood at $1.53 billion, or three.5 percentage decrease than the $2.Fifty eight billion surplus performed a 12 months in advance.

Tetangco said the BSP continues to display global trends and marketplace sentiment with reference to announcements of advanced economies’ principal banks, such as the US Federal Reserve, as these should cause global portfolio rebalancing faraway from rising market economies which includes the Philippines.

“Nevertheless, we don’t see any need to deviate from the modern stance of preserving a market-determined trade fee coverage,” he said.

Explaining the drivers of the 8-month BOP surplus result, BSP Deputy Governor Diwa Guinigundo stated “inflows came from sustained increase in cash remittances of 3 percentage in January to July 2016 on pinnacle of higher enterprise method outsourcing sales and traveller receipts.”