THE BALANCE of payments (BoP) surplus slumped in October, the lowest in eight months, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.
The BoP surplus declined by 71% to $208 million in October from $719 million in September. It is also roughly one-thirteenth of the $2.736 billion surplus in October last year.
The latest data showed that the BoP surplus is the lowest since a BoP deficit of $133 million was recorded last February, data from the BSP show.
The BSP did not provide an explanation for the drop in BoP surplus, which is a summary of transactions between a country and the rest of the world. A surplus means having more resources to settle external obligations.
Meanwhile, the total BoP surplus stood at $9.929 billion from January to end-October, higher than the $9.179 billion BoP surplus in the same period last year.
The surplus estimate has yet to be raised by the BSP from $6.7 billion for 2011.
Components of the BoP include remittances by Filipinos living and working overseas, external trade and foreign investments.
Money sent home by Filipinos living and working overseas climbed by 8.4% to $1.735 billion in September from the same period last year and gained by 3.9% from $1.67 billion last August given continued demand for workers.
The September data is next only to the all-time high of $1.737 billion last June, which breached the previous monthly record of $1.694 billion posted last December.
The latest data showed that the BoP surplus is the lowest since a BoP deficit of $133 million was recorded last February, data from the BSP show.
The BSP did not provide an explanation for the drop in BoP surplus, which is a summary of transactions between a country and the rest of the world. A surplus means having more resources to settle external obligations.
Meanwhile, the total BoP surplus stood at $9.929 billion from January to end-October, higher than the $9.179 billion BoP surplus in the same period last year.
The surplus estimate has yet to be raised by the BSP from $6.7 billion for 2011.
Components of the BoP include remittances by Filipinos living and working overseas, external trade and foreign investments.
Money sent home by Filipinos living and working overseas climbed by 8.4% to $1.735 billion in September from the same period last year and gained by 3.9% from $1.67 billion last August given continued demand for workers.
The September data is next only to the all-time high of $1.737 billion last June, which breached the previous monthly record of $1.694 billion posted last December.
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