Balance of payments posts $501 M surplus in July

MANILA, Philippines (Xinhua) - The balance of payments (BOP) registered a surplus of $501 million in July, the local central bank said today.

The July BOP position was a turnaround from a deficit of $24 million posted in June. However, it was 54 percent lower than the $1.09 billion surplus recorded in the same period last year.

The Philippine central bank said the surplus recorded in July came from the national government's foreign exchange deposits with the bank and income from the bank's foreign exchange operations and investments abroad.

In the seven months to July, the Philippines saw a BOP deficit of $3.64 billion, a reversal of the surplus of $3.67 billion posted in the same period last year.

This was primarily due to a $4.48-billion deficit recorded in January alone amid heightened volatility in global financial markets.