BSP confident of hitting $6.7B BOP target

BANGKO Sentral ng Pilipinas Gov. Amando Tetangco is confident of hitting the $6.7 billion targeted balance of payments surplus this year.

The BOP for the first six months surged to $5.016 billion, 52.7 percent or $1.732 billion higher than the $3.284 billion surplus booked in the same period last year.

“This puts us in a good position to achieve our full-year BOP projection of $6.7 billion surplus for 2011,” Tetangco said.

He added that the BOP surplus of $217 million for May was due mainly to the foreign exchange operations of the BSP, investment income from abroad and foreign exchange deposits of the national government.

“Higher forex operations of the BSP were driven by higher inflows from exports, remittances and capital flows,” Tetangco added.

Read more at Malaya

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