The country registered a $452 million surplus in its balance of payment in March, a reversal from the $209 million deficit registered same period in 2012.
Bangko Sentral ng Pilipinas data show that the surplus last month is also better than the $960 million deficit in February.
For the first three months this year, the surplus reached $1.54 billion, more than half of the $3 billion 2013 full-year target of the central bank and higher than the previous month’s $1.08 billion surplus.
It is also higher than the $1.24 billion BOP surplus in January to March 2012.
Earlier, BSP Governor Amando Tetangco Jr. said he is positive that the domestic economy will continue to post BOP surpluses this year but admits that this can be lower than in recent years.
He said the country continues to register surplus in its BOP position because of strong dollar inflows from Filipinos overseas.
Another factor for the strong inflows of US currency is the attractiveness of emerging markets such as the Philippines to foreign investors given the continued improvement of fundamentals.
Inflows of foreign portfolio investments in the country posted a net of $1.24 billion as of April 5.
This is nearly thrice the $463.17 million net inflow in the week ending April 6, 2012.*PNA