The amount of dollars that the Philippine economy has retained almost doubled in the first 10 months of 2020 compared to the same period last year as the coronavirus pandemic forced individuals and companies to cut down on their spending for imported goods and services.
At the same time, data from the Bangko Sentral ng Pilipinas (BSP) also showed that the surplus of hard currency currently being experienced by the financial system was also due to the foreign borrowings of the national government for its response to the COVID-19 crisis.
According to the central bank, the cumulative balance-of-payments (BOP) surplus of $10.31 billion for the January-to-October 2020 period was higher …
Keep on reading: 10-month BOP surplus widens to $10.3B