Buildup of PH dollar flow surplus continues thanks to lower imports, gov’t foreign loans

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MANILA, Philippines — The amount of dollars that the Philippine economy has retained almost doubled in the in the first ten 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 also showed that the surplus of hard currency currently being experienced by the financial system is 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 surplus of $10.31 billion for the January to October 2020…

Keep on reading: Buildup of PH dollar flow surplus continues thanks to lower imports, gov’t foreign loans