The bad news is that the final tally for the net inflow of dollars into the Philippine economy in 2020 was almost double that of the previous year.
The worse news is that this surplus—caused by a sharp drop in imports as local output shrank by the biggest rate in the country’s recorded history—was double the worst-case scenario set out last October that the central bank was bracing itself for.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said the country’s overall balance-of-payments position posted a record-high surplus of $16.02 billion for the entire 2020.
This level is more than two times higher compared with the $7.84 billion surplus recorded in 2019 and is 97….
Keep on reading: Net dollar inflow in 2020 breached BSP forecast