MANILA, Philippines — The Philippines retained almost twice many dollars in the first 11 months of the year as the coronavirus pandemic caused the government and the private sector to borrow more from abroad while the economic contraction caused imports to drop sharply.
This said the Bangko Sentral ng Pilipinas which reported on Monday that the country’s overall balance of payments position posted a cumulative surplus of $11.79 billion from January to November.
This was 87 percent higher than the $6.27 billion surplus recorded for the same period a year ago.
The balance of payments position represents the net flow of foreign currency into or out of the economy during a given pe…
Keep on reading: Net dollar inflows to PH almost doubled in Jan-Nov period on foreign loans, import slowdown