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Carlo

Manila posts $6.2b account surplus despite crisis

by: Carlo Abadilla

Tuesday, February 23, 2010 |

The central bank reports that the current account surplus in 2009 totaled $6.2 billion due mainly to income from foreign investments in the business process outsourcing (BPO) and tourism sectors. The surplus was recorded despite the global financial crisis and is a stark contrast to the $4.9 billion deficit posted in 1997 at the start of the Asian currency crisis, Manila Standard Today said. 

According to Bangko Sentral Deputy Governor, Diwa Guinigundo, the total marks a 48 percent increase from the $4.2-billion surplus recorded in 2008 - up 3.8 percent from the gross domestic product of the same year.

The Philippines suffered a merchandise trade deficit of $4.09 billion throughout the majority of 2009 but that was offset by the $7.3 billion in revenue from the business process outsourcing (BPO) sector.  

According to the Toursim Department, the surplus was supplemented by tourists infusing $3 billion to $5 billion in receipts yearly.

The peso is expected to trade at 46 to 48 against the dollar this year as a result of the account surplus.

Source:
http://www.manilastandardtoday.com



 

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