Dollar hoard exceeds BSP’s forecast for 2007
By Maricel E. Burgonio Reporter
THE end-August dollar surplus exceeded the Bangko Sentral ng Pilipinas’ (BSP) full-year forecast, as strong inflows of overseas Filipino workers’ (OFW) remittances and foreign investments continue to boost the country’s foreign exchange reserves.
BSP data showed the country’s balance of payments (BOP) surplus rose to $6.75 billion in the first eight months this year compared with $2.5 billion in the same period last year. In August alone, the country’s dollar surplus reached $2.21 billion, from only $259 million last year.
The central bank had forecast a full-year surplus of only $6.3 billion.
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