The country's overall balance of payments (BOP) position yielded a surplus of US$2.7 billion in January 2019, a reversal of the US$531 million BOP deficit recorded in January 2018. Inflows in January 2019 stemmed mainly from the National Government's (NG) net foreign currency deposits, BSP's foreign exchange operations and income from its investments abroad. These were partially offset, however, by the payments made by the NG for its foreign exchange obligations during the month in review. The net inflows in foreign portfolio investments (net BSP-registered transactions based on custodian banks' reports) contributed partly to the BOP surplus recorded in January 2019.

The reported BOP position reflected the final gross international reserves (GIR) level of US$82.49 billion as of end-January 2019. At this level, the GIR represents a more than ample liquidity buffer and is equivalent to 7.3 months' worth of imports of goods and payments of services and primary income. It is also equivalent to 6.3 times the country's short-term external debt based on original maturity and 4.2 times based on residual maturity.1,2

Source: Bangko Sentral ng Pilipinas (BSP)