Philippines Q2 Current Account Surplus Doubles

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The Philippines recorded a current account surplus of US$ 2 billion in the second quarter, more than double of the US$ 899 million surplus seen in the same quarter last year, the Bangko Sentral ng Pilipinas said Thursday. This was mainly due to a lower trade deficit.

The goods deficit decreased to US$2.5 billion from US$3.7 billion a year ago, mainly due to a greater decline in imports compared to exports. Imports fell 30.4%, while exports were down 29.4%.

At the same time, the surplus in the services account totaled US$129 million, down from US$263 million surplus las year. The surplus in the income account decreased to US$304 million from US$429 million in the previous year. However, the surplus in the current transfers rose 3.4% from last year to US$4.1 billion.

Meanwhile, the capital and financial account showed a deficit of US$260 million, reversing from a surplus of US$436 million in the previous year. The balance of payments showed a surplus of US$484 million, more than twice that posted in the same quarter a year ago, the central bank said.

(Market News Provided by RTTNews)