Q2 balance of payments shows surplus

THE country’s balance of payments position (BOP) rebounded in the second quarter, yielding a surplus of $289 million after posting a deficit in the first quarter of the year.

This was lower than the $843 million surplus registered in the same quarter last year due to less net inflows (or net borrowing by residents from the rest of the world) int he financial account, even as the current account declined to $688 million due mainly to net outflows in the other investment account and lower net inflows of direct investments.

Residents repaid and prepaid their external debt and some invested in foreign equities.

Meanwhile, the current account registered a surplus of $15 million from a deficit of $1.3 billion in the second quarter of 2016. Global economic conditions continued to improve as indicators of activity signaled sustained expansion in the US, euro area, and China, even with slower growth in Japan and India. (PR)
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