Central Bank of the Philippines

11/22/2021 | Press release | Distributed by Public on 11/23/2021 05:38

BOP Posts US$1.14 Billion Surplus in October 2021, GIR as of End-October 2021 Rises to US$107.89 Billion

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BOP Posts US$1.14 Billion Surplus in October 2021, GIR as of End-October 2021 Rises to US$107.89 Billion

November 22, 2021

The country's overall balance of payments (BOP) position posted a surplus of US$1.14 billion in October 2021, lower than the US$3.44 billion BOP surplus recorded in the same month last year. The BOP surplus in October 2021 reflected inflows arising mainly from the National Government's (NG) net foreign currency deposits with the BSP and the BSP's income from its investments abroad.

The BOP surplus in October brought the cumulative BOP for the period January-October 2021 to US$476 million surplus, reversing the deficit of US$665 million for the first nine months of the year. Notwithstanding, the current year-to-date BOP level is lower than the US$10.31 billion surplus recorded in the same period a year ago. Based on preliminary data, this cumulative BOP surplus was partly attributed to net inflows from personal remittances, net foreign borrowings by the NG, foreign direct investments, and trade in services.1

The BOP position reflects an increase in the final gross international reserves (GIR) level to US$107.89 billion as of end-October 2021 from US$106.6 billion as of end-September 2021. The latest GIR level represents a more than adequate external liquidity buffer equivalent to 10.8 months' worth of imports of goods and payments of services and primary income.2 Moreover, it is also about 7.9 times the country's short-term external debt based on original maturity and 5.5 times based on residual maturity.3


1 Includes proceeds from the Retail Onshore Dollar Bonds (RDBs) issued by the NG which were deposited to the BSP amounting to US$1.593 billion.

2 Specifically, it ensures availability of foreign exchange to meet balance of payments financing needs, such as for payment of imports and debt service, in extreme conditions when there are no export earnings or foreign loans.

3 Short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.

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