Philippine balance-of-payments surplus climbs

07/21/2013 | Business World (Philippines)

The Philippines' balance-of-payments surplus surged to US$692 million in June, contributing to a near doubling in the surplus for the first half of the year, the Philippine central bank reported. The result keeps the nation on track for a US$4.4 billion surplus for the full year, bank Governor Amando M. Tetangco Jr. said. "Expected sustained inflows from remittances, BPO [business process outsourcing] services and investments back up the full-year projection, which should in turn provide fundamental support to the peso."

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