MANILA - The Philippines posted a balance of payments surplus of $163 million in October, Bangko Sentral said on Tuesday.
This was a reversal of a $458-million BOP deficit booked in the same month last year, the BSP said.
From January to October, the country had a cumulative BOP surplus of $5.73 billion, a turnaround from the $5.59-billion deficit recorded in the first 10 months of 2018.
"The surplus may be attributed partly to personal remittance inflows from overseas Filipinos and net inflows of foreign direct investments," the BSP said.
As of October, the country's gross international reserves stood at $85.83 billion, which is equivalent to 7-and-a-half-months' worth of imports of goods and services, and 5.5 times the country's short-term external debt.