Philippine BOP surplus improves to $506 mn in July

The Philippines reported a balance of payments surplus of $506 million in July.
This is much larger than the $142 million recorded  in the same month last year.
This brought the January-July period  balance to a surplus of $2.72 billion.
Figure is an improvement from last year’s surplus of $2.08  billion.
The country’s balance of payments  will likely exceed target surplus of $700 million.
Strong overseas workers remittances and investments helped BPO surplus grow from %89 mn as of end 2008.