Philippines reserves up by $100m in second quarter

The Philippines recorded a $807 million balance of payments surplus in the year's second quarter, a 145% increase from the same period last year, according to the central bank.

"The current account remained in surplus while the financial account posted significantly lower net outflows," the Central Bank of the Philippines said in a report published on Friday (September 18). This was "due mainly to the increase in net incurrence of liabilities by residents".

Filipinos lent $51 million (on net) to foreigners between April and June, 95% less than in the same period in 2014, according to the central bank. Direct investment inflows, meanwhile, increased by $424 million on a net basis, 0.3% lower than in Q2 2014.

Central bank reserves increased by $100 million over the period to $80.6 billion as a result – roughly six times the country's short-term external debt stock. "At this level, reserves could sufficiently cover close to 11 months' worth of imports of goods and payments of services and income," the central bank said.