PH remains...

surplus positions.

In 2012 after the Philippines’ BOP surplus surged to $9.2 billion, the BSP’s Monetary Board approved participation to the FTP for an initial contribution of $180 million which it raised to $330 million in 2013.

Last year, the country’s BOP balance swung to a deficit position of $420 million because of fund outflows. The BOP shortfall started manifesting in October 2016 after seven months of monthly surpluses.

The $420 million 2016 BOP deficit reversed 2015’s $2.6 billion surplus.

The BOP, which is a summary of the country’s transactions with other countries, largely affected by fund flows such as investments and actual money transmissions. An uncertain global markets, particularly with a rising US interest rates, have also affected investor sentiments in the last quarter of 2016.

For 2017, the BSP expects the BOP to return to a surplus position of $1 bil- lion. It also predicted a current account surplus of $800 million this year from a previous forecast of $3 billion.

Guinigundo said earlier that the BSP has a “different” level of participation in the IMF based on the new framework approved by the IMF last August 2016 which replaced the 2012 framework. “Our quarterly contributions vary depending on the projected needs of the IMF and its borrowers,” he said.

The country’s quota of available resources in the IMF as of February this year amounts to $2 billion. The quota subscription is maintained as an IMF member country. (LCC)