Manila: The Philippines has recorded a balance of payments (BOP) surplus amounting to USD4.4 billion from January to October this year, according to the Bangko Sentral ng Pilipinas (BSP) data. This figure marks an increase from the USD3.2 billion surplus observed during the same period last year. According to Philippines News Agency, the BOP reflects a country's economic transactions with the rest of the world over a specific timeframe and can result in a surplus, deficit, or balance. The reported surplus was attributed partly to continued net inflows from personal remittances, trade in services, and net foreign borrowings by the National Government, as stated by the central bank. Additionally, net foreign direct and portfolio investments played a role in achieving the BOP surplus. In contrast, the BOP position in October alone registered a deficit of USD724 million, reversing the USD1.5 billion surplus recorded in the same month the previous year. The BSP explained that this deficit was due to the National Government's net foreign currency withdrawals from its deposits with the central bank to address foreign currency debt obligations and cover various expenditures. The BSP also highlighted a decrease in the country's gross international reserves (GIR), from USD112.7 billion at the end of September to USD111.1 billion by the end of October. Despite this decrease, the GIR level remains a robust external liquidity buffer, sufficient to cover 8.0 months' worth of imports and payments of services and primary income. It is also approximately 4.4 times the country's short-term external debt based on residual maturity. Rizal Commercial Banking Corp. chief economist Michael Ricafort expressed optimism about future BOP data improvements. In an emailed statement, Ricafort suggested that the country's GIR could see further enhancement due to factors such as the ongoing growth in remittances from overseas Filipinos, revenues from business process outsourcing, exports, foreign tourism receipts, foreign direct investments, and other structural US dollar inflows into the country.