Philippine balance of payments posts $373m surplus in May

The Philippines' balance of payments (BOP) registered a surplus of 373 million U.S. dollars in May, the local central bank said Thursday.
Figures from the Philippine central bank showed that the BOP surplus in May was a reversal of the 19 million U.S. dollars deficit posted in April and was higher than the 75 million U.S. dollars surplus registered in the same period last year.
The BOP position of the Philippines improved in May after the country saw foreign portfolio investments, or "hot money," register a net inflow of 545.08 million U.S. dollars last month.
In January to May, the BOP deficit reached 4.12 billion U.S. dollars, a reversal of the 1.88 billion U.S. dollars surplus recorded in the same period last year.
Philippine BOP position is expected to settle at a surplus of 3 billion this year, lower than the 5.08 billion U.S. dollars surplus recorded in 2013.