Philippine cbank says BOP surplus supports peso

MANILA: The Philippine's strong external payments position should provide support to the peso, which would help mitigate imported inflation, central bank Governor Amando Tetangco said on Thursday.

Tetangco said the country was on track to meet the central bank's forecast for a balance of payments surplus of $6.7 billion this year, after the surplus for the first four months of the year reached $4.58 billion.

"The positive external position should provide fundamental support for the peso, and help mitigate imported inflationary pressures," Tetangco said in a mobile text message to reporters.