NEWSFLASH

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RP REGISTERS $429-M B.O.P. SURPLUS

Manila, April 11, 1998 - Another indicator of the Philippine economy's strength was registered in the first quarter of 1998, when the country's balance of payments (BOP) recorded a surplus of $429 million.

Bangko Sentral ng Pilipinas officer in charge Edgardo Zialcita said this was a remarkable achievement, considering that the country's balance of payments in 1997 was in deficit by $3.36 billion.

Zialcita said the BOP surplus was estimated based on the change in the central bank's net foreign exchange reserves.

By mid-April, the Bangko Sentral expects the country's gross international reserves to reach $11 billion with the proceeds of the $750 million club loan from 15 foreign banks and the government's $500 million global bond.

As of March 24, the gross international reserves totalled $9.186 billion, up from $8.768 billion registered at the end of 1997.

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