Following the gradual resumption of domestic economic activities and restocking of inventories, imports of goods grew by a much faster rate of 31.1 percent to $ billion over the same period. Given these trade figures, the country’s overall balance of payments position posted a surplus of $ billion in 2021, from a surplus of $ billion in 2020.
The country’s external sector is supported by structural foreign exchange flows in the form of remittances, business process outsourcing receipts, and foreign direct investments. Cash remittances from overseas Filipinos are steady growing by 5.2 percent to USD28.4 billion in January to November 2021. BPO revenues recovered in January-September 2021, up 8.3 percent to USD17.4 billion.