The Philippines’ Balance of Payments (BoP) surplus exceeded $1billion last July, an indicator of the country’s solid fundamentals according to the central bank.

July’s result was $1.099 billion, the highest in six months. The figure is also higher than the $692 million posted last June. Six months ago, the year opened with a $2.043 billion in BoP surplus.

Last July’s figures contributed to the year-to-date surplus that’s now at $3.677 billion. Bangko Sentral ng Pilipinas (BSP) projected a $4.4-billion surplus for this year.

Balance of Payments shows the overall transactions of the country with other countries. There is a surplus when more funds flow into the country than out. This helps cushion the blow of external volatility.

In a report published in Business World, central bank Deputy Governor Diwa C. Guinigundo said that the BoP surplus can serve as support to the economy.