The Bangko Sentral ng Pilipinas (BSP) reported that the balance of payment (BOP) surplus by end of September 2020 amounted to $2.1 billion. This is higher than the previous month’s $657 million and the previous year’s $38 million. Chief Economist Michael Ricafort of RCBC forecasted a sustained rise in the Philippine BOP. In his report, he traced the BOP increase to be a result of narrower trade deficit due to the import slowdown during the pandemic, proceeds of foreign borrowings, increase in foreign investments, and continuous inflows of remittances, business processing outsourcing (BPO) revenue, and other income from overseas.