The Philippines recorded a surplus of 98 million USD in September balance of payment compared to 465 million USD in the same period last year and 114 million USD in August.

According the Philippine Central Bank, the surplus came from the bank’s deposits and revenues from foreign exchange operations and overseas investment.

As a result, the country saw a 3.43 billion USD deficit in balance of payment during the first nine month, a reversal of the 3.82 billion USD surplus posted in the corresponding period of 2013.

However, the Philippine government said the economy is on the right track with a growth rate of 5.7 percent in the first quarter, coming third in Asia after China (7.4 percent) and Malaysia (6.2 percent). In the second quarter, the Philippines registered a growth rate of 6.4 percent.-VNA