The Bangko Sentral ng Pilipinas (BSP) said there are more reasons the Philippines can achieve its full growth potentials for this year.
Deputy governor for monetary stability sector Diwa Guinigundo said the country’s balance of payments (BoP), current accounts surplus and gross international reserves are all indications that the Philippines is in better state than other neighboring countries.
The Philippines’ BoP and current account surplus have been on the rise since 2008, higher than most Southeast Asian countries. Its GIR, also known as the  international dollar reserves, pegged to over $78 billion as of August.
“Our macro-fundamentals are high. BoP in surplus since 2005, current account surplus since 2003 and GIR coverage of both imports and short term debt higher than many neighbors. The  bank is  strong,” Guinigundo told The Daily Tribune.           
The BoP is a summary of the economic transactions of a country with the rest of the world, for a specific time period. It serves as an accounting statement on the economic dealings between residents and non-residents  of the country.
The current account covers trade in goods, services, income and current transfers. Trade in goods — exports and imports — is the bulk of the current account.
Electronics are the country’s major exports. Consequently, raw material inputs to electronics exports make up a sizable portion of imports.   
International reserves, technically referred to as GIR, are foreign assets of the BSP held mostly as investments in foreign-issued securities, monetary, gold and foreign exchange.
These are supplemented by claims to the International Monetary Fund (IMF) in the form of reserve position and special drawing rights.  
The BSP echoed the Department of Finance’s forecast that the country can grow by at least six percent in 2012 and seven percent in 2013 because of major growth drivers led by tourism and business process outsourcing.
Earlier, deputy governor for supervision and examination sector Nestor Espenilla said no less than the Asian Development Bank  affirmed that the country’s capital adequacy ratio of 16 percent as well as the 2 to 2.5 percent nonperforming loan ratio are higher than most Asean-member nations’ prescribed CAR and NPL.