Philippines Posts BOP Surplus, Considers Rice Import Ban Extension

The Philippines made more money from its international transactions in August than it spent, resulting in a $359 million surplus.

This is a good thing, and it helped reduce the country's overall deficit for the year.

The government is also thinking about keeping its ban on importing rice for a little longer.

This is to help local farmers sell their rice at a better price.

Rice prices have gone up since the ban started.

The Department of Agriculture will advise the President on whether to extend the ban by the end of September.

The current price of rice for farmers has improved from when the ban was first put into effect.