21.   The shrinking Japanese trade surplus should also help the dollar in the long run, Kanazawa added.

22.   The surplus also helps districts make up for lost revenue if those districts granted an optional homestead exemption to local taxpayers.

23.   Trade surpluses help build dollar reserves, adding to the stability of local currencies.

24.   De Ocampo said the surplus had helped push down inflation and interest rates.

25.   The agency also said recent current account surpluses had helped reduce total external debt levels in the Philippines.