Philippine central bank revises 2023 current account projection
FILE PHOTO: A logo of Bangko Sentral ng Pilipinas (Central Bank of the Philippines) is seen at their main building in Manila, Philippines March 23, 2016. REUTERS/Romeo Ranoco
MANILA : The Philippine central bank said on Friday it expects a current account deficit of $17.1 billion for 2023, equivalent to 4 per cent of gross domestic product, taking into account subdued global and domestic economic activity.
The figure is narrower than its previous projection of a $19.9 billion deficit, or 4.7 per cent of GDP.
The Bangko Sentral ng Pilipinas (BSP) also revised its projection for the 2023 balance of payments deficit to $1.6 billion, or 0.4 per cent of GDP, from $5.4 billion, or 1.3 per cent of GDP.
For 2024, the BSP projected a current account deficit of $16.8 billion, or 3.4 per cent of GDP, while the BOP is seen at a deficit of $0.5 billion, or 0.1 per cent of GDP.
Remittances are seen to grow by 3 per cent this year and next.
Gross international reserves are projected to pick up to $100 billion this year, from a previous forecast of $93 billion, and to $102 billion at end-2024.
