The Bangko Sentral ng Pilipinas (BSP) expects a bigger balance of payments (BOP) deficit of $6.3 billion for this year from its previous estimate of $4.3 billion amid external challenges which continue to build up.
The Bangko Sentral ng Pilipinas expects a bigger balance of payments deficit of $6.3 billion for this year from its previous estimate of $4.3 billion amid external challenges which continue to build up.
The emerging GIR which will cover at least eight months of import cover is indicative of the expected “rationalization” of the National Government’s foreign borrowings amid fiscal consolidation efforts, said BSP Managing Director for the Department of Economic Research, Zeno R. Abenoja. BSP expect goods imports to grow by 18 percent this year on account of a surge in international commodity prices and continued recovery of the domestic economy. Goods exports growth is seen to grow by a more modest seven percent due to “lingering supply constraints, high input costs, and prospects of weaker global demand.”
For 2023, the BSP expects a smaller BOP deficit of $2.6 billion which it said is “hinged mainly on expectations of higher inflows in the financial account supported by improved business and consumer sentiment, stronger domestic demand, and continued implementation of business-friendly legislative reforms.”
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