AFTER taking into account the rise in external risks, the Bangko Sentral ng Pilipinas (BSP) has widened its forecast for the country's balance of payments (BoP) deficit for this year.
AFTER taking into account the rise in external risks, the Bangko Sentral ng Pilipinas has widened its forecast for the country's balance of payments deficit for this year.At a press conference on Friday, Zeno Ronald Abenoja, managing director of the central bank's Department of Economic Research, announced the BoP shortfall was now estimated to reach $6.3 billion this year, or -1.5 percent of gross domestic product , up from a prior projection of $4.3 billion, or -1.0 percent of GDP.
Amid external challenges, Abenoja said 'at the domestic front, the BoP forecast also incorporates the latest positive developments in the Philippine economy, including the stronger-than-expected growth during the first quarter, as well as the passage of key business and investment enabling legislations.'According to the most recent data, the payments position posted a $495-million surplus in the first quarter of this year, reversing a $2.8-billion gap in the same quarter of 2021.
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