MANILA— The Philippine central financial institution mentioned on Friday it expects a present account deficit of $17.1 billion for 2023, equal to 4% of gross home product, bearing in mind subdued international and home financial exercise.
The determine is narrower than its earlier projection of a $19.9 billion deficit, or 4.7% of GDP.
The Bangko Sentral ng Pilipinas (BSP) additionally revised its projection for the 2023 stability of funds deficit to $1.6 billion, or 0.4% of GDP, from $5.4 billion, or 1.3% of GDP.
For 2024, the BSP projected a present account deficit of $16.8 billion, or 3.4% of GDP, whereas the BOP is seen at a deficit of $0.5 billion, or 0.1% of GDP.
Remittances are seen to develop by 3% this 12 months and subsequent.
Gross worldwide reserves are projected to select as much as $100 billion this 12 months, from a earlier forecast of $93 billion, and to $102 billion at end-2024.
—Reporting by Neil Jerome Morales and Enrico Dela Cruz; Modifying by Martin Petty, Ed Davies
