Philippine central bank revises 2023 current account projection

Bangko Sentral ng Pilipinas (File photo / Philippine Daily Inquirer)

MANILA  – The Philippine central bank said on Friday it expects a current account deficit of $17.1 billion for 2023, equivalent to 4 percent 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 percent 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 percent of GDP, from $5.4 billion, or 1.3 percent of GDP.

For 2024, the BSP projected a current account deficit of $16.8 billion, or 3.4 percent of GDP, while the BOP is seen at a deficit of $0.5 billion, or 0.1 percent of GDP.

Remittances are seen to grow by 3 percent 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.

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