The Bangko Sentral ng Pilipinas said Friday it expects a balance of payments deficit of $100 million in 2023, smaller
than the previous estimate of $1.2-billion shortfall, on sluggish merchandise imports and recovery of international tourism.
“The 2023-2024 forecasts for overall BOP position have been revised to reflect the estimated narrower current account shortfall over the forecast horizon. This development is hinged mainly to the expected contraction in goods exports and goods imports,” it said. Meanwhile, the BSP lowered the forecasts for foreign direct investments and foreign portfolio investments from the June projection, after taking into account the actual data in the first half of the year and the latest global and domestic growth prospects.
The BOP is expected to post a surplus of $1 billion in 2024, an improvement from the previous forecast of $500-million shortfall.
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