The Bangko Sentral ng Pilipinas said Friday it raised the projected 2024 balance of payments surplus to $700 million on positive inflows of remittances, outsourcing revenues and tourism receipts.
It said, “the overall BOP position in 2024 is projected to settle at a slightly higher surplus relative to the previous forecast, on the back of the estimated narrower current account gap for the year and modest inflows of non-resident investments.”The BSP also projected a lower current account deficit of $6.1 billion this year, compared to the previous forecast of $9.5 billion. In 2023, the actual current account deficit amounted to $11.2 billion, lower than $18.3 billion in 2022.
Meanwhile, the BSP said prospects for business process outsourcing revenues, travel receipts and overseas Filipino remittances, remain positive as demand for high-contact services continue to rebound. It said that for 2025, the overall BOP position would likely reverse to a deficit of $500 million, attributed to the foreseen widening of the trade-in-goods gap and further reduction in the projected financial account inflows.
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