MANILA : The Philippine central bank on Friday released revised projections for the current account and balance of payments this year and for 2022, reflecting it said the global economy's recovery as well as lingering pandemic-related risks.
For next year, it projected a current account deficit of US$9.9 billion, or 2.3per cent of GDP, wider than its previous deficit forecast equivalent to 0.3per cent of GDP. The BOP surplus in 2022 is expected to be even narrower at US$700 million, or 0.2per cent of GDP, from a previous forecast equivalent to 0.4per cent of GDP.
But overall, it said the latest set of projections took into account a global economic recovery that is broadly on track and indications that the spread of the highly transmissible COVID-19 Delta variant has been contained domestically.
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