The Monetary Board (MB) of the Bangko Sentral ng PIlipinas (BSP) announced new projections for the country’s current account deficit and balance of balance of payments (BOP) this year, taking the global economic slowdown into account.
BSP Governor Benjamin Diokno said the overall BOP position is now projected to be 0.2% of the gross domestic product (GDP) for 2020, equivalent to $600 million. The earlier forecast in November 2019 was 0.7%, equivalent to $2.9 billion.
The current account to GDP was also revised to a deficit of $1.9 billion, equivalent to -0.5% of the GDP. This is smaller than the $8.4-billion deficit or -2.1% of GDP forecasted in November last year.