The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) expects higher dollar inflows this year than earlier expected, given the decline in imports amid weakened domestic demand.
In a statement, the central bank said it revised its balance of payments (BOP) position to an $8.1-billion surplus this year, equivalent to 2.2% of the gross domestic product. In May, the BSP forecasted the payments position to post a $0.6 billion surplus or 0.2% of the GDP.
The BOP consists of Philippine transactions with the rest of the world during a specific period. A surplus means more funds entered the country, while a deficit means more funds exited.