Balance of Payments Forecast for 2017 Revised Downwards

The Bangko Sentral ng Pilipinas (BSP, Philippine central bank) has revised the balance of payments assumption for 2017 to a deficit of $500 million from the original target of a surplus of $1 billion due to uneven global economic growth and volatile financial markets. Latest data show a deficit of $78 million in the first four months of the year. The country incurred a deficit of $420 million last year, missing the $500 million surplus target and a complete turn around from the surplus of $2.62 billion in 2015. The BSP…

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