The Bangko Sentral ng Pilipinas (BSP) also revised its projection for the 2023 balance of payments deficit to $1.6 billion, or 0.4% of GDP, from $5.4 billion, or 1.3% of GDP. For 2024, the BSP projected a current account deficit of $16.8 billion, or 3.4% of GDP, while the BOP is seen at a deficit of $0.5 billion, or 0.1% of GDP. Remittances are seen to grow by 3% this year and next.
Gross international reserves are projected to pick up to
$100 billion this year, from a previous forecast of $93 billion,
and to $102 billion at end-2024.
(Reporting by Neil Jerome Morales and Enrico Dela Cruz;
Editing by Martin Petty, Ed Davies)
