By Katherine K. Chan, Reporter
THE PHILIPPINES may continue running balance of payments (BoP) and current account deficits until next year as persistent global economic woes and geopolitical tensions strain the country’s external position, the central bank said.
The Bangko Sentral ng Pilipinas (BSP) now expects the country’s BoP position, which reflects its economic transactions with other nations, to end at a $9.2-billion deficit or -1.8% of gross domestic product (GDP) this year.
This is narrower than its earlier forecast of a $10.7-billion gap or -2.1% of GDP, but wider than the $5.7-billion deficit or -1.2% of GDP recorded last year.
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