Philippine central bank cuts 2014 current account, BOP surplus forecasts

The Philippines will see a ‘wider’ trade deficit this year due to higher import requirements, Bangko Sentral ng Pilipinas Governor Amando Tetangco told reporters. — AFP pic
The Philippines will see a ‘wider’ trade deficit this year due to higher import requirements, Bangko Sentral ng Pilipinas Governor Amando Tetangco told reporters. — AFP pic

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MANILA, July 11 — The Philippine central bank expects the country's current account and balance of payments (BOP) surpluses to be narrower than previously estimated due to the country's higher import requirements, its governor said on today.

This year's current account surplus was now seen reaching US$6.0 billion (RM19.1 billion), lower than a previous estimate of US$10.4 billion, while the BOP surplus was expected at US$1.1 billion against a US$3 billion estimate announced in December last year.

The country will see a "wider" trade deficit this year due to higher import requirements partly because of reconstruction after a strong typhoon late last year, Bangko Sentral ng Pilipinas Governor Amando Tetangco told reporters.

Foreign exchange reserves were forecast at US$85.3 billion at the end of 2014, against the previous estimate of US$88 billion.

The central bank also lowered its estimate for net portfolio investment inflows this year to $1.5 billion from US$2.1 billion. — Reuters

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