• The Philippines‘ current account deficit is expected to narrow to $9.5 billion, or 2.0% of gross domestic product (GDP) in 2024 from the projected deficit of $11.2 billion, or 2.5% of GDP, this year, the central bank said on Friday.
  • The Bangko Sentral ng Pilipinas’ (BSP) previous forecast for 2024 current account balance was at $10.3 billion deficit, equivalent to 2.1% of GDP.
  • It expects a balance of payments (BOP) surplus of $0.4 billion, or 0.1% of GDP next year, smaller than the $1 billion surplus, 0.2% of GDP, earlier projected. For 2023, the BOP surplus is expected at $1.1 billion, or 0.2% of GDP.