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UPDATE 1-Philippine cbank revises 2021 c/a surplus forecast higher

Published 03/18/2021, 01:11 PM
Updated 03/18/2021, 01:20 PM
© Reuters.

* C/A surplus seen at $9.1 bln in 2021, $5.2 bln in 2022
* FX reserves seen at $114 bln by end-2021, $117 bln by
end-2022

(Adds details, other forecasts)
MANILA, March 18 (Reuters) - The Philippine central bank on
Thursday revised its current account surplus projection for this
year to $9.1 billion, or 2.3% of GDP, up from a December
forecast of $6.1 billion, or 1.5% of GDP.
It expects a current-account surplus of $5.2 billion, or
1.2% of gross domestic product, for next year, the Bangko
Sentral ng Pilipinas (BSP) said in a statement.
The country's 2021 external position is looking up, BSP
Governor Benjamin Diokno told reporters, citing improving growth
of both exports and imports.
The current account yielded a surplus of $13 billion last
year, equivalent to 3.6% of GDP, preliminary BSP data showed.
The BSP revised its exports growth forecast this year to 8%
from 5% in December, and expects imports to grow 12% versus a
previous projection of 8%.
It expects the gross international reserves to pick up to
$114 billion by end-2021, from end-2020 level of $110.1 billion,
and further to $117 billion by end-2022.
The balance of payments is projected to yield a surplus of
$6.2 billion this year, or 1.6% of GDP, higher than the December
forecast of $3.3 billion, or 0.8% of GDP.
It projects a BOP surplus of $3.8 billion, or 0.9% of GDP,
for next year.

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