UPDATE 1-Philippine c.bank revises up 2020, 2021 c/a surplus projections

* C/a surplus seen at $8.4 bln this year, $6.1 bln in 2021
* BOP surplus seen at $12.8 bln this year, $3.3 bln in 2021

(Adds quotes, more details)
MANILA, Dec 11 (Reuters) - The Philippine central bank on
Friday revised up its projections for the country's current
account and balance of payments surpluses this year and in 2021,
underscoring an improved outlook for the pandemic-hit economy.
The Bangko Sentral ng Pilipinas (BSP) now expects the
current account surplus for this year to reach $8.4 billion, or
2.3% of GDP. For next year, the surplus is seen at $6.1 billion,
or 1.5% of GDP.
The forecasts were increased from the September projections
of $6 billion (1.6% of GDP) for 2020 and $3.1 billion (0.8% of
GDP) for next year.
The balance of payments is now seen yielding a surplus of
$12.8 billion this year (3.4% of GDP) compared with $8.1 billion
(2.2% of GDP) projected previously.
For 2021, the BOP surplus is forecast to hit $3.3 billion
(0.8% of GDP) versus a previous projection of $3.4 billion (0.9%
of GDP).
"The latest BOP assessment for 2020 reflects the apparent
bottoming out of the COVID-19 impact ... (and) improved market
confidence following positive vaccine news," the central bank
said in a statement.
The forecast also took into account a narrower trade
deficit, with exports now forecast to contract by 14%, from 16%
projected previously.
In a briefing, BSP Deputy Governor Francisco Dakila said the
latest projections also took into account a "much better (GDP)
number" in the last quarter, describing the government's
forecast of an 8.5%-9.5% contraction this year to be "on the
pessimistic side". The country's foreign exchange reserves are seen rising to
$105 billion by end-2020, and to $106 billion next year.
The central bank, however, said downside risks remain,
citing the reimposition of lockdowns in some of the country's
major trading partners and the potential economic implications
of exit measures from the massive global financial stimulus.