The Bangko Sentral ng Pilipinas is expecting the country’s balance of payments (BOP) to yield a deficit, albeit narrower, this year and next as it takes into consideration a confluence of external risks that could potentially hamper global growth.
The Bangko Sentral ng Pilipinas is expecting the country’s balance of payments to yield a deficit, albeit narrower, this year and next as it takes into consideration a confluence of external risks that could potentially hamper global growth.
“This is accompanied by a sustained fall in goods exports as global demand weakens further,” the central bank said. “This is attributed to the observed geoeconomic fragmentation of FDIs and slowdown in the globalization process triggered primarily by rising geopolitical tensions between major economies,” the BSP said.
The central bank said the lower BOP deficit forecast next year was mainly on the foreseen normalization and return to pre-pandemic levels of global and domestic economic activity.
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