The central bank revised its balance of payments (BOP) position forecast down to a deficit this year, a reflection of global and domestic economic developments after the first-quarter data showed a current account deficit. “The overall BOP position for 2017 is seen to approximate the deficit in 2016 at about $0.5 billion. Abenoja noted the revision was due to a reversal of the current account into a deficit and a net outflow in the financial account. Guinigundo said stronger domestic growth for 2017 and 2018 are expected because of the sustained increase in imports, particularly raw materials and capital goods. The primary income account shows how labor and financial resources between resident and nonresident institutional units flow.

Source: Manila Times June 16, 2017 17:48 UTC