BSP raises BoP surplus forecast to USD6.2B

BSP raised its balance of payments (BoP) surplus forecast for 2021 to $6.2 billion, up from the previous projection of $3.3 billion.

The revision reflects expectations of an economic recovery and improved external trade conditions.

Current account is projected at a USD9.1 billion surplus, higher than the earlier estimate of USD6.1 billion.

Goods exports are expected to grow by 8%, while goods imports growth forecast was revised to 12% from 8% previously.

Gross international reserves (GIR) projection was increased to $114 billion from $106 billion.