The Bangko Sentral ng Pilipinas has slashed its targets for the balance of payments surplus this year and next year given the impact of economic developments overseas.

In a briefing streamed through the central bank’s Facebook account on Friday, BSP Department of Economic Research managing director Zeno Ronald R. Abenoja said the BOP now seen yielding a surplus of $4.1 billion this year (1.1 percent of gross domestic product) compared with $7.1 billion projected previously.

For 2022, the BOP surplus is forecast to hit $1.7 billion (0.4 percent of GDP) versus an earlier projection of $2.7 billion.

Abenoja attributed the lower BOP surplus outlook to expectations of a lower current account surplus $3.5 billion compared to $10 billion.

He said the expected widening of trade in goods deficit is also a factor for the revision of the BOP outlook for both years.

He said monetary authorities expect strong growth in goods exports at around 14 percent this year from 10 percent earlier.

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BSP trims surplus projections for 2021, 2022
Source: Filipino Daily Inquirer