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Home Banking Central

Philippine Central Bank Expectant of $6 Billion Surplus in 2020

The current forecast compared to the May projection stands higher amidst the pandemic

The Global Economics by The Global Economics
October 15, 2020
in Central, Top Stories
Reading Time: 1 min read
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Philippine Central Bank Expectant of $6 Billion Surplus in 2020

Philippine Central Bank Expectant of $6 Billion Surplus in 2020

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On Wednesday, the Philippine Central Bank made a statement to have revised the balance of payment projections for the current year, which is expectant of generating a $6 billion surplus despite the #coronavirus pandemic.

From a May forecast, there was a 0.5% of the GDP as compared to the current revised amount, which stands at a surplus equivalent of 1.6% of the GDP as per the Bangko Sentral ng Pilipinas (#BSP). This translates to a deficit of $1.6 billion.

With this projection, the BSP is expectant of a current surplus of $3.1 billion (0.8%) in 2021. However, it also warned of the future uncertainty owing to the pandemic.

In a statement, BSP said that it highly expects a BOP surplus of $8.1 billion by the year-end, which translates to 2.2% of the GDP and is way higher than the May projection.

Gross international reserves for the #Southeast Asian country is anticipated to reach $100 billion and $102 billion by the end of this year and next year, respectively.

With a 5% growth rate, exports are likely to recover despite a 16% contraction in 2020, according to BSP.

Tags: BSPcoronavirusSoutheast
The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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