Manila, Oct. 22 -- Philippine monetary authorities have revised upwards the Bangko Sentral ng Pilipinas' (BSP) balance of payments (BOP) projections based on the expected global economic recovery next year, improvement in remittances, foreign direct investments (FDIs), and foreign reserves.
The latest figure for this year is a surplus of USD8.1 billion, or about 2.2 percent of domestic output, up from an earlier projection of USD0.6 billion surplus.
For 2021, the forecast is a surplus of USD3.4 billion.
"The BOP projections represent our views on the likely path of global economic recovery, as well as the prospects for trade activity and foreign exchange inflows into the economy," BSP Governor Benjamin Diokno said in a virtual briefing T...