MANILA, March 15 -- The Bangko Sentral ng Pilipinas (BSP) said the country's overall balance of payments (BOP) is projected to post a higher surplus for this year but will likely revert to a deficit in 2025.

In a virtual briefing on Friday, BSP Department of Economic Research Director Sittie Hannisha Butocan said the overall BOP position for this year is expected to settle at USD700 million, higher than the earlier estimate of USD400 million.

"This development is driven mainly by the estimated narrower current account gap for the year and modest inflows of non-resident investments. The lower current account deficit amounting to USD6.1 billion largely reflects the downward revision of both goods imports and exports growth forecast relati...