Due to slow global and local economic growth, the Philippine central bank projects a current account deficit of $17.1 billion in 2023 or 4% of GDP.
The deficit is lower than its estimated $19.9 billion, or 4.7% of GDP.
The Bangko Sentral ng Philippines (BSP) also lowered its 2023 balance of payments deficit prediction to $1.6 billion, or 0.4% of GDP, from $5.4 billion, or 1.3%.
The BSP predicted a current account deficit of $16.8 billion, or 3.4% of GDP, for 2024, whereas the BOP predicted $0.5 billion, or 0.1%.
Remittances will rise by 3% this year and next.
Gross overseas reserves are expected to rise from $93 billion to $100 billion this year and $102 billion by 2024.