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Philippines projects 2 bln USD surplus on balance of payment in 2015

Xinhua, May 22, 2015 Adjust font size:

The Philippines is expecting a 2- billion U.S. dollar surplus on its balance of payments (BOP) for this year, a reversal from the shortfall of 2.9 billion U.S. dollars recorded in 2014, the central bank said Friday.

The positive projection was due primarily "to a sustained strong current account surplus" following the downward revision in international oil prices, the Bangko Sentral ng Pilipinas (BSP) said.

The central bank's reassessment was based on recent and prospective economic developments, both domestic and global, that could have a bearing on the outlook for the country's external payments position.

BOP is a summary of the economic transactions of a country with the rest of the world for a specific period.

"Overall, the external position of the Philippines is seen to improve in 2015. This should support the continued strong investor confidence in the economy," BSP said.

The country's external position remains a key source of resilience and policy flexibility that would enable the economy to ride out the volatilities of global economic and financial developments, it added. Endi