BSP exec eyes recovery of PH’s BOP position in 2nd half of 2017

MANILA, July 23 — A ranking Bangko Sentral ng Pilipinas (BSP) executive is optimistic on the recovery of the country’s balance of payment (BOP) position in the second half of 2017.

This, even as the end-June level already reached a deficit of USD 706 million, higher than central bank’s USD 500 million deficit target for the year.

“We believe that the second half will show a stronger external payments position on account of the usual current account flows including OFW remittances, tourism receipts, and BPO revenues,” BSP Deputy Governor Diwa Guinigundo said.

The central bank official said foreign direct investments (FDIs) “are also expected to come in stronger in the second half.”

“So the USD 500 million expected shortfall is still doable,” he added.

BOP is the sum of a country’s total transactions with the rest of the world.

The Philippines BOP position has generally been driven by dollar inflows from Overseas Filipino Workers (OFWs), the Business Process Outsourcing (BPO) sector, and tourism receipts, among others.

Lately these inflows are countered by the country’s higher importation due to rising domestic requirements. (Joann S. Villanueva/PNA)

Popular

Taal Lake site assessment yields sack containing ‘bones’ — DOJ

By Brian Campued The Department of Justice (DOJ) confirmed that authorities retrieved a sack containing burned remains believed to be human bones during the initial...

LTO integrates online driver’s license renewal system in eGovPH app

By Dean Aubrey Caratiquet The Land Transportation Office (LTO) has integrated the online driver’s license renewal in the eGovPH app, which ensures a fast and...

5 of 21 Filipinos in Houthi-hit ship in Red Sea rescued — DFA

By Joyce Ann L. Rocamora and Marita Moaje | Philippine News Agency Five of the 21 Filipino seafarers manning the cargo vessel Eternity C, which...

PBBM directs gov’t officials: Focus on work, avoid politicking

By Dean Aubrey Caratiquet At the Malacañang press briefing this Wednesday, July 9, Presidential Communications Office (PCO) Undersecretary and Palace Press officer Claire Castro reiterated...