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BSP Sees Lower BOP Surplus in 2024
The Philippine Star
|January 04, 2025
The country's 2024 balance of payments (BOP) surplus is expected to decline compared to a year ago amid slower economic growth and persistent geopolitical tensions, according to the Bangko Sentral ng Pilipinas.
The BSP said the Philippines is expected to post a BOP surplus of $3.5 billion or 0.8 percent of gross domestic product in 2024, slightly lower than the surplus of $3.7 billion or 0.8 percent of GDP in 2023.
However, the revised forecast for 2024 is higher than the original target of $2.3 billion surplus in September.
The central bank attributed the lower forecast to stable yet moderating global and domestic economic growth prospects, slower inflation, lingering geopolitical and weather shocks as well as possible shifts in US trade and investment policies under the Trump administration.
The BOP is the difference in total values between payments into and out of the country over a period.
This story is from the January 04, 2025 edition of The Philippine Star.
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