The central bank revised its balance of payments (BOP) position forecast down to a deficit this year, a reflection of global and domestic economic developments after the first-quarter data showed a current account deficit.

“The overall BOP position for 2017 is seen to approximate the deficit in 2016 at about $0.5 billion. This is a downward revision from the $1 billion surplus that was initially projected for 2017,” Bangko Sentral ng Pilipinas (BSP) Department of Economic Research Director Zeno Ronald Abenoja said in a press briefing on Friday.

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