The central bank has slashed its projection for the year’s balance of payments (BOP) surplus by nearly two-thirds, citing higher import expectations and lingering global uncertainty.

Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. told reporters on Friday the revised forecast for 2014 now stands at $1.1 billion, down from $3 billion forecast by the BSP last December.

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