BSP lowers 2016 BOP surplus projection

Q1 current account surplus narrows to $477M from year-earlier $2.2B

The central bank revised downward its balance of payments (BOP) projection for 2016 to reflect recent and prospective economic developments—both domestic and global—that could have a bearing on the outlook for the country’s external payments position, following the release of Q1 data that showed a lower current account surplus than a year earlier.