The Bangko Sentral ng Pilipinas kept the balance of payments surplus assumption of $2 billion made in May this year due to an expected lower current account surplus.
Bangko Sentral Deputy Governor Diwa Guinigundo said in a briefing Friday current account—one of the major components of the balance of payments—would remain in surplus but lower at $8.9 billion, a far cry from the earlier assumption of $14.2 billion.
“Export growth is seen to contract by 4 percent in 2015, instead of growing by 5 percent according to the earlier assumption made in May,” Guinigundo said.
Guinigundo also cited the impact of El Niño dry spell to the agricultural sector, decline in metal prices in the world market and the less optimistic outlook in the export industry.
The gross international reserves at the end of the year are anticipated to be at around $80.7 billion, an improvement from $79.5 billion in 2014.