PH raises forecast for 2012 BOP to $6.8-B

Posted at 11/28/12 3:27 PM

MANILA - The Philippines has increased its forecast for its balance of payments (BOP) surplus this year to $6.8 billion, way above a previous estimate of $2.7 billion, a deputy governor of the central bank said on Wednesday.

The country's BOP surplus stood at $6.44 billion in the first 10 months of the year. The government now expects imports to grow 7 percent and exports 8 percent this year, lower than previous estimates. But it expects foreign direct investments to hit $1.5 billion this year, higher than an initial forecast of $1.2 billion, Diwa Guinigundo, deputy central bank governor, told reporters after a meeting with the country's economic managers.