In an analysis, the unit of Fitch Solutions said it lowered its 2024 current account deficit forecast for the Philippines to 2.3 percent of gross domestic product (GDP) from the previous target of 2.8 percent.
The revised forecast is above the one percent projection given by the Bangko Sentral ng Pilipinas (BSP) earlier this month. It is also narrower than the 2.6 percent recorded in 2023.
"A more optimistic global outlook was the main reason behind this revision," BMI said. "We initially anticipated a more significant downturn in worldwide demand."
The research firm said the global economy has proven to be more resilient than initially expected, prompting them to raise their global GDP growth forecast to 2.4 percent this year from 2.1 percent previously.
However, BMI said external demand may weaken in the second half as major trading partners face domestic economic headwinds of their own.
Esta historia es de la edición June 27, 2024 de The Philippine Star.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición June 27, 2024 de The Philippine Star.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Holcim, McDonald's partner for sustainability
Cement maker Holcim Philippines Inc. has teamed up with McDonald’s Philippines to support the quick service restaurant’s sustainability practices.
Mitsubishi revs up new compact SUV
Customers can now make a reservation for Mitsubishi XForce as Mitsubishi Motors Philippines Corp. (MMPC) has opened the prebooking at its dealerships ahead of the vehicle’s launch this Friday.
DBP, Ormoc City partner for housing project
State-owned Development Bank of the Philippines (DBP) has approved a P300-million loan to finance the City Government of Ormoc’s site and land development in support of the flagship national shelter program of President Marcos, a top official said.
DALI still in red, but sees rosy prospects in Phl
DALI still in red, but sees rosy prospects in Phl Retailer DALI Everyday Grocery remains in the red three years after opening its first store in the country.
Sugar producers want consultations on import plan
The Confederation of Sugar Producers Association (CONFED) urged Agriculture Secretary Francisco Tiu Laurel Jr. to conduct consultations with planters regarding the proposed importation of 200,000 metric tons (MT) of refined sugar by September.
Agri group wants gov't to impose safeguard duties on rice
The Philippine Chamber of Agriculture and Food Inc. (PCAFI) has urged President Marcos to impose special safeguards on rice imports to protect local farmers from the ill effects of potential import surges following the reduction of tariffs to 15 percent.
Global bond sale boosts state borrowings in May
The government accumulated P259 billion in borrowings in May due to the issuance of global bonds in its first foray in the international debt market this year.
ROW for Cavitex links on road to completion
Metro Pacific Tollways Corp. (MPTC) has expressed confidence it would complete expansion works for the ManilaCavite Expressway (CAVITEX) on time as it gained headway in the acquisition of right of way (ROW).
No onion crisis; stocks enough until next year
Filipinos won’t be shredding tears over onion prices as the commodity is expected to remain affordable throughout the year since the country’s stocks of the vegetable are projected to last until early next year.
PLDT taps Nokia for business 5G
Telco leader PLDT Inc. has signed the services of Nokia in providing 5G network to businesses, recognizing the evolving demands for connectivity of the corporate sector.
