“If the current rate would persist, then we would have to revisit our assumptions. But our view is this could be temporary,†Mr. Balisacan said.
“We expected a lot of remittances because of the disasters, and I think the November number is historically high. That’s likely to continue until December and January. And then you have the other sectors, like exports of services and manufactured goods, investments, those will have offsetting effects,†he noted.
Mr. Tetangco, meanwhile, said: “The macroeconomic fundamentals of the Philippines remains strong and our external position remains healthy,†which provides enough of a buffer against external shocks.
“In fact, we are projecting another BoP (balance of payments) surplus this year and that surplus is due to a current account surplus, which is good because it shows a real improvement in the position,†he added. -- Bettina Faye V. Roc and Ann Rozainne R. Gregorio
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