BSP sees lower 2023 BOP deficit of $1.2b IN BRIEF

vestments prospects for next year, with the downturn in the global semiconductor market predicted to bottom out by the middle of 2023 and into 2024.

The Monetary Board earlier approved the new set of 2023 and 2024 balance of payments projections during its June 15 meeting that incorporated the latest available data and recent emerging developments.

The forecast for cash remittances for 2023 and 2024 was retained at 3 percent on sustained demand for overseas Filipino workers abroad as they fill in for the labor shortage resulting from pandemic-induced job losses and aging populations in host economies.