MANILA, Philippines - Investment banking giant Credit Suisse said the Philippines would book its first current account (CA) deficit in 14 years this year amid weak exports and a slowdown in remittances from overseas Filipinos. The CA is the sum of the balance of trade, net income from abroad and net current transfers. A deficit indicates the Philippines is a net borrower to the rest of the world while a surplus indicates the country is a net lender. “If right, this would be the Philippines’ first annual CA deficit print since 2002,” he said. The Philippines has booked a CA surplus for the past 14 consecutive years.

Source: Philippine Star April 01, 2017 16:25 UTC