{"id":112405,"date":"2017-08-16T06:15:40","date_gmt":"2017-08-16T10:15:40","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=112405"},"modified":"2017-08-16T06:15:40","modified_gmt":"2017-08-16T10:15:40","slug":"ca-deficit-seen-to-continue-as-ph-economy-remains-strong","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/08\/16\/ca-deficit-seen-to-continue-as-ph-economy-remains-strong\/","title":{"rendered":"CA deficit seen to continue as PH economy remains strong"},"content":{"rendered":"<figure id=\"attachment_109904\" aria-describedby=\"caption-attachment-109904\" style=\"width: 225px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/08\/bsp-logo1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-109904\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/08\/bsp-logo1.jpg\" alt=\"During the Senate hearing for the proposed 2018 national budget on Wednesday, the central bank chief said higher importation of capital goods and raw materials were the main culprit in the reversal of the current account surpluses for more than a decade  to deficit. (PNA PHOTO) \" width=\"225\" height=\"225\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/08\/bsp-logo1.jpg 225w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/08\/bsp-logo1-150x150.jpg 150w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a><figcaption id=\"caption-attachment-109904\" class=\"wp-caption-text\">During the Senate hearing for the proposed 2018 national budget on Wednesday, the central bank chief said higher importation of capital goods and raw materials were the main culprit in the reversal of the current account surpluses for more than a decade to deficit. (PNA PHOTO)<\/figcaption><\/figure>\n<p>MANILA &#8211; &#8211; Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. expects the deficit on the country\u2019s current account to continue as the domestic economy posts robust growth.<\/p>\n<p>During the Senate hearing for the proposed 2018 national budget on Wednesday, the central bank chief said higher importation of capital goods and raw materials were the main culprit in the reversal of the current account surpluses for more than a decade\u00a0 to deficit.<\/p>\n<p>As of last June, exports rose by 0.8 percent, a turnaround from the 9.2 percent decline same period last year. This growth is lower than month-ago\u2019s 14 percent rise.<\/p>\n<p>Imports during the same month, meanwhile, fell 2.5 percent from a growth of 21.9 percent in June 2016. Last May, imports grew by 16.6 percent.<\/p>\n<p>\u201cThis broad-based import mix reflects sustained expansion in the domestic economy,\u201d Espenilla said.<\/p>\n<p>As of end-March this year, the country\u2019s current account registered a deficit of USD318 million, equivalent to 0.4 percent of gross domestic product (GDP).<\/p>\n<p>The country ended 2016 with a USD601 million current account surplus, which was about 0.2 percent of GDP. It\u00a0 was lower than year-ago\u2019s USD7.3 billion , primarily due to higher importation.<\/p>\n<p>Espenilla, pointed out, that \u201cit should be emphasized that the current account position signals the country\u2019s higher propensity to import as the country gears up for higher growth momentum.\u201d<\/p>\n<p>\u201cThe Philippines is one of the fastest-growing economies in the region, arguing for higher imports to support the projected higher growth path,\u201d he added. (PNA)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA &#8211; &#8211; Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. expects the deficit on the country\u2019s current &hellip;<\/p>\n","protected":false},"author":33,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1482,16,95],"tags":[20472,21349],"class_list":["post-112405","post","type-post","status-publish","format-standard","category-breaking","category-news","category-news-ph","tag-bangko-sentral-ng-pilipinas-bsp","tag-governor-nestor-a-espenilla-jr","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/112405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=112405"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/112405\/revisions"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=112405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=112405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=112405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}