The Philippine central bank said on Friday the country's current account balance for this year was now projected to show a deficit of $11.1 billion, or 2.5% of the gross domestic product.

The Bangko Sentral ng Pilipinas revised its 2023 current account forecast from a deficit of $15.1 billion, equivalent to 3.4% of GDP, as it released a new set of balance of payments projections.

(Reporting by Neil Jerome Morales and Mikhail Flores; Editing by Martin Petty)