Year-to-date, remittances dropped by only 2.6 percent as of August. Our overall external position will stay healthy. The balance of payments will post a surplus of USD 8.1 billion this year and USD 3.4 billion next year. The current account will also remain in surplus, at USD 6.0 billion this year and USD 3.1 billion next year.
Meanwhile, the gross international reserves will continue to hit new highs of USD 100 billion this year and USD 102 billion next year. Our recovery prospects are supported by a whole-of-government approach to addressing the crisis. The National Government has rolled out massive relief and mitigating measures, and boosted the country’s healthcare capacity. Congress immediately passed critical bills to support the government’s COVID response.