MANILA - The Bangko Sentral ng Pilipinas has revised its current account balance forecast for this year, predicting a deficit for the first time since 2002, on expectations of surging imports.

The current account is expected to be in deficit by $600 million instead of a surplus of $800 million as the central bank earlier estimated, Zeno Abenoja, a director of the bank, told a news briefing on Friday.

It would be the Southeast Asian nation's first current account deficit since 2002, central bank data show.

Imports are having a bigger impact on trade because of the need to sustain economic growth, Deputy Governor Diwa Guinigundo told the same briefing.

Guinigundo said it was possible for the current account to be continually in deficit going forward, as the Philippine economy, one of Asia's fastest growing, maintains upward momentum.

Philippine imports had been rising, mostly at double-digit pace, for 13 months through March, driven by shipments of transport equipment, industrial machinery and iron and steel, as the government boosts infrastructure spending.

The forecast for the 2017 balance of payments position was also changed to a deficit of $500 million from the previous forecast of a surplus of $1 billion.

The country's foreign exchange reserves at year end are expected to be $80.5 billion, below the earlier estimate of $84.7 billion.