PHILIPPINES: BALANCE OF PAYMENTS Page 1 of 29

in million U.S. dollars

2008
1999 2000 2001 2002 2003 2004 2005 2006 2007 Jan Feb Mar Q1 Apr May Jun Q2 Jul Aug Sep Q3 Oct Nov Dec Q4 Total

CURRENT ACCOUNT -2874 -2225 -1744 -279 288 1628 1984 5347 7119 348 718 203 1269 478 269 152 899 -472 -142 176 -438 506 582 1079 2167 3897
(Totals as percent of GNP) -3.6 -2.8 -2.3 -0.3 0.3 1.7 1.9 4.2 4.5 2.8 1.9 -1.0 4.5 2.1
(Totals as percent of GDP) -3.8 -2.9 -2.4 -0.4 0.4 1.9 2.0 4.5 4.9 3.1 2.1 -1.1 5.1 2.3

Goods and Services -7597 -7841 -8553 -7532 -7814 -7461 -9113 -6595 -6142 -809 -490 -910 -2209 -1059 -1178 -1213 -3450 -1778 -1101 -1109 -3988 -1076 -460 -286 -1822 #####
Export 37711 40724 34385 37831 38728 42837 44788 52970 59278 4901 4805 5095 14801 5040 4982 5419 15441 5417 5187 5107 15711 4655 4166 3674 12495 58448
Import 45308 48565 42938 45363 46542 50298 53901 59565 65420 5710 5295 6005 17010 6099 6160 6632 18891 7195 6288 6216 19699 5731 4626 3960 14317 69917

Goods -5977 -5971 -6265 -5530 -5851 -5684 -7773 -6732 -8391 -936 -633 -1195 -2764 -1117 -1217 -1379 -3713 -1923 -1229 -1042 -4194 -981 -438 -795 -2214 #####
Credit: Exports 34243 37347 31313 34403 35339 38794 40263 46526 49512 4140 4042 4123 12305 4260 4154 4452 12866 4376 4335 4379 13090 3918 3446 2628 9992 48253
Debit: Imports 1/ 40220 43318 37578 39933 41190 44478 48036 53258 57903 5076 4675 5318 15069 5377 5371 5831 16579 6299 5564 5421 17284 4899 3884 3423 12206 61138

Services -1620 -1870 -2288 -2002 -1963 -1777 -1340 137 2249 127 143 285 555 58 39 166 263 145 128 -67 206 -95 -22 509 392 1416
Credit: Exports 3468 3377 3072 3428 3389 4043 4525 6444 9766 761 763 972 2496 780 828 967 2575 1041 852 728 2621 737 720 1046 2503 10195
Debit: Imports 5088 5247 5360 5430 5352 5820 5865 6307 7517 634 620 687 1941 722 789 801 2312 896 724 795 2415 832 742 537 2111 8779

Income -1061 -27 -51 -427 -284 -71 -294 -1255 -892 -98 88 -190 -200 256 127 46 429 27 -226 104 -95 270 -275 11 6 140
Credit: Receipts 2723 3336 3553 3306 3330 3725 3937 4388 5351 434 602 642 1678 599 465 509 1573 506 509 541 1556 498 300 368 1166 5973
Debit: Payments 3784 3363 3604 3733 3614 3796 4231 5643 6243 532 514 832 1878 343 338 463 1144 479 735 437 1651 228 575 357 1160 5833

Current Transfers 5784 5643 6860 7680 8386 9160 11391 13197 14153 1255 1120 1303 3678 1281 1320 1319 3920 1279 1185 1181 3645 1312 1317 1354 3983 15226
Credit: Receipts 5969 5909 7119 7948 8626 9420 11711 13511 14573 1284 1149 1341 3774 1314 1376 1374 4064 1313 1248 1227 3788 1360 1352 1443 4155 15781
Debit: Payments 185 266 259 268 240 260 320 314 420 29 29 38 96 33 56 55 144 34 63 46 143 48 35 89 172 555

CAPITAL AND FINANCIAL ACCOUNT 4185 3363 911 1056 726 -1630 2229 20 3527 -1150 915 690 455 -226 1010 -348 436 972 1111 -1611 472 -1163 32 -2130 -3261 -1898

Capital Account 163 138 62 27 54 17 40 138 24 8 7 6 21 3 3 3 9 8 6 4 18 2 0 3 5 53

Credit: Receipts 270 168 86 50 82 46 58 181 108 14 9 10 33 6 9 9 24 13 10 9 32 9 8 8 25 114
Debit: Payments 107 30 24 23 28 29 18 43 84 6 2 4 12 3 6 6 15 5 4 5 14 7 8 5 20 61

Financial Account 4022 3225 849 1029 672 -1647 2189 -118 3503 -1158 908 684 434 -229 1007 -351 427 964 1105 -1615 454 -1165 32 -2133 -3266 -1951
Direct Investment 1114 2115 335 1477 188 109 1665 2818 -620 -25 77 173 225 171 5 133 309 283 -6 203 480 -95 179 46 130 1144
Debit: Assets, Residents' Investments Abroad 133 125 -140 65 303 579 189 103 3536 21 11 -38 -6 46 18 13 77 38 57 8 103 33 31 21 85 259
Credit: Liabilities, Non-Residents' 1247 2240 195 1542 491 688 1854 2921 2916 -4 88 135 219 217 23 146 386 321 51 211 583 -62 210 67 215 1403
Investments in the Phil.

Portfolio Investment 3315 -553 1027 746 562 -1713 3475 3043 4623 -629 1371 259 1001 -409 68 -1242 -1583 -674 -203 -216 -1093 -664 -1124 -336 -2124 -3799
Debit: Assets, Residents' Investments Abroad 603 812 57 628 818 910 146 1567 -834 389 -545 -893 -1049 -510 -356 -84 -950 1050 349 -158 1241 -140 36 243 139 -619
Credit: Liabilities, Non-Residents' 3918 259 1084 1374 1380 -803 3621 4610 3789 -240 826 -634 -48 -919 -288 -1326 -2533 376 146 -374 148 -804 -1088 -93 -1985 -4418
Investments in the Phil.

Financial Derivatives 8 44 -15 -21 -64 -27 -43 -138 -288 -44 -46 2 -88 6 26 29 61 -14 49 46 81 -132 -21 -14 -167 -113
Debit: Assets, Residents' Investments Abroad -51 -166 -83 -85 -54 -58 -98 -159 -170 -36 -20 -36 -92 -20 -38 -41 -99 -39 -60 -51 -150 -85 -73 -42 -200 -541
Credit: Liabilities, Non-Residents' -43 -122 -98 -106 -118 -85 -141 -297 -458 -80 -66 -34 -180 -14 -12 -12 -38 -53 -11 -5 -69 -217 -94 -56 -367 -654
Investments in the Phil.

Other Investment -415 1619 -498 -1173 -14 -16 -2908 -5841 -212 -460 -494 250 -704 3 908 729 1640 1369 1265 -1648 986 -274 998 -1829 -1105 817
Debit: Assets, Residents' Investments Abroad 1051 -2455 -761 256 -743 859 4791 3512 4840 1844 -1365 -2556 -2077 685 535 -880 340 -1285 -1195 544 -1936 433 -1403 248 -722 -4395
Credit: Liabilities, Non-Residents' 636 -836 -1259 -917 -757 843 1883 -2329 4628 1384 -1859 -2306 -2781 688 1443 -151 1980 84 70 -1104 -950 159 -405 -1581 -1827 -3578
Investments in the Phil.

NET UNCLASSIFIED ITEMS 2280 -1647 631 33 -899 -278 -1803 -1598 -2089 1061 -584 -488 -11 176 -1238 -52 -1114 -358 -1023 953 -428 -538 -595 776 -357 -1910

OVERALL BOP POSITION 3591 -509 -202 810 115 -280 2410 3769 8557 259 1049 405 1713 428 41 -248 221 142 -54 -482 -394 -1195 19 -275 -1451 89
PHILIPPINES: BALANCE OF PAYMENTS Page 2 of 29
in million U.S. dollars
2008
1999 2000 2001 2002 2003 2004 2005 2006 2007 Jan Feb Mar Q1 Apr May Jun Q2 Jul Aug Sep Q3 Oct Nov Dec Q4 Total

OVERALL BOP POSITION 3591 -509 -202 810 115 -280 2410 3769 8557 259 1049 405 1713 428 41 -248 221 142 -54 -482 -394 -1195 19 -275 -1451 89
(Totals as percent of GNP) 4.5 -0.6 -0.3 1.0 0.1 -0.3 2.3 2.9 5.5 3.8 0.5 -0.9 -3.0 0.0
(Totals as percent of GDP) 4.7 -0.7 -0.3 1.1 0.1 -0.3 2.4 3.2 5.9 4.2 0.5 -1.0 -3.4 0.1

Debit: Change in Reserve Assets 3955 -90 471 -253 -355 -1637 1621 2934 8550 263 1053 411 1727 434 36 236 706 146 151 -276 21 -588 19 -288 -857 1597

Credit: Change in Reserve Liabilities 364 419 673 -1063 -470 -1357 -789 -835 -7 4 4 6 14 6 -5 484 485 4 205 206 415 607 0 -13 594 1508
Use of Fund Credits 289 304 -8 -407 -608 -471 -321 -402 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Short-term 75 115 681 -656 138 -886 -468 -433 -7 4 4 6 14 6 -5 484 485 4 205 206 415 607 0 -13 594 1508

Memo Items:
Change in Commercial Banks' (KBs) -1835 891 -337 -604 -542 -152 -1531 -4368 -1025 -901 655 1696 1450 -457 437 547 527 406 1363 -627 1142 258 831 -1356 -267 2852
Net Foreign Assets (NFA)
OF Cash Remittances 6022 6050 7721 8607 9093 10261 12292 14037 14956 1308 1303 1478 4089 1460 1480 1502 4442 1415 1379 1380 4174 1485 1357 1457 4299 17004
of which channeled thru the banking system * * 6031 6886 7579 8551 10689 12761 14450 1264 1259 1428 3951 1410 1430 1451 4291 1367 1332 1333 4032 1435 1311 1408 4154 16428
Basic Balance -718 163 -1592 488 234 1154 3211 5519 8859 -299 233 760 694 1286 -219 178 1245 -414 -74 -226 -714 350 1017 963 2330 3555
Net Unclassified Items as Percent of total Trade 3.1 -2.0 0.9 0.0 -1.2 -0.3 -2.0 -1.6 -1.9 11.5 -6.7 -5.2 0.0 1.8 -13.0 -0.5 -3.8 -3.4 -10.3 9.7 -1.4 -6.1 -8.1 12.8 -1.6 -1.7

* - For 1999 and 2000, there is no differentiation between total OFW cash remittances and remittances chanelled through the banking system. This period represents the transition years
of the revised foreign exchange monitoring report form (FX Form 1).
1/ - Valuation adjustments include:
a.) adjustments to NSO's raw material imports for electronics exports' for the 1999 - 2001 and 2006-2008 series
b.) Adjustments to NSO's raw material imports for garments for the 1999 - 2008 series.
Technical Notes:
1. Balances in the current and capital and financial accounts excluding reserves are derived by deducting debit entries from credit entries.
2. Overall BOP position is determined by deducting change in reserve liabilities from change in reserve assets.
3. Net unclassifed items is an offsetting account to the overstatement or understatement in either receipts or payments of the recorded BOP components vis-à-vis the overall BOP position.
4. Change in KBs NFA as a BOP entry is derived by deducting foreign assets from foreign liabilities, consistent with the principle described in technical note No. 1. This includes assigned capital of foreign banks in local branches that are converted to pesos.
5. Basic balance represents a BOP position that excludes transactions that are volatile and are in the short run susceptible to being reversed. It is derived using the following formula: Overall BOP position less (Net portfolio investments + net
short-term liabilities) less errors and omissions. In the old BOP series, all transactions in assets and liabilities of commercial banks were deemed to be long-term. With the refinements in the new series on the maturity structure of KBs' transactions,
short-term financial transactions of KBs are now excluded from the basic balance.