1	PHILIPPINES:  BALANCE OF PAYMENTS
	in million U.S. dollars
						2011 p																Q4			Growth Rate %			Jan-Dec			Growth Rate %
						Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec		2011 p	2010 r		2011 p	2010 r		2011 p	2010 r		2011 p	2010 r
	CURRENT ACCOUNT					271	548	141	960	349	718	852	1919	828	860	703	2391	757	215	836		1808	2128		-15.0	-20.7		7078	8922		-20.7	-4.7
	(Totals as percent of GNI)								1.4				2.6				3.3					2.2	2.8					2.4	3.4
	(Totals as percent of GDP)								1.9				3.4				4.4					2.9	3.7					3.1	4.5
	Goods  and  Services					-1100	-942	-910	-2952	-1270	-871	-719	-2860	-827	-548	-959	-2334	-1120	-1647	-944		-3711	-2834		-30.9	-71.8		-11857	-8231		-44.1	-22.3
		(Totals as percent of GNI)							-4.3				-3.9				-3.2					-4.6	-3.8					-4.0	-3.1
		(Totals as percent of GDP)							-5.8				-5.1				-4.3					-5.9	-4.9					-5.3	-4.1
		Export				5218	4867	5739	15824	5383	5142	5224	15749	5663	5451	5255	16369	5323	4547	4869		14739	16483		-10.6	23.9		62681	64843		-3.3	33.4
		Import				6318	5809	6649	18776	6653	6013	5943	18609	6490	5999	6214	18703	6443	6194	5813		18450	19317		-4.5	29.2		74538	73074		2.0	32.0
		Goods 1/				-1459	-1053	-1396	-3908	-1378	-998	-935	-3311	-1196	-981	-1373	-3550	-1412	-1823	-1446		-4681	-3355		-39.5	-65.8		-15450	-10966		-40.9	-24.0
		(Totals as percent of GNI)							-5.7				-4.5				-4.9					-5.8	-4.5					-5.2	-4.1
		(Totals as percent of GDP)							-7.6				-5.9				-6.5					-7.4	-5.8					-6.9	-5.5
			Credit: Exports			3933	3806	4282	12021	4245	4030	4059	12334	4333	4064	3832	12229	4009	3282	3356		10647	12951		-17.8	22.5		47231	50748		-6.9	34.9
			Debit:   Imports			5392	4859	5678	15929	5623	5028	4994	15645	5529	5045	5205	15779	5421	5105	4802		15328	16306		-6.0	29.5		62681	61714		1.6	32.9
		Services				359	111	486	956	108	127	216	451	369	433	414	1216	292	176	502		970	521		86.2	39.3		3593	2735		31.4	29.4
			Credit: Exports			1285	1061	1457	3803	1138	1112	1165	3415	1330	1387	1423	4140	1314	1265	1513		4092	3532		15.9	29.1		15450	14095		9.6	28.0
			Debit:   Imports			926	950	971	2847	1030	985	949	2964	961	954	1009	2924	1022	1089	1011		3122	3011		3.7	27.5		11857	11360		4.4	27.6
	Income					62	181	-342	-99	221	111	64	396	147	-17	114	244	262	297	193		752	516		45.7	175.9		1293	505		156.0	361.7
		Credit:   Receipts				528	523	584	1635	557	579	593	1729	604	603	577	1784	575	583	681		1839	1614		13.9	10.2		6987	6093		14.7	6.7
		Debit:     Payments				466	342	926	1734	336	468	529	1333	457	620	463	1540	313	286	488		1087	1098		-1.0	-14.1		5694	5588		1.9	-5.4
	Current  Transfers					1309	1309	1393	4011	1398	1478	1507	4383	1508	1425	1548	4481	1615	1565	1587		4767	4446		7.2	7.3		17642	16648		6.0	2.3
		Credit:   Receipts				1378	1386	1464	4228	1486	1551	1578	4615	1557	1499	1617	4673	1687	1633	1667		4987	4604		8.3	6.3		18503	17478		5.9	3.4
		Debit:     Payments				69	77	71	217	88	73	71	232	49	74	69	192	72	68	80		220	158		39.2	-16.0		861	830		3.7	31.5
	CAPITAL  AND  FINANCIAL  ACCOUNT					1673	-830	2813	3656	744	-37	-637	70	1222	1098	163	2483	869	-660	-1190		-981	5349		-118.3	946.8		5228	7388		-29.2	554.1
	Capital  Account					13	8	11	32	10	10	15	35	13	28	12	53	18	14	19		51	15		240.0	-57.1		171	98		74.5	-5.8
		Credit:    Receipts				19	15	19	53	17	17	21	55	21	37	21	79	31	24	28		83	34		144.1	-38.2		270	170		58.8	2.4
		Debit:      Payments				6	7	8	21	7	7	6	20	8	9	9	26	13	10	9		32	19		68.4	-5.0		99	72		37.5	16.1
	Financial  Account					1660	-838	2802	3624	734	-47	-652	35	1209	1070	151	2430	851	-674	-1209		-1032	5334		-119.3	1020.6		5057	7290		-30.6	521.1
		Direct Investment				197	112	97	406	52	370	42	464	-293	83	132	-78	64	357	40		461	403		14.4	58.0		1253	682		83.7	-57.5
			Debit: Assets, Residents'  Investments Abroad			17	9	61	87	26	-175	21	-128	32	-7	6	31	7	9	3		19	155		-87.7	64.9		9	616		-98.5	71.6
			Credit: Liabilities, Non-Residents'			214	121	158	493	78	195	63	336	-261	76	138	-47	71	366	43		480	558		-14.0	59.9		1262	1298		-2.8	-33.9
				Investments in the Phil.
		Portfolio Investment				1264	-741	2151	2674	551	1426	222	2199	283	374	65	722	282	-40	-313		-71	3501		-102.0	189.1		5524	4365		26.6	798.4
			Debit: Assets, Residents'  Investments Abroad			-50	5	-387	-432	171	-401	-143	-373	32	-148	326	210	216	-205	189		200	728		-72.5	870.7		-395	2872		-113.8	5.8
			Credit: Liabilities, Non-Residents'			1214	-736	1764	2242	722	1025	79	1826	315	226	391	932	498	-245	-124		129	4229		-96.9	228.8		5129	7237		-29.1	246.3
				Investments in the Phil.
		Financial Derivatives				421	254	220	895	56	2	4	62	-23	-11	-9	-43	29	29	30		88	-7		1357.1	78.1		1002	-191		624.6	-696.9
			Debit: Assets, Residents'  Investments Abroad			-441	-293	-249	-983	-242	-30	-35	-307	-33	-36	-41	-110	-53	-42	-46		-141	-206		31.6	-160.8		-1541	-429		-259.2	-6.5
			Credit: Liabilities, Non-Residents'			-20	-39	-29	-88	-186	-28	-31	-245	-56	-47	-50	-153	-24	-13	-16		-53	-213		75.1	-91.9		-539	-620		13.1	-67.1
				Investments in the Phil.
		Other Investment				-222	-463	334	-351	75	-1845	-920	-2690	1242	624	-37	1829	476	-1020	-966		-1510	1437		-205.1	250.0		-2722	2434		-211.8	188.8
			Debit: Assets, Residents'  Investments Abroad			300	622	-315	607	566	406	487	1459	463	101	-335	229	355	178	424		957	124		671.8	-90.8		3252	2773		17.3	41.0
			Credit: Liabilities, Non-Residents'			78	159	19	256	641	-1439	-433	-1231	1705	725	-372	2058	831	-842	-542		-553	1561		-135.4	301.3		530	5207		-89.8	771.9
				Investments in the Phil.
	NET UNCLASSIFIED ITEMS					-338	149	-934	-1123	-9	-464	7	-466	-783	761	-147	-169	-1418	809	240		-369	388					-2127	-2002
	OVERALL BOP POSITION					1606	-133	2020	3493	1084	217	222	1523	1267	2719	719	4705	208	364	-114		458	7865		-94.2	289.7		10179	14308		-28.9	122.8
	(Totals as percent of GNI)								5.1				2.1				6.5					0.6	10.5					3.4	5.4
	(Totals as percent of GDP)								6.8				2.7				8.6					0.7	13.6					4.5	7.2
	Debit: Change in Reserve Assets					1609	-130	2024	3503	1088	220	205	1513	1271	2721	723	4715	212	367	-132		447	7853		-94.3	466.6		10178	14307		-28.9	191.3
	Credit: Change in Reserve Liabilities					3	3	4	10	4	3	-17	-10	4	2	4	10	4	3	-18		-11	-12		8.3	98.1		-1	-1		0.0	99.9
		Use of Fund Credits				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0	0		0.0	0.0		0	0		0.0	0.0
		Short-term				3	3	4	10	4	3	-17	-10	4	2	4	10	4	3	-18		-11	-12		8.3	98.1		-1	-1		0.0	99.9
	Memo Items:
		Change in Banks' Net Foreign Assets (NFA)				677	490	1658	2825	705	-583	-178	-56	1086	368	583	2037	1575	-867	69		777	3284		-76.3	833.0		5583	5059		10.4	234.8
		Change in Commercial Banks' (KBs)				827	536	1640	3003	704	-699	-179	-174	1052	326	579	1957	1582	-841	95		836	3250		-74.3	892.7		5622	5032		11.7	237.5
			Net Foreign Assets (NFA)
		Change in Thrift Banks' (TBs) NFA				-150	-46	18	-178	1	116	1	118	34	42	4	80	-7	-26	-26		-59	34		-273.5	189.5		-39	27		-244.4	129.3
		OF Cash Remittances				1529	1553	1673	4755	1673	1747	1798	5218	1775	1729	1796	5300	1839	1846	1863		5548	5154		7.6	9.2		20821	19420		7.2	8.2
			of which channeled thru the banking system			1477	1501	1617	4595	1616	1688	1737	5041	1715	1670	1736	5121	1777	1783	1800		5360	4981		7.6	9.3		20117	18763		7.2	8.2
		Basic Balance				431	795	940	2166	410	660	1028	2098	475	1360	749	2584	477	252	1078		1807	3718		-51.4	5.3		8655	11616		-25.5	-3.5
		Net Unclassified Items as Percent of Total Trade				-3.6	1.7	-9.4	-4.0	-0.1	-5.1	0.1	-1.7	-7.9	8.4	-1.6	-0.6	-15.0	9.6	2.9		-1.4	1.3					-1.9	-1.8
	p -  Preliminary
	r -  Revised to reflect: a) late reports; b) post-audit adjustments; and c) final data from companies.
	1/ - Data on goods import for were adjusted to reflect preliminary adjustments on the valuation of raw materials for electronics and garments exports.
	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 Banks' 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. Starting March 2008, the
		computation of the change in banks' NFA includes the NFA of Thrift Banks.
	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.