P H I L I P P I N E S

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SELECTED ECONOMIC AND FINANCIAL INDICATORS

1-Aug-06

FOOTNOTES:

Based on the new National Income Accounts (NIA) concept; data as of May 2006.

Derived by dividing the peso GNP and GDP at constant 1985 prices by the peso/US$ rate in 1985 of P18.6073

Gross savings (net national savings plus depreciation) as percent of GNP at current prices; per NSCB

⁴

The 2002-2005 figures are based on the 2000 census-based population projections. In the absence of a single projection, the 2002-2004 estimates

were based from the annual geometric growth rate of 2.07%. Quarterly population estimates are based on mid-quarter estimates of population.

⁵

Data are averages for January, April, July and October rounds of Labor Force Survey. Starting with the October 2000 Labor Force Survey results, the National Statistics Office (NSO)

has shifted population projection benchmark in the Labor Force Survey (LFS) data from 1980-based Census of Population to 1995-based Census of Population. Population projection

benchmark for household population 15 years old and over are used to estimate the levels (absolute no. of Labor Force, Employed, Underemployed & Unemployed in the LFS).

Data for 1999-2001 were based on 1995 population census. All figures are based on the old definition of unemployment.

Starting April 2005, unemployment is based on the new definition. Under this new definition, the April, July and October 2005 labor force survey rounds indicated an average

of 7.8 percent. For January and April 2006 labor force surveys, the average unemployment rate under the new definition stood at 8.2 percent.

⁶

Real wages at 1994 prices starting 1998 and at 2000 prices starting first quarter of 2005.

⁷

Includes Land Bank of the Philippines (LBP) from 1983. Expanded Liquidity (M4) was obtained by adding Liquidity from FCDUs - Residents to Domestic liquidity (M3).

⁸

Includes DBP from February 7, 1996 when it started operations as an expanded commercial bank.

⁹

Derived by multiplying the nominal value by the purchasing power of the peso using CPI 2000=100

¹⁰

Peso and foreign accounts excluding transactions of local banks' foreign office and interbank loans

¹¹

Data for 1990 to present are based on average rates on promissory notes and time deposits charged by sample banks.

¹²

Averages on date of issue

¹³

Derived by deducting CPI inflation rate (2000=100) from the nominal rate

¹⁴

Beginning January 2000, the conceptual framework of the Balance of Payments, 5th Edition (BPM5) was adopted. Corresponding 1999 figures were revised accordingly

to allow comparability with 2000 figures. The new BOP series involved changes in conceptual coverage and classification of accounts.

¹⁵

In accordance with the concept under the BPM5, beginning 1999, NSO's import data have been adjusted a) to exclude goods shipped without change in ownership;

b) to include valuation adjustment in raw material imports for electronics and garments exports; and c) to include other imported goods (OFW remittances in kind, military

equipment, tuna transacted in high seas, etc.), which are not covered in NSO's import data. Exports data have been adjusted to exclude goods shipped without change

in ownership. On the other hand, addition to NSO export data pertains to tuna transacted in high seas and value of repair done by local companies on capital goods

¹⁶

Net FDI refer to non-residents' placements less non-residents' withdrawals. For latest update data indicate non-resident foreign investments (net).

¹⁷

Net foreign portfolio investments refer to non-residents' purchase less non-residents sale of equity and debt securities. For latest update, data indicate non-residents' portfiolio

investments based on report of custodian banks.

¹⁸

The sum of the current account balance, net MLT-loans, net direct investments and change in the net foreign asset (NFA) position of commercial banks

¹⁹

With the adoption of the Balance of Payments Manual 5th edition (BPM5), the balance of payments (BOP) position corresponds to the change in BSP-NIR that is purely

due to economic transactions, excluding the effects of revaluation of reserve assets and reserve-related liabilities, gold monetization and SDR allocation.

²⁰

Beginning January 2000, in compliance with the requirements of the IMF's reserves and foreign currency liquidity template under the Special Data Dissemination Standards

(SDDS), gold swaps undertaken by BSP with foreign financial institutions shall be treated as collaterized loan. Thus, gold under the swap arrangement remains part of

reserves and a liability is deemed incurred corresponding to the proceeds of the swap. Further, accrued interest payable shall form part of BSP's short-term liabilities.

²¹

Includes Reserve Position in the Fund. Figures from 1994 to 2004 were revised to reflect the reclassification of released collaterals on Brady Bonds from non-IR to

IR-eligible assets of the BSP. This is in line with the treatment of foreign investments under R.A. 7653 (New Central Bank Act), which allows investments in securities

even for maturities over 5 years to be included as part of the GIR.

²²

This refers to adequacy of reserves to cover outstanding short-term external debt based on original maturity plus principal payments on medium- and long-term loans of the

public and private sectors falling due in the next 12 months.

²³

External Debt data were revised from 1990 onwards to reflect the reclassification of offshore banking units (OBUs) from non-resident to resident entities

for statistical purposes in line with international practices

²⁴

Using a basket of major trading partners - US, Japan, European Monetary Union (EMU), and UK, and baskets for Broad (Hongkong, Taiwan, Korea, Singapore, Thailand,

Malaysia and Indonesia) and Narrow (Malaysia, Thailand and Indonesia) competitive countries. Base period is at Dec 1980 = 100.

²⁵

NG Revenues as percent of GNP

²⁶

Based on the compilation by the Department of Finance (DOF).

²⁷

Based on the compilation by the Bureau of the Treasury; foreign debt refers to foreign currency denominated debt.

²⁸

The consolidated public sector comprises the general government sector, nonfinancial public corporations, and financial public corporations, after elimination of intra-debt

holdings among these sectors. Following international standards, as recommended by the IMF's Government Finance Statistics Manual 2001, the government has made

revisions to the official debt data.

²⁹

The property sector was included starting 4 October 1994. Effective 15 November 1996, banks and financial services were included in the expanded composition of share price indices.

Small & Medium Enterprises (SME) were included starting 20 July 2001. Starting January 2006, a new sector classification was implemented by the PSE.

Per NSO foreign trade statistics.

Growth rate was computed comparing the 1999 level BPM5 concept with the 1998 level - old concept as the revised data series using the new concept is available only starting 1999.

Preliminary

^rRevised to reflect data updates.

Revised to reflect post-audit adjustments.

n.c. Not comparable

- Nil or zero

.. Not available

^**

Adjusted data reflecting correct valuation of consigned raw materials for electronics exports.

^E Estimate

^***

Not separately presented under the old format using the national presentation; transactions under this account were lodged under different accounts in the BOP.

Note: Annual percent changes were computed based on values in millions.

Sources of Basic Data: National Statistical Coordination Board (NSCB), National Statistics Office (NSO), National Wages and Productivity Commission (NWPC), Department of Labor &

Employment (DOLE), Department of Finance (DOF), Bureau of Treasury (BTr), Bangko Sentral ng Pilipinas (BSP) and Philippine Stock Exchange (PSE).