1	PHILIPPINES:  BALANCE OF PAYMENTS
	in million U.S. dollars
														2005 r/
							1999 r/	2000 r/	2001 r/	2002 r/	2003 r/	2004 r/		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec		2005 r/
	CURRENT ACCOUNT						-2874	-2225	-1744	-279	288	1628		296	375	-6	-192	184	-36	389	40	-95	126	474	400		1955
	(Totals as percent of GNP)						-3.6	-2.8	-2.3	-0.3	0.3	1.7				2.8			-0.2			1.3			3.3		1.8
	(Totals as percent of GDP)						-3.8	-2.9	-2.4	-0.4	0.4	1.9				3.0			-0.2			1.4			3.5		2.0
	Goods  and  Services						-7597	-7841	-8553	-7532	-7814	-7461		-418	-473	-839	-1137	-746	-1076	-507	-976	-966	-863	-542	-649		-9192
		(Totals as percent of GNP)					-9.5	-9.7	-11.3	-9.2	-9.1	-8.0				-7.2			-11.4			-9.5			-6.7		-8.6
		(Totals as percent of GDP)					-10.0	-10.3	-12.0	-9.8	-9.8	-8.6				-7.8			-12.3			-10.3			-7.2		-9.3
		Export					37711	40724	34385	37831	38728	42837		3627	3234	3534	3522	3588	3658	3826	3822	3924	3926	3948	4093		44702
		Import					45308	48565	42938	45363	46542	50298		4045	3707	4373	4659	4334	4734	4333	4798	4890	4789	4490	4742		53894
		Goods					-5977	-5971	-6265	-5530	-5851	-5684		-345	-335	-684	-941	-624	-976	-463	-889	-811	-668	-483	-554		-7773
		(Totals as percent of GNP)					-7.4	-7.4	-8.2	-6.8	-6.8	-6.1				-5.7			-9.7			-8.4			-5.5		-7.3
		(Totals as percent of GDP)					-7.8	-7.9	-8.8	-7.2	-7.3	-6.6				-6.1			-10.6			-9.1			-6.0		-7.9
			Credit: Exports				34243	37347	31313	34403	35339	38794		3235	2941	3185	3181	3222	3284	3439	3450	3580	3558	3550	3638		40263
			Debit:   Imports 1/				40220	43318	37578	39933	41190	44478		3580	3276	3869	4122	3846	4260	3902	4339	4391	4226	4033	4192		48036
		Services					-1620	-1870	-2288	-2002	-1963	-1777		-73	-138	-155	-196	-122	-100	-44	-87	-155	-195	-59	-95		-1419
			Credit: Exports				3468	3377	3072	3428	3389	4043		392	293	349	341	366	374	387	372	344	368	398	455		4439
			Debit:   Imports				5088	5247	5360	5430	5352	5820		465	431	504	537	488	474	431	459	499	563	457	550		5858
	Income						-1061	-27	-51	-427	-284	-71		-103	50	-91	0	-2	33	-53	-42	-147	50	47	14		-244
		Credit:   Receipts					2723	3336	3553	3306	3330	3725		316	321	337	338	318	325	354	314	369	297	318	330		3937
		Debit:     Payments					3784	3363	3604	3733	3614	3796		419	271	428	338	320	292	407	356	516	247	271	316		4181
	Current  Transfers						5784	5643	6860	7680	8386	9160		817	798	924	945	932	1007	949	1058	1018	939	969	1035		11391
		Credit:   Receipts					5969	5909	7119	7948	8626	9420		850	826	955	977	955	1028	971	1082	1042	963	994	1068		11711
		Debit:     Payments					185	266	259	268	240	260		33	28	31	32	23	21	22	24	24	24	25	33		320
	CAPITAL  AND  FINANCIAL  ACCOUNT						4185	3363	911	1056	726	-1630		135	1147	377	977	1109	161	470	464	163	-400	-1212	-1730		1661
	Capital  Account						163	138	62	27	54	17		1	10	3	2	0	2	4	5	4	2	4	3		40
		Credit:    Receipts					270	168	86	50	82	46		3	11	4	3	3	3	6	7	5	4	5	4		58
		Debit:      Payments					107	30	24	23	28	29		2	1	1	1	3	1	2	2	1	2	1	1		18
	Financial  Account						4022	3225	849	1029	672	-1647		134	1137	374	975	1109	159	466	459	159	-402	-1216	-1733		1621
		Direct Investment					1114	2115	335	1477	188	109		386	37	90	108	6	3	28	412	-131	104	205	-26		1222
			Debit: Assets, Residents'  Investments Abroad				133	125	-140	65	303	579		4	-1	23	8	5	6	17	-3	-1	31	-9	82		162
			Credit: Liabilities, Non-Residents'				1247	2240	195	1542	491	688		390	36	113	116	11	9	45	409	-132	135	196	56		1384
				Investments in the Phil.
		Portfolio Investment					3315	-553	1027	746	562	-1713		247	1203	-261	1030	932	94	210	776	604	233	-719	-773		3576
			Debit: Assets, Residents'  Investments Abroad				603	812	57	628	818	910		289	840	749	-335	-101	-12	-448	-939	93	-101	-194	204		45
			Credit: Liabilities, Non-Residents'				3918	259	1084	1374	1380	-803		536	2043	488	695	831	82	-238	-163	697	132	-913	-569		3621
				Investments in the Phil.
		Financial Derivatives					8	44	-15	-21	-64	-27		-10	-18	-14	1	-1	16	13	1	4	-5	-14	-16		-43
			Debit: Assets, Residents'  Investments Abroad				-51	-166	-83	-85	-54	-58		-4	-3	-7	-17	-8	-22	-16	-5	-9	-2	-2	-3		-98
			Credit: Liabilities, Non-Residents'				-43	-122	-98	-106	-118	-85		-14	-21	-21	-16	-9	-6	-3	-4	-5	-7	-16	-19		-141
				Investments in the Phil.
		Other Investment					-415	1619	-498	-1173	-14	-16		-489	-85	559	-164	172	46	215	-730	-318	-734	-688	-918		-3134
			Debit: Assets, Residents'  Investments Abroad				1051	-2455	-761	256	-743	859		685	324	-353	555	-193	964	-65	95	343	221	791	1428		4795
			Credit: Liabilities, Non-Residents'				636	-836	-1259	-917	-757	843		196	239	206	391	-21	1010	150	-635	25	-513	103	510		1661
				Investments in the Phil.
	NET UNCLASSIFIED ITEMS						2280	-1647	631	33	-899	-278		-708	-560	-274	-680	-542	216	-843	-212	358	-135	568	1606		-1206
	OVERALL BOP POSITION						3591	-509	-202	810	115	-280		-277	962	97	105	751	341	16	292	426	-409	-170	276		2410
	(Totals as percent of GNP)						4.5	-0.6	-0.3	1.0	0.1	-0.3				3.2			4.6			2.8			-1.0		2.3
	(Totals as percent of GDP)						4.7	-0.7	-0.3	1.1	0.1	-0.3				3.5			5.0			3.1			-1.1		2.4
	Debit: Change in Reserve Assets						3955	-90	471	-253	-355	-1637		-331	622	-21	103	682	338	-35	156	409	-414	-186	278		1601
	Credit: Change in Reserve Liabilities						364	419	673	-1063	-470	-1357		-54	-340	-118	-2	-69	-3	-51	-136	-17	-5	-16	2		-809
		Use of Fund Credits					289	304	-8	-407	-608	-471		-65	-45	-31	0	-45	0	-62	-43	-30	0	0	0		-321
		Short-term					75	115	681	-656	138	-886		11	-295	-87	-2	-24	-3	11	-93	13	-5	-16	2		-488
	Memo Items:
		Change in Commercial Banks' (KBs)					-1835	891	-337	-604	-542	-152		-801	-768	-82	497	584	-823	693	320	-308	235	-231	-806		-1490
			Net Foreign Assets (NFA)
		OFW Cash Remittances					6022	6050	7721	8607	9093	10261		905	892	1026	1030	1011	1076	1017	1119	1084	997	1030	1106		12293
			of which channeled thru the banking system				*	*	6031	6886	7579	8551		787	776	892	895	879	935	885	973	942	867	895	962		10688
		Basic Balance					-718	163	-1592	488	234	1154		622	298	138	-119	-29	10	210	253	-223	-315	1222	664		2731
		Net Unclassified Items as Percent of total Trade					3.1	-2.0	0.9	0.0	-1.2	-0.3		-10.4	-9.0	-3.9	-9.3	-7.7	2.9	-11.5	-2.7	4.5	-1.7	7.5	20.5		-1.4
*	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).
r/	Revised as of 20 September 2006; to reflect late reports, post audit adjustments and final data from companies.
1/	Data on goods import were adjusted to reflect preliminary adjustments on the valuation of raw materials for electronics exports for the 1999-2001 series, and on the valuation of raw materials for garments exports for 1999-2005.
	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 BOPcomponents 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 describedin 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.