1	PHILIPPINES:  BALANCE OF PAYMENTS
	in million U.S. dollars
							2006 p/							Q2				Growth		Jan-Jun				Growth Rate
		ITEM					Jan	Feb	Mar	Apr	May	Jun		2006	p/	2005	r/	Rate (%)		2006	p/	2005	r/	2006	2005	r/
	CURRENT ACCOUNT						387	628	385	337	535	597		1469		-44		3438.6		2869		621		362.0	330.9
	(as percent of GNP)													4.8		-0.2				4.8		1.2
	(as percent of GDP)													5.3		-0.2				5.3		1.3
	Goods  and  Services						-612	-254	-500	-565	-740	-651		-1956		-2959		33.9		-3322		-4689		29.2	-3.1
	(as percent of GNP)													-6.4		-11.4				-5.6		-9.4
	(as percent of GDP)													-7.0		-12.3				-6.1		-10.2
		Export					3778	3740	4532	4291	4225	4390		12906		10768		19.9		24956		21163		17.9	4.0
		Import					4390	3994	5032	4856	4965	5041		14862		13727		8.3		28278		25852		9.4	3.8
		Goods 1/					-731	-259	-528	-605	-722	-626		-1953		-2541		23.1		-3471		-3905		11.1	-3.7
	(as percent of GNP)													-6.4		-9.7				-5.8		-7.8
	(as percent of GDP)													-7.0		-10.6				-6.4		-8.5
			Credit: Exports				3251	3382	4060	3849	3794	3965		11608		9687		19.8		22301		19048		17.1	4.0
			Debit:   Imports *				3982	3641	4588	4454	4516	4591		13561		12228		10.9		25772		22953		12.3	4.0
		Services					119	5	28	40	-18	-25		-3		-418		99.3		149		-784		119.0	0.1
			Credit: Exports				527	358	472	442	431	425		1298		1081		20.1		2655		2115		25.5	3.7
			Debit:   Imports				408	353	444	402	449	450		1301		1499		-13.2		2506		2899		-13.6	2.7
	Income						27	-25	-197	-33	67	83		117		31		277.4		-78		-113		31.0	-52.7
		Credit:   Receipts					437	289	328	333	362	375		1070		981		9.1		2124		1955		8.6	8.8
		Debit:     Payments					410	314	525	366	295	292		953		950		0.3		2202		2068		6.5	10.5
	Current  Transfers						972	907	1082	935	1208	1165		3308		2884		14.7		6269		5423		15.6	24.5
		Credit:   Receipts					991	927	1102	953	1226	1189		3368		2960		13.8		6388		5591		14.3	24.9
		Debit:     Payments					19	20	20	18	18	24		60		76		-21.1		119		168		-29.2	40.0
	CAPITAL  AND  FINANCIAL  ACCOUNT						1063	-687	220	-643	-667	-425		-1735		2247		-177.2		-1139		3906		-129.2	1035.5
	Capital  Account						4	3	2	1	4	4		9		4		125.0		18		18		0.0	63.6
		Credit:    Receipts					6	7	5	5	6	6		17		9		88.9		35		27		29.6	22.7
		Debit:      Payments					2	4	3	4	2	2		8		5		60.0		17		9		88.9	-18.2
	Financial  Account						1059	-690	218	-644	-671	-429		-1744		2243		-177.8		-1157		3888		-129.8	1067.6
		Direct Investment					170	73	88	69	356	211		636		117		443.6		967		630		53.5	334.2
			Debit: Assets, Residents'  Investments Abroad				1	38	-7	3	-5	-1		-3		19		-115.8		29		45		-35.6	-89.8
			Credit: Liabilities, Non-Residents'				171	111	81	72	351	210		633		136		365.4		996		675		47.6	287.9
				Investments in the Phil.
		Portfolio Investment					2142	-218	-360	-292	-275	-537		-1104		2056		-153.7		460		3245		-85.8	551.9
			Debit: Assets, Residents'  Investments Abroad				-328	440	285	311	29	462		802		-448		279.0		1199		1430		-16.2	565.1
			Credit: Liabilities, Non-Residents'				1814	222	-75	19	-246	-75		-302		1608		-118.8		1659		4675		-64.5	1029.4
				Investments in the Phil.
		Financial Derivatives					-21	-37	-14	4	22	11		37		16		131.3		-35		-26		-34.6	-766.7
			Debit: Assets, Residents'  Investments Abroad				-4	-4	-14	-30	-42	-16		-88		-47		-87.2		-110		-61		-80.3	-110.3
			Credit: Liabilities, Non-Residents'				-25	-41	-28	-26	-20	-5		-51		-31		-64.5		-145		-87		-66.7	-171.9
				Investments in the Phil.
		Other Investment					-1232	-508	504	-425	-774	-114		-1313		54		-2531.5		-2549		39		-6635.9	-97.1
			Debit: Assets, Residents'  Investments Abroad				485	-263	-44	-349	162	305		118		1326		-91.1		296		1982		-85.1	66.3
			Credit: Liabilities, Non-Residents'				-747	-771	460	-774	-612	191		-1195		1380		-186.6		-2253		2021		-211.5	-19.6
				Investments in the Phil.
	NET UNCLASSIFIED ITEMS						475	166	-516	29	96	60		185		-1006		118.4		310		-2548		112.2	-50860.0
	OVERALL BOP POSITION						1925	107	89	-277	-36	232		-81		1197		-106.8		2040		1979		3.1	2727.1
	(as percent of GNP)													-0.3		4.6				3.4		3.9
	(as percent of GDP)													-0.3		5.0				3.8		4.3
	Debit: Change in Reserve Assets						1731	111	73	-273	-33	206		-100		1123		-108.9		1815		1393		30.3	325.4
	Credit: Change in Reserve Liabilities						-194	4	-16	4	3	-26		-19		-74		74.3		-225		-586		61.6	14.8
		Use of Fund Credits					-61	0	-29	0	0	0		0		-45		100.0		-90		-186		51.6	28.7
		Short-term					-133	4	13	4	3	-26		-19		-29		34.5		-135		-400		66.3	6.3
	Memo Items:
		Change in Commercial Banks' (KBs)					-376	-666	-26	-55	-624	-325		-1004		257		-490.7		-2072		-1393		-48.7	-236.0
			Net Foreign Assets (NFA)
		OFW Cash Remittances					1008	952	1135	988	1256	1215		3459		3116		11.0		6554		5939		10.4	23.0
			of which channeled thru the banking system				917	866	1032	899	1142	1104		3145		2710		16.1		5960		5165		15.4	28.4
		Basic Balance					149	219	608	207	689	721		1617		-138		1271.7		2593		920		181.8	234.7
		Net Unclassified Items as Percent of total Trade					6.6	2.4	-6.0	0.3	1.2	0.7		0.7		-4.6				0.6		-6.1
	p/	preliminary
	1/  Data on goods import for 2006 were adjusted to reflect preliminary adjustments on the valuation of raw materials for electronics and
	garments exports; data on goods for 2005 were based on NSO Final Foreign Trade Statistics released on 24 March 2006.
	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.