5 NET INTERNATIONAL RESERVES OF THE          
    BANGKO SENTRAL NG PILIPINAS             
    end of period                
    in million US dollars                
   
   
  Total  
  NIR 1 GIR Liabilities 2  
  (1) = (2) - (3) (2) (3)  
                         
   
  1995 5,952.01 7,785.74 1,833.73  
  1996 10,063.58 11,773.39 1,709.81  
  1997 6,703.13 8,799.47 2,096.34  
  1998 8,065.72 10,841.54 2,775.82  
  1999 Dec 11,909.05 15,063.99 3,154.94  
  2000 Dec 11,391.95 15,062.83 3,670.89  
  2001 Dec 11,426.48 15,692.24 4,265.76  
  2002 Dec 13,021.25 16,364.76 3,343.51  
  2003 Dec 14,064.56 17,063.06 2,998.50  
  2004 Dec 14,560.10 16,227.91 1,667.81  
   
  2005 Jan 14,145.15 15,745.60 1,600.45  
  Feb 15,265.45 16,530.40 1,264.95  
  Mar 15,386.06 16,525.61 1,139.55  
  Apr 15,581.65 16,718.76 1,137.11  
  May 16,225.55 17,281.03 1,055.48  
  Jun 16,675.02 17,723.13 1,048.11  
  Jul 16,675.50 17,668.79 993.29  
  Aug 17,079.14 17,943.64 864.50  
  Sep 17,684.58 18,542.31 857.73  
  Oct 17,243.85 18,097.87 854.02  
  Nov 17,226.01 18,058.62 832.61  
  Dec 17,658.54 18,494.35 835.81  
   
  2006 Jan 19,755.88 20,401.77 645.89  
  Feb 19,834.01 20,481.81 647.80  
  Mar 20,013.10 20,645.34 632.24  
  Apr 20,208.78 20,852.48 643.70  
  May 20,299.12 20,949.91 650.79  
  Jun 20,501.90 21,123.47 621.57  
  Jul 20,847.41 21,274.11 426.70  
  Aug 21,264.68 21,540.69 276.01  
  Sep 21,342.75 21,593.36 250.61  
  Oct 22,057.92 22,309.58 251.66  
  Nov 22,401.83 22,649.27 247.44  
  Dec 22,952.97 22,966.72 13.75  
   
  2007 Jan 23,675.82 23,694.35 18.53  
  Feb 24,519.80 24,542.16 22.36  
  Mar 24,658.95 24,684.41 25.46  
  Apr 25,060.99 25,089.60 28.61  
  May 25,576.92 25,599.28 22.36  
  Jun 26,375.73 26,382.95 7.22  
  Jul 28,007.52 28,019.00 11.48  
  Aug 30,469.09 30,485.13 16.04  
  Sep 30,879.73 30,902.16 22.43  
  Oct r 32,471.30 32,498.08 26.78  
                         
                         
  1 Inclusive of gold monetization and revaluation of reserve assets and reserve-related  
  liabilities which are excluded in the calculation of the balance of payments (BOP).  
  2 Consist of short-term liabilities and credits to the International Monetary Fund (IMF).  
  r Revised based on the final International Reserves (IR) report for end-October 2007.  
   
  Source:  Treasury Department, Bangko Sentral ng Pilipinas