| 1 | PHILIPPINES: BALANCE OF PAYMENTS | 7/22/02 8:33 AM | |||||||||||
| in million U.S. dollars | |||||||||||||
| Jan - Apr | |||||||||||||
| Jan - Apr | Growth Rate (%) | ||||||||||||
| ITEM | 2002 | 2001 | 2002 | 2001 | |||||||||
| CURRENT ACCOUNT | 2484 | 1382 | 79.7 | -25.9 | |||||||||
| (Quarterly totals as percent of GNP) | 13.2 | 7.6 | |||||||||||
| Goods and Services | 372 | 318 | 17.0 | -1.9 | |||||||||
| (Quarterly totals as percent of GNP) | 2.0 | 1.7 | |||||||||||
| Export | 11614 | 11771 | -1.3 | -5.7 | |||||||||
| Import | 11242 | 11453 | -1.8 | -5.8 | |||||||||
| Goods | 687 | 918 | -25.2 | -3.4 | |||||||||
| (Quarterly totals as percent of GNP) | 3.6 | 5.0 | 0.0 | 0.0 | |||||||||
| Credit: Exports | 10577 | 10517 | 0.6 | -4.1 | |||||||||
| Debit: Imports | 9890 | 9599 | 3.0 | -4.2 | |||||||||
| Services | -315 | -600 | 47.5 | 4.2 | |||||||||
| Credit: Exports | 1037 | 1254 | -17.3 | -17.2 | |||||||||
| Debit: Imports | 1352 | 1854 | -27.1 | -13.4 | |||||||||
| Income | 1962 | 917 | 114.0 | -33.7 | |||||||||
| Credit: Receipts | 3136 | 2332 | 34.5 | -9.6 | |||||||||
| Debit: Disbursements | 1174 | 1415 | -17.0 | 18.4 | |||||||||
| Current Transfers | 150 | 147 | 2.0 | -7.0 | |||||||||
| Credit: Receipts | 198 | 182 | 8.8 | -15.3 | |||||||||
| Debit: Disbursements | 48 | 35 | 37.1 | -38.6 | |||||||||
| CAPITAL AND FINANCIAL ACCOUNT | -506 | -2311 | 78.1 | -440.0 | |||||||||
| Capital Account | -5 | -1 | -400.0 | -103.8 | |||||||||
| Credit: Receipts | 0 | 9 | -100.0 | -76.9 | |||||||||
| Debit: Disbursements | 5 | 10 | -50.0 | -23.1 | |||||||||
| Financial Account | -501 | -2310 | 78.3 | -408.8 | |||||||||
| Direct Investment | 1504 | 808 | 86.1 | 51.9 | |||||||||
| Debit: Assets, Residents' Investments Abroad | -1 | 25 | -104.0 | 120.8 | |||||||||
| Credit: Liabilities, Non-Residents' Investments in the Phil. | 1503 | 833 | 80.4 | 102.2 | |||||||||
| Portfolio Investment | 1691 | -884 | 291.3 | -294.7 | |||||||||
| Debit: Assets, Residents' Investments Abroad | 326 | 335 | -2.7 | 1340.7 | |||||||||
| Credit: Liabilities, Non-Residents' Investments in the Phil. | 2017 | -549 | 467.4 | -228.6 | |||||||||
| Other Investment | -3696 | -2234 | -65.4 | -55.1 | |||||||||
| Debit: Assets, Residents' Investments Abroad | 5255 | 4359 | 20.6 | 37.5 | |||||||||
| Credit: Liabilities, Non-Residents' Investments in the Phil. | 1559 | 2125 | -26.6 | 22.8 | |||||||||
| NET UNCLASSIFIED ITEMS | -87 | 174 | -150.0 | 127.4 | |||||||||
| OVERALL BOP POSITION | 1891 | -755 | 350.5 | -194.0 | |||||||||
| (Quarterly totals as percent of GNP) | 10.0 | -4.1 | |||||||||||
| Debit: Change in Reserve Assets | 1125 | -519 | 316.8 | -165.0 | |||||||||
| Credit: Change in Reserve Liabilities | -766 | 236 | -424.6 | 4820.0 | |||||||||
| Use of Fund Credits | -98 | 0 | 0.0 | 0.0 | |||||||||
| Short-term | -668 | 236 | -383.1 | 4820.0 | |||||||||
| Memo Items: | |||||||||||||
| Change in Commercial Banks' Net Foreign Assets | -525 | -474 | -10.8 | -134.5 | |||||||||
| Basic Balance | 3763 | 2875 | 30.9 | 9.3 | |||||||||
| Net Unclassified Items as Percent of total Trade | -0.4 | 0.9 | |||||||||||
| Technical Notes: | |||||||||||||
| 1. Net balances in the current and capital and financial accounts 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 componentsvis-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. | |||||||||||||
| 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. | |||||||||||||