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--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.