1 PHILIPPINES: BALANCE OF PAYMENTS   5/19/03 9:00 AM    
  in million U.S. dollars  
                         
                Jan - Feb   Growth Rate (%)  
    ITEM           2003 2002   2003 2002  
   
  CURRENT ACCOUNT 409 1553 -73.7 342.5  
   
  Goods and Services -508 756 -167.2 534.5  
  Export 5788 5665 2.2 -8.3  
  Import 6296 4909 28.3 -22.7  
   
  Goods -266 904 -129.4 270.5  
  Credit: Exports 5291 5125 3.2 -7.9  
  Debit: Imports 5557 4221 31.7 -20.7  
   
  Services -242 -148 -63.5 64.6  
  Credit: Exports 497 540 -8.0 -11.8  
  Debit: Imports 739 688 7.4 -33.2  
   
  Income 813 730 11.4 61.9  
  Credit: Receipts 1267 1232 2.8 11.9  
  Debit: Disbursements 454 502 -9.6 -22.8  
   
  Current Transfers 104 67 55.2 -9.5  
  Credit: Receipts 114 92 23.9 1.1  
  Debit: Disbursements 10 25 -60.0 47.1  
   
  CAPITAL AND FINANCIAL ACCOUNT -208 -576 63.9 57.5  
   
  Capital Account -5 -3 -66.7 -50.0  
  Credit: Receipts 1 0 0.0 -100.0  
  Debit: Disbursements 6 3 100.0 -57.1  
   
  Financial Account -203 -573 64.6 57.7  
  Direct Investment -8 203 -103.9 -14.7  
  Debit: Assets, Residents' Investments Abroad 4 -27 114.8 -437.5  
  Credit: Liabilities, Non-Residents' Investments in the Phil. -4 176 -102.3 -28.5  
   
  Portfolio Investment 541 697 -22.4 317.1  
  Debit: Assets, Residents' Investments Abroad 318 32 893.8 -17.9  
  Credit: Liabilities, Non-Residents' Investments in the Phil. 859 729 17.8 358.5  
   
  Other Investment -736 -1473 50.0 -15.9  
  Debit: Assets, Residents' Investments Abroad 1450 2203 -34.2 -9.0  
  Credit: Liabilities, Non-Residents' Investments in the Phil. 714 730 -2.2 -36.5  
   
  NET UNCLASSIFIED ITEMS -146 -323 54.8 -293.9  
                           
  OVERALL BOP POSITION   55 654   -91.6 160.2  
   
  Debit: Change in Reserve Assets -82 426 -119.2 150.4  
   
  Credit: Change in Reserve Liabilities -137 -228 39.9 -194.2  
  Use of Fund Credits -45 -83 45.8 0.0  
  Short-term -92 -145 36.6 -159.9  
   
  Memo Items:  
  Change in Commercial Banks' Net Foreign Assets -559 -501 -11.6 23.2  
  Basic Balance 198 1717 -88.5 167.9  
    Net Unclassified Items as Percent of total Trade   -1.3 -3.5        
   
  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 components vis--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.