MONETARY SURVEY                               
  in million pesos                              
                                         
  L E V E L S F L O W S  
              Apr-04 p/ Mar-04 p/ Dec-03   Apr-03       Apr 04 - Mar 04 Apr 04 - Dec 03 Apr 04 - Apr 03  
   
  1. NET FOREIGN ASSETS 644394 671181 662450 520664 -26787 -18056 123730  
  A. Bangko Sentral ng Pilipinas 626696 620185 625943 507013 6511 753 119683  
  Net International Reserves (BSP) 783660 763491 770817 646995 20169 12843 136665  
  Foreign Assets 919262 918333 937492 852634 929 -18230 66628  
  Foreign Liabilities 135602 154842 166675 205639 -19240 -31073 -70037  
  Medium and Long-Term Foreign Liab. 156964 143306 144874 139982 13658 12090 16982  
  B. Deposit Money Banks (DMBs) 17698 50996 36507 13651 -33298 -18809 4047  
  Foreign Assets 532485 548083 457806 414923 -15598 74679 117562  
  Foreign Liabilities 514787 497087 421299 401272 17700 93488 113515  
   
  2. NET DOMESTIC ASSETS 1860908 1837688 1811954 1792564 23220 48954 68344  
  A.  Net Domestic Credits 2333172 2341359 2313747 2176540 -8187 19425 156632  
  Public  Sector 828311 845396 807099 702175 -17085 21212 126136  
  National Government 629389 648927 619909 552283 -19538 9480 77106  
  Credits 843786 848690 807093 719715 -4904 36693 124071  
  Foreign Exchange Receivable 7463 7459 7458 7442 4 5 21  
  T-IMF Accounts -57696 -57696 -57696 -49899 0 0 -7797  
  Deposits -164164 -149526 -136946 -124975 -14638 -27218 -39189  
  Local Gov't & Others 197141 194683 183539 145222 2458 13602 51919  
  Claims on CB-BOL 1781 1786 3651 4670 -5 -1870 -2889  
  Private Sector 1504861 1495963 1506648 1474365 8898 -1787 30496  
  Other Financial Institutions 214651 215665 211393 206912 -1014 3258 7739  
  Others 1290210 1280298 1295255 1267453 9912 -5045 22757  
  B. Net Other Items -472264 -503671 -501793 -383976 31407 29529 -88288  
   
  3. TOTAL LIQUIDITY 2505302 2508869 2474404 2313228 -3567 30898 192074  
  A. M4 2431242 2435299 2401454 2247237 -4057 29788 184005  
  M3 1711304 1713226 1724974 1607831 -1922 -13670 103473  
  Narrow Money 511158 498273 510272 451902 12885 886 59256  
  Quasi-Money 1196565 1211370 1211238 1152579 -14805 -14673 43986  
  Deposit Substitutes 3581 3583 3464 3350 -2 117 231  
  FCDU Deposits - Residents 719938 722073 676480 639406 -2135 43458 80532  
  B.  Other Liabilities 74060 73570 72950 65991 490 1110 8069  
  Bills  Payable 67858 68851 69266 61211 -993 -1408 6647  
  Marginal Deposits 6202 4719 3684 4780 1483 2518 1422  
                                         
   
  Narrow Money 511158 498273 510272 451902 12885 886 59256  
  Currency in Circulation 232918 219127 238614 194677 13791 -5696 38241  
  Demand Deposits 278240 279146 271658 257225 -906 6582 21015  
  Quasi-Money 1196565 1211370 1211238 1152579 -14805 -14673 43986  
  Savings Deposits 1036885 1059841 1073232 1046016 -22956 -36347 -9131  
  Time Deposits 159680 151529 138006 106563 8151 21674 53117  
   
   p/ Preliminary