PHILIPPINES: BALANCE OF PAYMENTS                        
  in million U.S. dollars                        
          Q3 Growth Rate %   Jan-Sep   Growth Rate %  
          2006 p/ 2005   2006 2005   2006 p/ 2005   2006 2005  
   
  CURRENT ACCOUNT 929 334 178.1 -14.4 3302 955 245.8 689.3  
  (Totals as percent of GNP) 3.0 1.3 3.6 1.3  
  (Totals as percent of GDP) 3.2 1.4 4.0 1.4  
   
  Goods and Services -1904 -2449 22.3 -27.7 -5653 -7138 20.8 -10.4  
  (Totals as percent of GNP) -6.1 -9.5 -6.2 -9.4  
  (Totals as percent of GDP) -6.6 -10.3 -6.8 -10.2  
  Export 13389 11572 15.7 5.8 38345 32735 17.1 4.6  
  Import 15293 14021 9.1 9.0 43998 39873 10.3 5.6  
   
  Goods 1/ -1668 -2163 22.9 -53.4 -5146 -6068 15.2 -17.3  
  (Totals as percent of GNP) -5.3 -8.4 -5.7 -8.0  
  (Totals as percent of GDP) -5.8 -9.1 -6.2 -8.7  
  Credit: Exports 12191 10469 16.4 4.9 34492 29517 16.9 4.3  
  Debit: Imports 13859 12632 9.7 10.9 39638 35585 11.4 6.3  
   
  Services -236 -286 17.5 43.7 -507 -1070 52.6 17.2  
  Credit: Exports 1198 1103 8.6 15.1 3853 3218 19.7 7.4  
  Debit: Imports 1434 1389 3.2 -5.3 4360 4288 1.7 0.0  
   
  Income -497 -242 -105.4 -5950.0 -647 -355 -82.3 -355.1  
  Credit: Receipts 1095 1037 5.6 6.4 3147 2992 5.2 7.9  
  Debit: Payments 1592 1279 24.5 30.6 3794 3347 13.4 17.4  
   
  Current Transfers 3330 3025 10.1 30.8 9602 8448 13.7 26.7  
  Credit: Receipts 3388 3095 9.5 30.2 9777 8686 12.6 26.8  
  Debit: Payments 58 70 -17.1 7.7 175 238 -26.5 28.6  
   
  CAPITAL AND FINANCIAL ACCOUNT 56 1097 -94.9 310.2 -710 5003 -114.2 2910.7  
   
  Capital Account 5 13 -61.5 160.0 114 31 267.7 93.8  
  Credit: Receipts 24 18 33.3 63.6 150 45 233.3 36.4  
  Debit: Payments 19 5 280.0 -16.7 36 14 157.1 -17.6  
   
  Financial Account 51 1084 -95.3 305.7 -824 4972 -116.6 2662.9  
  Direct Investment 369 309 19.4 25.1 1574 939 67.6 4368.2  
  Debit: Assets, Residents' Investments Abroad 33 13 153.8 -84.7 62 58 6.9 -89.0  
  Credit: Liabilities, Non-Residents' 402 322 24.8 -3.0 1636 997 64.1 97.0  
  Investments in the Phil.  
   
  Portfolio Investment 2159 1590 35.8 5400.0 2729 4835 -43.6 746.4  
  Debit: Assets, Residents' Investments Abroad -237 -1294 81.7 -386.9 859 136 531.6 -79.6  
  Credit: Liabilities, Non-Residents' 1922 296 549.3 -29.7 3588 4971 -27.8 6162.2  
  Investments in the Phil.  
   
  Financial Derivatives -45 18 -350.0 205.9 -80 -8 -900.0 60.0  
  Debit: Assets, Residents' Investments Abroad -24 -30 20.0 -114.3 -134 -91 -47.3 -111.6  
  Credit: Liabilities, Non-Residents' -69 -12 -475.0 61.3 -214 -99 -116.2 -57.1  
  Investments in the Phil.  
   
  Other Investment -2432 -833 -192.0 -14.6 -5047 -794 -535.6 -233.2  
  Debit: Assets, Residents' Investments Abroad 1821 373 388.2 41.8 2225 2355 -5.5 61.9  
  Credit: Liabilities, Non-Residents' -611 -460 -32.8 0.9 -2822 1561 -280.8 -23.9  
  Investments in the Phil.  
   
  NET UNCLASSIFIED ITEMS -406 -697 41.8 -511.4 27 -3245 100.8 -2626.9  
                                 
  OVERALL BOP POSITION 579 734   -21.1 398.4 2619 2713 -3.5 1641.5  
  (Totals as percent of GNP) 1.9 2.8 2.9 3.6  
  (Totals as percent of GDP) 2.0 3.1         3.2 3.9        
   
  Debit: Change in Reserve Assets 210 530 -60.4 182.7 2025 1923 5.3 252.7  
   
  Credit: Change in Reserve Liabilities -369 -204 -80.9 48.4 -594 -790 24.8 27.1  
  Use of Fund Credits -92 -135 31.9 18.7 -182 -321 43.3 24.8  
  Short-term -277 -69 -301.4 69.9 -412 -469 12.2 28.5  
   
  Memo Items:  
  Change in Commercial Banks' (KBs) -1769 692 -355.6 169.0 -3841 -701 -447.9 -3438.1  
  Net Foreign Assets (NFA)  
  OFW Cash Remittances 3469 3220 7.7 22.9 10023 9159 9.4 23.0  
  of which channeled thru the banking system 3153 2800 12.6 28.3 9113 7965 14.4 28.4  
  Basic Balance -19 240 -107.9 -54.3 2442 1160 110.5 834.2  
    Net Unclassified Items as Percent of Total Trade -1.6 -3.0         0.0 -5.0        
  p/ preliminary  
  1/ Data on goods import for 2006 were adjusted to reflect preliminary adjustments on the valuation of raw materials for electronics and garments  
  exports; data on goods for 2005 were based on NSO Final Foreign Trade Statistics released on 24 March 2006.  
  Technical Notes:  
  1. Balances in the current and capital and financial accounts excluding reserves 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. This includes assigned capital of foreign banks in local branches that are converted to pesos.  
  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.