PHILIPPINES: BALANCE OF PAYMENTS                        
  in million U.S. dollars                        
          Q3 Growth Rate %   Jan-Sep   Growth Rate %  
          2007 p/ 2006   2007 2006   2007 p/ 2006   2007 2006  
   
  CURRENT ACCOUNT 613 1177 -47.9 220.7 4171 3815 9.3 308.5  
  (Totals as percent of GNP) 1.6 3.8 3.8 4.2  
  (Totals as percent of GDP) 1.8 4.1 4.2 4.6  
   
  Goods and Services -2491 -1563 -59.4 35.0 -5462 -4790 -14.0 32.8  
  (Totals as percent of GNP) -6.5 -5.0 -4.9 -5.3  
  (Totals as percent of GDP) -7.1 -5.4 -5.4 -5.8  
  Export 14311 13717 4.3 18.0 41941 39385 6.5 20.2  
  Import 16802 15280 10.0 9.0 47403 44175 7.3 10.8  
   
  Goods 1/ -2584 -1579 -63.6 27.0 -5539 -4937 -12.2 18.6  
  (Totals as percent of GNP) -6.7 -5.1 -5.0 -5.4  
  (Totals as percent of GDP) -7.4 -5.5 -5.5 -5.9  
  Credit: Exports 12461 12263 1.6 17.1 36572 34836 5.0 18.0  
  Debit: Imports 15045 13842 8.7 9.6 42111 39773 5.9 11.8  
   
  Services 93 16 481.3 106.7 77 147 -47.6 113.9  
  Credit: Exports 1850 1454 27.2 26.3 5369 4549 18.0 40.4  
  Debit: Imports 1757 1438 22.2 3.4 5292 4402 20.2 2.5  
   
  Income -207 -525 60.6 -105.9 -680 -827 17.8 -111.5  
  Credit: Receipts 1557 1095 42.2 5.6 4037 3220 25.4 7.6  
  Debit: Payments 1764 1620 8.9 25.4 4717 4047 16.6 19.6  
   
  Current Transfers 3311 3265 1.4 7.9 10313 9432 9.3 11.6  
  Credit: Receipts 3599 3342 7.7 8.0 10766 9657 11.5 11.2  
  Debit: Payments 288 77 274.0 10.0 453 225 101.3 -5.5  
   
  CAPITAL AND FINANCIAL ACCOUNT 2943 -514 672.6 -133.6 3152 -1036 404.2 -119.5  
   
  Capital Account 19 9 111.1 -30.8 13 124 -89.5 300.0  
  Credit: Receipts 31 28 10.7 55.6 88 160 -45.0 255.6  
  Debit: Payments 12 19 -36.8 280.0 75 36 108.3 157.1  
   
  Financial Account 2924 -523 659.1 -134.5 3139 -1160 370.6 -122.0  
  Direct Investment 502 440 14.1 5.0 -1216 1468 -182.8 18.9  
  Debit: Assets, Residents' Investments Abroad 61 62 -1.6 40.9 3123 91 3331.9 -20.9  
  Credit: Liabilities, Non-Residents' 563 502 12.2 8.4 1907 1559 22.3 15.5  
  Investments in the Phil.  
   
  Portfolio Investment 1240 1959 -36.7 23.2 2805 1951 43.8 -59.6  
  Debit: Assets, Residents' Investments Abroad -420 62 -777.4 104.8 880 1710 -48.5 1157.4  
  Credit: Liabilities, Non-Residents' 820 2021 -59.4 582.8 3685 3661 0.7 -26.4  
  Investments in the Phil.  
   
  Financial Derivatives -18 -45 60.0 -350.0 -168 -82 -104.9 -925.0  
  Debit: Assets, Residents' Investments Abroad -56 -24 -133.3 20.0 -97 -134 27.6 -47.3  
  Credit: Liabilities, Non-Residents' -74 -69 -7.2 -475.0 -265 -216 -22.7 -118.2  
  Investments in the Phil.  
   
  Other Investment 1200 -2877 141.7 -461.9 1718 -4497 138.2 -472.9  
  Debit: Assets, Residents' Investments Abroad -170 2369 -107.2 3601.6 1975 1806 9.4 -26.2  
  Credit: Liabilities, Non-Residents' 1030 -508 302.8 -13.4 3693 -2691 237.2 -262.0  
  Investments in the Phil.  
   
  NET UNCLASSIFIED ITEMS -96 -84 -14.3 92.8 -664 -160 -315.0 95.5  
                                 
  OVERALL BOP POSITION 3460 579   497.6 -21.1 6659 2619 154.3 -3.5  
  (Totals as percent of GNP) 9.0 1.9 6.0 2.9  
  (Totals as percent of GDP) 9.9 2.0         6.6 3.1        
   
  Debit: Change in Reserve Assets 3475 210 1554.8 -61.5 6668 2025 229.3 4.4  
   
  Credit: Change in Reserve Liabilities 15 -369 104.1 -95.2 9 -594 101.5 23.2  
  Use of Fund Credits 0 -92 100.0 31.9 0 -182 100.0 43.3  
  Short-term 15 -277 105.4 -413.0 9 -412 102.2 8.8  
   
  Memo Items:  
  Change in Commercial Banks' (KBs) 1690 -1876 190.1 -279.0 -1093 -3838 71.5 -439.0  
  Net Foreign Assets (NFA)  
  OFW Cash Remittances 3598 3469 3.7 7.7 10949 10023 9.2 9.4  
  of which channeled thru the banking system 3444 3153 9.2 12.6 10479 9112 15.0 14.4  
  Basic Balance 1390 199 598.5 -48.0 5696 2779 105.0 93.7  
    Net Unclassified Items as Percent of Total Trade -0.3 -0.3         -0.8 -0.2        
  p/ preliminary  
  1/ Data on goods import for 2006 and 2007 were adjusted to reflect preliminary adjustments on the valuation of raw  
  materials for electronics and garments exports.  
  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.