PHILIPPINES: BALANCE OF PAYMENTS                        
  in million U.S. dollars                        
          Q3 Growth Rate %   Jan-Sep   Growth Rate %  
          2010 p 2009   2010 2009   2010 p 2009   2010 2009  
   
  CURRENT ACCOUNT 2660 1926 38.1 460.0 7019 6194 13.3 359.2  
  (Totals as percent of GNP) 5.0 4.3 4.6 4.7  
  (Totals as percent of GDP) 5.9 5.0 5.3 5.4  
   
  Goods and Services -1408 -1956 28.0 52.2 -4995 -5611 11.0 44.0  
  (Totals as percent of GNP) -2.7 -4.3 -3.2 -4.3  
  (Totals as percent of GDP) -3.1 -5.0 -3.7 -4.9  
  Export 17279 12466 38.6 -19.8 46945 34656 35.5 -23.7  
  Import 18687 14422 29.6 -26.6 51940 40267 29.0 -27.3  
   
  Goods 1/ -1496 -2028 26.2 51.6 -6250 -6839 8.6 35.9  
  (Totals as percent of GNP) -2.8 -4.5 -4.1 -5.2  
  (Totals as percent of GDP) -3.3 -5.2 -4.7 -6.0  
  Credit: Exports 14435 10214 41.3 -22.0 37744 27040 39.6 -29.3  
  Debit: Imports 15931 12242 30.1 -29.2 43994 33879 29.9 -30.8  
   
  Services 88 72 22.2 -28.7 1255 1228 2.2 88.3  
  Credit: Exports 2844 2252 26.3 -8.2 9201 7616 20.8 6.8  
  Debit: Imports 2756 2180 26.4 -7.3 7946 6388 24.4 -1.4  
   
  Income 32 -47 168.1 45.3 -249 -169 -47.3 -237.4  
  Credit: Receipts 1574 1438 9.5 -7.6 4477 4247 5.4 -11.6  
  Debit: Payments 1542 1485 3.8 -9.6 4726 4416 7.0 -5.7  
   
  Current Transfers 4036 3929 2.7 7.8 12263 11974 2.4 6.5  
  Credit: Receipts 4348 4167 4.3 10.0 12829 12415 3.3 6.8  
  Debit: Payments 312 238 31.1 65.3 566 441 28.3 15.7  
   
  CAPITAL AND FINANCIAL ACCOUNT 1213 864 40.4 6.0 988 -1729 157.1 -195.1  
   
  Capital Account 32 29 10.3 61.1 83 69 20.3 43.8  
  Credit: Receipts 50 44 13.6 37.5 136 111 22.5 24.7  
  Debit: Payments 18 15 20.0 7.1 53 42 26.2 2.4  
   
  Financial Account 1181 835 41.4 4.8 905 -1798 150.3 -201.6  
  Direct Investment 311 194 60.3 -65.7 755 1338 -43.6 0.1  
  Debit: Assets, Residents' Investments Abroad 50 139 -64.0 35.0 338 265 27.5 52.3  
  Credit: Liabilities, Non-Residents' 361 333 8.4 -50.1 1093 1603 -31.8 6.2  
  Investments in the Phil.  
   
  Portfolio Investment -28 52 -153.8 105.6 -1245 -1124 -10.8 25.3  
  Debit: Assets, Residents' Investments Abroad 914 771 18.5 -28.5 2480 1990 24.6 314.4  
  Credit: Liabilities, Non-Residents' 886 823 7.7 452.3 1235 866 42.6 135.6  
  Investments in the Phil.  
   
  Financial Derivatives -118 11 -1172.7 -86.4 -193 64 -401.6 18.5  
  Debit: Assets, Residents' Investments Abroad -49 -112 56.3 25.3 -216 -324 33.3 5.0  
  Credit: Liabilities, Non-Residents' -167 -101 -65.3 -46.4 -409 -260 -57.3 9.4  
  Investments in the Phil.  
   
  Other Investment 1016 578 75.8 -46.5 1588 -2076 176.5 -210.2  
  Debit: Assets, Residents' Investments Abroad 583 311 87.5 115.4 1993 826 141.3 122.4  
  Credit: Liabilities, Non-Residents' 1599 889 79.9 194.4 3581 -1250 386.5 30.9  
  Investments in the Phil.  
   
  NET UNCLASSIFIED ITEMS -617 -603 -1467 -62  
                                 
  OVERALL BOP POSITION 3256 2187   48.9 655.1 6540 4403 48.5 185.9  
  (Totals as percent of GNP) 6.2 4.9 4.2 3.4  
  (Totals as percent of GDP) 7.2 5.6         4.9 3.9        
   
  Debit: Change in Reserve Assets 3267 1799 81.6 8466.7 6550 3525 85.8 43.6  
   
  Credit: Change in Reserve Liabilities 11 -388 102.8 -193.5 10 -878 101.1 -196.1  
  Use of Fund Credits 0 0 0.0 0.0 0 0 0.0 0.0  
  Short-term 11 -388 102.8 -193.5 10 -878 101.1 -196.1  
   
  Memo Items:  
  Change in Banks' Net Foreign Assets (NFA) 2199 -729 401.6 -153.5 1687 -3296 151.2 -200.4  
  OF Cash Remittances 4885 4461 9.5 6.9 14264 13237 7.8 4.2  
  of which channeled thru the banking system 4721 4310 9.5 6.9 13783 12790 7.8 4.2  
  Basic Balance 3437 3574 -3.8 606.2 8487 7928 7.1 673.5  
    Net Unclassified Items as Percent of Total Trade -2.0 -2.7         -1.8 -0.1        
  p Preliminary  
  1/ Data on goods import for 2009 and 2010 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.  
  Starting March 2008, the computation of the change in banks' NFA includes the NFA of Thrift Banks.  
  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.