PHILIPPINES: BALANCE OF PAYMENTS                        
  in million U.S. dollars                        
          Q4 Growth Rate %   Jan-Dec   Growth Rate %  
          2010 p 2009 r   2010 2009   2010 p 2009 r   2010 2009  
   
  CURRENT ACCOUNT 2172 2682 -19.0 17.7 8465 9358 -9.5 158.0  
  (Totals as percent of GNP) 3.4 5.0 3.9 5.1  
  (Totals as percent of GDP) 3.9 5.7 4.5 5.8  
   
  Goods and Services -2783 -1650 -68.7 3.3 -8438 -6728 -25.4 42.6  
  (Totals as percent of GNP) -4.4 -3.1 -3.9 -3.6  
  (Totals as percent of GDP) -5.0 -3.5 -4.5 -4.2  
  Export 16348 13306 22.9 5.8 63927 48624 31.5 -16.1  
  Import 19131 14956 27.9 4.7 72365 55352 30.7 -20.6  
   
  Goods 1/ -3203 -2024 -58.3 8.6 -10384 -8842 -17.4 31.4  
  (Totals as percent of GNP) -5.1 -3.7 -4.8 -4.8  
  (Totals as percent of GDP) -5.7 -4.3 -5.5 -5.5  
  Credit: Exports 12939 10570 22.4 5.8 50684 37610 34.8 -22.1  
  Debit: Imports 16142 12594 28.2 3.2 61068 46452 31.5 -24.0  
   
  Services 420 374 12.3 -26.4 1946 2114 -7.9 82.2  
  Credit: Exports 3409 2736 24.6 5.8 13243 11014 20.2 13.3  
  Debit: Imports 2989 2362 26.5 13.6 11297 8900 26.9 4.0  
   
  Income 528 187 182.4 1138.9 308 -193 259.6 -283.8  
  Credit: Receipts 1614 1465 10.2 25.6 6093 5712 6.7 -4.4  
  Debit: Payments 1086 1278 -15.0 7.9 5785 5905 -2.0 0.6  
   
  Current Transfers 4427 4145 6.8 3.6 16595 16279 1.9 6.8  
  Credit: Receipts 4586 4333 5.8 4.3 17419 16910 3.0 7.2  
  Debit: Payments 159 188 -15.4 23.7 824 631 30.6 18.4  
   
  CAPITAL AND FINANCIAL ACCOUNT 5726 511 1020.5 114.7 7948 -1627 588.5 1.3  
   
  Capital Account 15 35 -57.1 600.0 98 104 -5.8 96.2  
  Credit: Receipts 34 55 -38.2 120.0 170 166 2.4 45.6  
  Debit: Payments 19 20 -5.0 0.0 72 62 16.1 1.6  
   
  Financial Account 5711 476 1099.8 113.7 7850 -1731 553.5 -1.7  
  Direct Investment 613 255 140.4 600.0 1226 1604 -23.6 24.8  
  Debit: Assets, Residents' Investments Abroad 100 94 6.4 10.6 487 359 35.7 38.6  
  Credit: Liabilities, Non-Residents' 713 349 104.3 926.5 1713 1963 -12.7 27.1  
  Investments in the Phil.  
   
  Portfolio Investment 3706 1211 206.0 157.0 4018 -625 742.9 82.8  
  Debit: Assets, Residents' Investments Abroad 880 75 1073.3 -46.0 3442 2715 26.8 444.1  
  Credit: Liabilities, Non-Residents' 4586 1286 256.6 164.8 7460 2090 256.9 147.3  
  Investments in the Phil.  
   
  Financial Derivatives -7 -32 78.1 80.8 -191 32 -696.9 128.3  
  Debit: Assets, Residents' Investments Abroad -206 -79 -160.8 60.5 -429 -403 -6.5 25.5  
  Credit: Liabilities, Non-Residents' -213 -111 -91.9 69.8 -620 -371 -67.1 43.3  
  Investments in the Phil.  
   
  Other Investment 1399 -958 246.0 15.3 2797 -2742 202.0 -464.1  
  Debit: Assets, Residents' Investments Abroad 44 1347 -96.7 320.1 2273 1967 15.6 145.7  
  Credit: Liabilities, Non-Residents' 1443 389 271.0 122.3 5070 -775 754.2 78.2  
  Investments in the Phil.  
   
  NET UNCLASSIFIED ITEMS -35 -1175 -2010 -1310  
                                 
  OVERALL BOP POSITION 7863 2018   289.6 239.1 14403 6421 124.3 7114.6  
  (Totals as percent of GNP) 12.4 3.7 6.7 3.5  
  (Totals as percent of GDP) 14.1 4.3         7.6 4.0        
   
  Debit: Change in Reserve Assets 7851 1386 466.5 261.7 14401 4911 193.2 207.5  
   
  Credit: Change in Reserve Liabilities -12 -632 98.1 -206.4 -2 -1510 99.9 -200.1  
  Use of Fund Credits 0 0 0.0 0.0 0 0 0.0 0.0  
  Short-term -12 -632 98.1 -206.4 -2 -1510 99.9 -200.1  
   
  Memo Items:  
   
  Change in Banks' Net Foreign Assets (NFA) 3284 -448 833.0 -61.2 4932 -3752 231.4 -224.9  
  OF Cash Remittances 5154 4718 9.2 9.7 19418 17955 8.1 5.6  
  of which channeled thru the banking system 4981 4558 9.3 9.7 18764 17348 8.2 5.6  
  Basic Balance 3870 3532 9.6 53.0 11605 12038 -3.6 261.1  
    Net Unclassified Items as Percent of Total Trade -0.1 -5.1         -1.8 -1.6        
  p Preliminary  
  r Revised to reflect: a) late reports; b) post-audit adjustments; and c) final data from companies.  
  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.  
  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.