PHILIPPINES: BALANCE OF PAYMENTS                        
  in million U.S. dollars                        
          Q2 Growth Rate %   Jan-Jun   Growth Rate %  
          2011 p 2010 r   2011 p 2010 r   2011 p 2010 r   2011 p 2010 r  
   
  CURRENT ACCOUNT 2104 1752 20.1 -27.6 3086 3351 -7.9 -29.8  
  (Totals as percent of GNI) 2.8 2.6 2.2 2.6  
  (Totals as percent of GDP) 3.7 3.6 2.9 3.6  
   
  Goods and Services -2600 -2686 3.2 -39.8 -5466 -4401 -24.2 -37.6  
  (Totals as percent of GNI) -3.5 -4.0 -3.8 -3.5  
  (Totals as percent of GDP) -4.6 -5.4 -5.1 -4.7  
  Export 16008 15332 4.4 29.4 31927 30331 5.3 33.5  
  Import 18608 18018 3.3 30.8 37393 34732 7.7 34.0  
   
  Goods 1/ -3257 -3010 -8.2 -23.2 -7164 -5945 -20.5 -24.1  
  (Totals as percent of GNI) -4.4 -4.5 -5.0 -4.7  
  (Totals as percent of GDP) -5.8 -6.1 -6.7 -6.3  
  Credit: Exports 12334 12212 1.0 34.5 24355 23330 4.4 38.7  
  Debit: Imports 15591 15222 2.4 32.1 31519 29275 7.7 35.4  
   
  Services 657 324 102.8 -37.8 1698 1544 10.0 -3.0  
  Credit: Exports 3674 3120 17.8 12.5 7572 7001 8.2 18.7  
  Debit: Imports 3017 2796 7.9 24.2 5874 5457 7.6 26.7  
   
  Income 350 219 59.8 24.4 219 -278 178.8 -44.8  
  Credit: Receipts 1737 1445 20.2 1.6 3372 2903 16.2 3.3  
  Debit: Payments 1387 1226 13.1 -1.6 3153 3181 -0.9 6.0  
   
  Current Transfers 4354 4219 3.2 1.2 8333 8030 3.8 -1.7  
  Credit: Receipts 4588 4407 4.1 3.1 8784 8426 4.2 0.8  
  Debit: Payments 234 188 24.5 77.4 451 396 13.9 106.3  
   
  CAPITAL AND FINANCIAL ACCOUNT -126 -230 45.2 -59.7 2982 309 865.0 115.2  
   
  Capital Account 26 30 -13.3 30.4 49 51 -3.9 27.5  
  Credit: Receipts 46 48 -4.2 33.3 90 86 4.7 28.4  
  Debit: Payments 20 18 11.1 38.5 41 35 17.1 29.6  
   
  Financial Account -152 -260 41.5 -55.7 2933 258 1036.8 112.5  
  Direct Investment 439 18 2338.9 -98.1 838 332 152.4 -70.3  
  Debit: Assets, Residents' Investments Abroad -146 86 -269.8 16.2 -59 337 -117.5 167.5  
  Credit: Liabilities, Non-Residents' 293 104 181.7 -89.7 779 669 16.4 -46.1  
  Investments in the Phil.  
   
  Portfolio Investment 1600 -590 371.2 -46.0 4305 -662 750.3 58.3  
  Debit: Assets, Residents' Investments Abroad -371 591 -162.8 -9.9 -803 1974 -140.7 25.8  
  Credit: Liabilities, Non-Residents' 1229 1 122800.0 -99.6 3502 1312 166.9 7005.3  
  Investments in the Phil.  
   
  Financial Derivatives 70 -26 369.2 -183.9 958 -66 1551.5 -224.5  
  Debit: Assets, Residents' Investments Abroad -308 -110 -180.0 -5.8 -1282 -174 -636.8 17.9  
  Credit: Liabilities, Non-Residents' -238 -136 -75.0 -86.3 -324 -240 -35.0 -50.9  
  Investments in the Phil.  
   
  Other Investment -2261 338 -768.9 146.6 -3168 654 -584.4 139.6  
  Debit: Assets, Residents' Investments Abroad 928 206 350.5 137.7 2035 1705 19.4 513.8  
  Credit: Liabilities, Non-Residents' -1333 544 -345.0 142.7 -1133 2359 -148.0 214.2  
  Investments in the Phil.  
   
  NET UNCLASSIFIED ITEMS -455 348 -1052 -523  
                                 
  OVERALL BOP POSITION 1523 1870   -18.6 286.4   5016 3137   59.9 41.6  
  (Totals as percent of GNI) 2.1 2.8         3.5 2.5        
  (Totals as percent of GDP) 2.7 3.8         4.7 3.3        
   
  Debit: Change in Reserve Assets 1513 1858 -18.6 7246.2 5016 3137 59.9 81.7  
   
  Credit: Change in Reserve Liabilities -10 -12 16.7 97.6 0 0 0.0 100.0  
  Use of Fund Credits 0 0 0.0 0.0 0 0 0.0 0.0  
  Short-term -10 -12 16.7 97.6 0 0 0.0 100.0  
   
  Memo Items:  
   
  Change in Banks' Net Foreign Assets (NFA) -53 500 -110.6 157.5 2721 -501 643.1 80.5  
  OF Cash Remittances 5217 4887 6.8 6.8 9972 9379 6.3 6.9  
  of which channeled thru the banking system 5041 4723 6.7 6.8 9636 9062 6.3 6.9  
  Basic Balance 2198 2032 8.2 -9.2 4135 4270 -3.2 -13.0  
    Net Unclassified Items as Percent of Total Trade -1.6 1.3         -1.9 -1.0        
  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.