PHILIPPINES: BALANCE OF PAYMENTS                        
in million U.S. dollars                        
        Q4 Growth Rate %   Jan-Dec   Growth Rate %  
        2011 p 2010 r   2011 p 2010 r   2011 p 2010 r   2011 p 2010 r  
 
CURRENT ACCOUNT 1808 2128 -15.0 -20.7 7078 8922 -20.7 -4.7  
(Totals as percent of GNI) 2.2 2.8 2.4 3.4  
(Totals as percent of GDP) 2.9 3.7 3.1 4.5  
 
Goods and Services -3711 -2834 -30.9 -71.8 -11857 -8231 -44.1 -22.3  
(Totals as percent of GNI) -4.6 -3.8 -4 -3.1  
(Totals as percent of GDP) -5.9 -4.9 -5.3 -4.1  
Export 14739 16483 -10.6 23.9 62681 64843 -3.3 33.4  
Import 18450 19317 -4.5 29.2 74538 73074 2.0 32.0  
 
Goods 1/ -4681 -3355 -39.5 -65.8 -15450 -10966 -40.9 -24.0  
(Totals as percent of GNI) -5.8 -4.5 -5.2 -4.1  
(Totals as percent of GDP) -7.4 -5.8 -6.9 -5.5  
Credit: Exports 10647 12951 -17.8 22.5 47231 50748 -6.9 34.9  
Debit: Imports 15328 16306 -6.0 29.5 62681 61714 1.6 32.9  
 
Services 970 521 86.2 39.3 3593 2735 31.4 29.4  
Credit: Exports 4092 3532 15.9 29.1 15450 14095 9.6 28.0  
Debit: Imports 3122 3011 3.7 27.5 11857 11360 4.4 27.6  
 
Income 752 516 45.7 175.9 1293 505 156.0 361.7  
Credit: Receipts 1839 1614 13.9 10.2 6987 6093 14.7 6.7  
Debit: Payments 1087 1098 -1.0 -14.1 5694 5588 1.9 -5.4  
 
Current Transfers 4767 4446 7.2 7.3 17642 16648 6.0 2.3  
Credit: Receipts 4987 4604 8.3 6.3 18503 17478 5.9 3.4  
Debit: Payments 220 158 39.2 -16.0 861 830 3.7 31.5  
 
CAPITAL AND FINANCIAL ACCOUNT -981 5349 -118.3 946.8 5228 7388 -29.2 554.1  
 
Capital Account 51 15 240.0 -57.1 171 98 74.5 -5.8  
Credit: Receipts 83 34 144.1 -38.2 270 170 58.8 2.4  
Debit: Payments 32 19 68.4 -5.0 99 72 37.5 16.1  
 
Financial Account -1032 5334 -119.3 1020.6 5057 7290 -30.6 521.1  
Direct Investment 461 403 14.4 58.0 1253 682 83.7 -57.5  
Debit: Assets, Residents' Investments Abroad 19 155 -87.7 64.9 9 616 -98.5 71.6  
Credit: Liabilities, Non-Residents' 480 558 -14.0 59.9 1262 1298 -2.8 -33.9  
Investments in the Phil.  
 
Portfolio Investment -71 3501 -102.0 189.1 5524 4365 26.6 798.4  
Debit: Assets, Residents' Investments Abroad 200 728 -72.5 870.7 -395 2872 -113.8 5.8  
Credit: Liabilities, Non-Residents' 129 4229 -96.9 228.8 5129 7237 -29.1 246.3  
Investments in the Phil.  
 
Financial Derivatives 88 -7 1357.1 78.1 1002 -191 624.6 -696.9  
Debit: Assets, Residents' Investments Abroad -141 -206 31.6 -160.8 -1541 -429 -259.2 -6.5  
Credit: Liabilities, Non-Residents' -53 -213 75.1 -91.9 -539 -620 13.1 -67.1  
Investments in the Phil.  
 
Other Investment -1510 1437 -205.1 250.0 -2722 2434 -211.8 188.8  
Debit: Assets, Residents' Investments Abroad 957 124 671.8 -90.8 3252 2773 17.3 41.0  
Credit: Liabilities, Non-Residents' -553 1561 -135.4 301.3 530 5207 -89.8 771.9  
Investments in the Phil.  
 
NET UNCLASSIFIED ITEMS -369 388 -2127 -2002  
                               
OVERALL BOP POSITION 458 7865   -94.2 289.7   10179 14308   -28.9 122.8  
(Totals as percent of GNI) 0.6 10.5         3.4 5.4        
(Totals as percent of GDP) 0.7 13.6         4.5 7.2        
 
Debit: Change in Reserve Assets 447 7853 -94.3 466.6 10178 14307 -28.9 191.3  
 
Credit: Change in Reserve Liabilities -11 -12 8.3 98.1 -1 -1 0.0 99.9  
Use of Fund Credits 0 0 0.0 0.0 0 0 0.0 0.0  
Short-term -11 -12 8.3 98.1 -1 -1 0.0 99.9  
 
Memo Items:  
 
Change in Banks' Net Foreign Assets (NFA) 777 3284 -76.3 833.0 5583 5059 10.4 234.8  
OF Cash Remittances 5548 5154 7.6 9.2 20821 19420 7.2 8.2  
of which channeled thru the banking system 5360 4981 7.6 9.3 20117 18763 7.2 8.2  
Basic Balance 1807 3718 -51.4 5.3 8655 11616 -25.5 -3.5  
  Net Unclassified Items as Percent of Total Trade -1.4 1.3         -1.9 -1.8        
p Preliminary  
r Revised to reflect: a) late reports; b) post-audit adjustments; and c) final data from companies.  
1/ Data on goods import 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.