PHILIPPINES: BALANCE OF PAYMENTS          
in million U.S. dollars          
  Jan-Mar   Growth (%)  
  2014 p 2013   2014 p  
   
Current Account 1961 1732 13.2  
(Totals as percent of GNI) 2.5 2.2  
(Totals as percent of GDP) 3.1 2.7  
Export 22982 21276 8.0  
Import 21021 19544 7.6  
   
Goods, Services, and Primary Income -3036 -2870 -5.8  
Export 17826 16546 7.7  
Import 20862 19416 7.4  
   
Goods and Services -3058 -2719 -12.5  
(Totals as percent of GNI) -3.9 -3.5  
(Totals as percent of GDP) -4.8 -4.2  
Export 15724 14638 7.4  
Import 18782 17356 8.2  
   
Goods -4072 -4158 2.1  
(Totals as percent of GNI) -5.2 -5.3  
(Totals as percent of GDP) -6.4 -6.4  
Credit: Exports 10891 10218 6.6  
Debit: Imports 14963 14377 4.1  
   
Services 1014 1439 -29.6  
Credit: Exports 4833 4419 9.4  
Debit: Imports 3819 2980 28.2  
   
Primary Income 22 -151 114.4  
Credit: Receipts 2102 1908 10.2  
Debit: Payments 2080 2060 1.0  
   
Secondary Income 4997 4603 8.6  
Credit: Receipts 5156 4730 9.0  
Debit: Payments 159 128 24.1  
   
Capital Account 26 26 0.6  
Credit: Receipts 28 31 -8.3  
Debit: Payments 2 5 -55.0  
   
Financial Account 3058 -2135   243.2  
Net Acquisition of Financial Assets 3696 735 403.0  
Net Incurrence of Liabilities 639 2869 -77.7  
   
Direct Investment -722 -970 25.6  
Net Acquisition of Financial Assets 1130 1126 0.4  
Net Incurrence of Liabilities 1852 2096 -11.6  
     
Portfolio Investment 2013 -783 357.2  
Net Acquisition of Financial Assets 865 -355 343.4  
Net Incurrence of Liabilities -1148 427 -368.6  
   
Financial Derivatives -19 49 -138.7  
Net Acquisition of Financial Assets -72 -48 -49.9  
Net Incurrence of Liabilities -53 -97 45.6  
   
Other Investment 1785 -431 514.4  
Net Acquisition of Financial Assets 1773 13 13811.7  
Net Incurrence of Liabilities -13 444 -102.8  
   
NET UNCLASSIFIED ITEMS -3404 -2356   -44.4  
   
OVERALL BOP POSITION -4475 1537   -391.2  
(Totals as percent of GNI) -5.7 2.0  
(Totals as percent of GDP) -7.0 2.4      
   
Debit: Change in Reserve Assets -4464 1547 -388.5  
   
Credit: Change in Reserve Liabilities 11 11 1.0  
Use of Fund Credits 0 0 0.0  
Short-term 11 11 1.0  
           
           
Memo Items:  
Change in Net Foreign Assets (NFA) of Deposit-taking  
corporations, except the central bank 2381 -337 807.1  
Change in Commercial Banks' (KBs) NFA 2377 -302 887.8  
Change in Thrift Banks' (TBs) NFA 5 -35 114.2  
Change in Offshore Banking Units' (OBUs) NFA 0 0 -42.4  
Personal Remittances 6085 5709 6.6  
of which: OF Cash Remittances channeled thru the banking system 5478 5167   6.0  
   
Totals may not add up due to rounding.  
p Prelimianry  
   
Technical Notes:  
1. Balance of Payments Statistics are based on the IMF's Balance of Payments and International Investment Position Manual, 6th Edition.  
2. Financial Account, including Reserve Assets, is calculated as the sum of net acquisitions of financial assets less net incurrence of liabilities.  
3. Balances in the current and capital accounts are derived by deducting debit entries from credit entries.  
4. Balances in the financial account are derived by deducting net incurrence of liabilities from net acquisition of financial assets.  
5. Negative values of Net Acquisition of Financial Assets indicate withdrawal/disposal of financial assets; negative values of Net  
Incurrence of Liabilities indicate repayment of liabilities.  
6. Overall BOP position is calculated as the change in the country's net international reserves (NIR), less non-economic transactions  
(revaluation and gold monetization/demonetization). Alternatively, it can be derived by adding the current and capital account balances  
less financial account plus net unclassified items.  
7. Net unclassified 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.  
8. Data on Deposit-taking corporations, except the central bank, consist of transactions of KBs, TBs and OBUs.