PHILIPPINES: BALANCE OF PAYMENTS            
in million U.S. dollars            
    Q1   Growth (%)  
    2015 p 2014   2015 p  
     
Current Account   3305 1495 121.1  
(Totals as percent of GNI)   3.9 1.9  
(Totals as percent of GDP)   4.8 2.3  
Export   25368 23645 7.3  
Import   22063 22150 -0.4  
     
Goods, Services, and Primary Income   -1853 -3522 47.4  
Export   20028 18453 8.5  
Import   21881 21975 -0.4  
     
Goods and Services   -2161 -3588 39.8  
(Totals as percent of GNI)   -2.6 -4.5  
(Totals as percent of GDP)   -3.2 -5.6  
Export   17707 16276 8.8  
Import   19868 19864 -  
     
Goods   -4694 -5414 13.3  
(Totals as percent of GNI)   -5.6 -6.8  
(Totals as percent of GDP)   -6.9 -8.4  
Credit: Exports   10408 10154 2.5  
Debit: Imports   15103 15568 -3.0  
     
Services   2534 1826 38.8  
Credit: Exports   7299 6122 19.2  
Debit: Imports   4765 4296 10.9  
     
Primary Income   308 66 368.4  
Credit: Receipts   2321 2177 6.6  
Debit: Payments   2013 2111 -4.6  
     
Secondary Income   5159 5017 2.8  
Credit: Receipts   5340 5192 2.8  
Debit: Payments   181 175 3.8  
     
Capital Account   22 26 -12.9  
Credit: Receipts   29 28 4.8  
Debit: Payments   7 2 211.3  
     
Financial Account   606 4098   -85.2  
Net Acquisition of Financial Assets   288 4243 -93.2  
Net Incurrence of Liabilities   -318 145 -318.5  
     
Direct Investment   395 -487 181.2  
Net Acquisition of Financial Assets   1246 1229 1.4  
Net Incurrence of Liabilities   851 1715 -50.4  
     
Portfolio Investment   227 2811 -91.9  
Net Acquisition of Financial Assets   1559 1239 25.8  
Net Incurrence of Liabilities   1332 -1572 184.8  
     
Financial Derivatives   -22 -19 -16.0  
Net Acquisition of Financial Assets   -56 -72 22.0  
Net Incurrence of Liabilities   -34 -53 35.7  
     
Other Investment   7 1793 -99.6  
Net Acquisition of Financial Assets   -2461 1848 -233.2  
Net Incurrence of Liabilities   -2467 55 -4597.7  
     
NET UNCLASSIFIED ITEMS   -1845 -1897   2.8  
     
OVERALL BOP POSITION   877 -4475   119.6  
(Totals as percent of GNI)   1.0 -5.7  
(Totals as percent of GDP)   1.3 -7.0      
     
Debit: Change in Reserve Assets   888 -4464 119.9  
     
Credit: Change in Reserve Liabilities   11 11 -1.4  
Use of Fund Credits   0 0 --  
Short-term   11 11 -1.4  
             
             
Memo Items:    
Change in Net Foreign Assets (NFA) of Deposit-taking    
corporations, except the central bank   1311 2394 -45.3  
Change in Commercial Banks' (KBs) NFA   1239 2390 -48.2  
Change in Thrift Banks' (TBs) NFA   102 5 1969.2  
Change in Offshore Banking Units' (OBUs) NFA   -31 - -7043.5  
Personal Remittances   6414 6100 5.1  
of which: OF Cash Remittances channeled thru the banking system   5791 5492   5.5  
   
Details may not add up to total due to rounding.  
p Prelimianry  
- Rounds off to zero  
-- Infinite growth rate  
Technical Notes:  
1. Balance of Payments Statistics from 2005 onwards 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 commercial and thrift banks and offshore banking units (OBUs).