1 PHILIPPINES: BALANCE OF PAYMENTS                    
for periods indicated                    
in million U.S. dollars                    
  Q2   Growth (%)   Jan-Jun   Growth (%)  
  2015 2016 p   2016 p   2015 2016 p   2016 p  
     
Current Account 3206 65 -98.0   5257 778 -85.2  
(Totals as percent of GNI) 3.6 0.1   3.0 0.4  
(Totals as percent of GDP) 4.3 0.1   3.7 0.5  
Export 27130 27501 1.4   53088 53950 1.6  
Import 23924 27436 14.7   47831 53172 11.2  
     
Goods, Services, and Primary Income -2645 -6167 -133.1   -6347 -11408 -79.8  
Export 21041 21090 0.2   41061 41404 0.8  
Import 23686 27257 15.1   47408 52813 11.4  
     
Goods and Services -3232 -6905 -113.7   -7198 -12818 -78.1  
(Totals as percent of GNI) -3.6 -7.4   -4.2 -7.2  
(Totals as percent of GDP) -4.4 -8.9   -5.0 -8.7  
Export 18727 18719 .   36463 36663 0.5  
Import 21959 25624 16.7   43660 49480 13.3  
     
Goods -4196 -8579 -104.5   -9528 -16395 -72.1  
(Totals as percent of GNI) -4.7 -9.2   -5.5 -9.2  
(Totals as percent of GDP) -5.6 -11.1   -6.7 -11.2  
Credit: Exports 11234 10488 -6.6   21801 20671 -5.2  
Debit: Imports 15430 19066 23.6   31329 37065 18.3  
     
Services 964 1673 73.6   2330 3577 53.5  
Credit: Exports 7493 8231 9.9   14662 15992 9.1  
Debit: Imports 6529 6558 0.4   12331 12415 0.7  
     
Primary Income 587 738 25.8   851 1409 65.6  
Credit: Receipts 2314 2371 2.5   4598 4742 3.1  
Debit: Payments 1727 1633 -5.5   3747 3333 -11.1  
     
Secondary Income 5851 6232 6.5   11603 12187 5.0  
Credit: Receipts 6089 6411 5.3   12027 12546 4.3  
Debit: Payments 238 179 -24.8   423 359 -15.2  
     
Capital Account 28 41 44.8   52 80 54.1  
Credit: Receipts 32 45 40.4   62 87 39.4  
Debit: Payments 4 4 6.3   11 7 -32.7  
     
Financial Account 1532 -1224 -179.9   1541 -160 -110.4  
Net Acquisition of Financial Assets 1747 1974 13.0   1694 3574 110.9  
Net Incurrence of Liabilities 215 3198 1385.3   153 3734 2337.2  
     
Direct Investment -141 -1030 -632.8   103 -2149 -2177.6  
Net Acquisition of Financial Assets 1045 1817 73.9   2254 2043 -9.4  
Net Incurrence of Liabilities 1185 2847 140.2   2151 4192 94.9  
     
Portfolio Investment 3393 640 -81.1   2907 2097 -27.9  
Net Acquisition of Financial Assets 1145 1008 -12.0   2003 1507 -24.8  
Net Incurrence of Liabilities -2248 367 116.3   -904 -590 34.7  
     
Financial Derivatives -31 60 291.1   -30 62 307.6  
Net Acquisition of Financial Assets -155 -211 -35.8   -288 -362 -25.4  
Net Incurrence of Liabilities -124 -271 -118.6   -259 -423 -63.6  
     
Other Investment -1689 -895 47.0   -1439 -170 88.2  
Net Acquisition of Financial Assets -287 -640 -122.8   -2274 386 117.0  
Net Incurrence of Liabilities 1402 255 -81.8   -835 556 166.6  
     
NET UNCLASSIFIED ITEMS -896 -487   45.7   -2083 -385   81.5  
     
OVERALL BOP POSITION 807 843   4.5   1684 634   -62.4  
(Totals as percent of GNI) 0.9 0.9   1.0 0.4  
(Totals as percent of GDP) 1.1 1.1   1.2 0.4  
Debit: Change in Reserve Assets 796 833 4.6   1684 634 -62.4  
Credit: Change in Reserve Liabilities -11 -11 -0.1   . . 120.3  
                     
                     
Memo Items:    
Change in Net Foreign Assets (NFA) of Deposit-taking    
corporations, except the central bank -866 -1049 -21.1   457 834 82.4  
Change in Commercial Banks' (KBs) NFA -823 -1078 -31.1   429 908 111.7  
Change in Thrift Banks' (TBs) NFA -45 26 159.0   58 -113 -294.7  
Change in Offshore Banking Units' (OBUs) NFA 1 3 284.9   -30 38 229.7  
Personal Remittances 7038 7435 5.6   13958 14569 4.4  
of which: OF Cash Remittances channeled thru the    
banking system 6364 6736   5.8   12622 13192   4.5  
   
Details may not add up to total due to rounding.  
p Preliminary  
. Rounds off to zero  
   
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).