1 PHILIPPINES: BALANCE OF PAYMENTS          
for periods indicated          
in million US dollars          
  Q1   Growth (%)  
  2016 2017 p   2017 p  
   
Current Account 730 -318 -143.7  
(Totals as percent of GNI) 0.9 -0.4  
(Totals as percent of GDP) 1.1 -0.4  
Export 26499 29065 9.7  
Import 25770 29384 14.0  
   
Goods, Services, and Primary Income -5179 -6786 -31.0  
Export 20411 22397 9.7  
Import 25590 29184 14.0  
   
Goods and Services -5820 -7464 -28.2  
(Totals as percent of GNI) -6.9 -8.6  
(Totals as percent of GDP) -8.4 -10.4  
Export 18024 19953 10.7  
Import 23844 27418 15.0  
   
Goods -7816 -9839 -25.9  
(Totals as percent of GNI) -9.2 -11.3  
(Totals as percent of GDP) -11.3 -13.8  
Credit: Exports 10183 11617 14.1  
Debit: Imports 17999 21456 19.2  
   
Services 1995 2374 19.0  
Credit: Exports 7841 8336 6.3  
Debit: Imports 5845 5962 2.0  
   
Primary Income 642 678 5.7  
Credit: Receipts 2387 2444 2.4  
Debit: Payments 1745 1766 1.2  
   
Secondary Income 5908 6468 9.5  
Credit: Receipts 6088 6668 9.5  
Debit: Payments 180 200 11.2  
   
Capital Account 24 9 -62.0  
Credit: Receipts 28 43 56.8  
Debit: Payments 3 34 965.9  
   
Financial Account 955 579   -39.4  
Net Acquisition of Financial Assets 1686 1301 -22.8  
Net Incurrence of Liabilities 730 721 -1.2  
   
Direct Investment -1049 -1142 -8.9  
Net Acquisition of Financial Assets 288 417 45.1  
Net Incurrence of Liabilities 1337 1560 16.6  
           
Portfolio Investment 1446 3205 121.7  
Net Acquisition of Financial Assets 488 564 15.5  
Net Incurrence of Liabilities -958 -2641 -175.8  
   
Financial Derivatives -3 -183 -6560.7  
Net Acquisition of Financial Assets -155 -272 -75.8  
Net Incurrence of Liabilities -152 -90 41.2  
   
Other Investment 562 -1301 -331.6  
Net Acquisition of Financial Assets 1065 592 -44.4  
Net Incurrence of Liabilities 503 1892 276.1  
   
NET UNCLASSIFIED ITEMS -8 -106   -1193.2  
   
OVERALL BOP POSITION -210 -994   -374.2  
(Totals as percent of GNI) -0.2 -1.1  
(Totals as percent of GDP) -0.3 -1.4  
Debit: Change in Reserve Assets -199 -983 -394.3  
Credit: Change in Reserve Liabilities 11 11 1.9  
           
           
Memo Items:  
Change in Net Foreign Assets (NFA) of Deposit-taking  
corporations, except the central bank 1876 12 -99.3  
Change in Commercial Banks' (KBs) NFA 1980 55 -97.2  
Change in Thrift Banks' (TBs) NFA -139 -18 87.0  
Change in Offshore Banking Units' (OBUs) NFA 35 -25 -170.6  
Personal Remittances 7134 7709 8.1  
of which: OF Cash Remittances channeled thru the  
banking system 6457 6953   7.7  
           
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).  
   
Source: Bangko Sentral ng Pilipinas