1 PHILIPPINES: BALANCE OF PAYMENTS                    
for periods indicated                    
in million U.S. dollars                    
  Q2   Growth (%)   Jan-Jun   Growth (%)  
  2016 r 2017 p   2017 p   2016 r 2017 p   2017 p  
     
Current Account -1256 15 101.2   -424 -234 44.9  
(Totals as percent of GNI) -1.3 .   -0.2 -0.1  
(Totals as percent of GDP) -1.6 .   -0.3 -0.2  
Export 27136 30260 11.5   53515 59449 11.1  
Import 28392 30245 6.5   53939 59682 10.6  
     
Goods, Services, and Primary Income -7471 -6450 13.7   -12548 -13081 -4.2  
Export 20745 23603 13.8   41036 46209 12.6  
Import 28217 30053 6.5   53584 59290 10.6  
     
Goods and Services -8167 -7458 8.7   -13884 -14781 -6.5  
(Totals as percent of GNI) -8.8 -7.8   -7.8 -8.1  
(Totals as percent of GDP) -10.5 -9.4   -9.5 -9.8  
Export 18374 20912 13.8   36278 41078 13.2  
Import 26542 28370 6.9   50162 55858 11.4  
     
Goods -9516 -9737 -2.3   -17349 -19420 -11.9  
(Totals as percent of GNI) -10.2 -10.2   -9.8 -10.6  
(Totals as percent of GDP) -12.2 -12.3   -11.8 -12.9  
Credit: Exports 10388 12214 17.6   20327 23986 18.0  
Debit: Imports 19904 21951 10.3   37677 43406 15.2  
     
Services 1349 2279 69.0   3465 4640 33.9  
Credit: Exports 7986 8698 8.9   15950 17092 7.2  
Debit: Imports 6637 6419 -3.3   12485 12452 -0.3  
     
Primary Income 696 1008 44.8   1337 1700 27.2  
Credit: Receipts 2371 2691 13.5   4758 5132 7.9  
Debit: Payments 1675 1683 0.5   3422 3432 0.3  
     
Secondary Income 6216 6465 4.0   12124 12847 6.0  
Credit: Receipts 6390 6657 4.2   12479 13239 6.1  
Debit: Payments 175 192 9.8   355 392 10.5  
     
Capital Account 26 37 42.3   50 53 5.6  
Credit: Receipts 30 44 45.8   57 72 26.0  
Debit: Payments 4 7 69.5   7 19 170.5  
     
Financial Account -2310 -688 70.2   -1461 135 109.2  
Net Acquisition of Financial Assets 879 1187 35.1   2465 2235 -9.3  
Net Incurrence of Liabilities 3188 1875 -41.2   3926 2100 -46.5  
     
Direct Investment -2370 -2110 10.9   -3518 -3194 9.2  
Net Acquisition of Financial Assets 477 5 -98.9   666 404 -39.3  
Net Incurrence of Liabilities 2847 2116 -25.7   4184 3598 -14.0  
     
Portfolio Investment 880 -244 -127.7   2326 3031 30.3  
Net Acquisition of Financial Assets 1247 341 -72.7   1735 971 -44.0  
Net Incurrence of Liabilities 367 585 59.2   -590 -2059 -248.8  
     
Financial Derivatives 59 -6 -109.7   57 -170 -400.5  
Net Acquisition of Financial Assets -210 -90 57.0   -365 -376 -3.1  
Net Incurrence of Liabilities -270 -85 68.6   -422 -206 51.1  
     
Other Investment -879 1672 290.2   -325 468 244.0  
Net Acquisition of Financial Assets -636 931 246.5   429 1236 188.1  
Net Incurrence of Liabilities 244 -741 -404.1   754 768 1.8  
     
NET UNCLASSIFIED ITEMS -236 -451   -91.0   -454 -390   14.0  
     
OVERALL BOP POSITION 843 289   -65.8   634 -706   -211.4  
(Totals as percent of GNI) 0.9 0.3   0.4 -0.4  
(Totals as percent of GDP) 1.1 0.4   0.4 -0.5  
Debit: Change in Reserve Assets 833 278 -66.6   634 -705 -211.2  
Credit: Change in Reserve Liabilities -11 -10 4.3   . 1 104067.7  
                     
                     
Memo Items:    
Change in Net Foreign Assets (NFA) of Deposit-taking    
corporations, except the central bank -1051 -15 98.6   825 16 -98.1  
Change in Commercial Banks' (KBs) NFA -1080 -79 92.7   900 -5 -100.6  
Change in Thrift Banks' (TBs) NFA 26 32 21.1   -113 14 112.2  
Change in Offshore Banking Units' (OBUs) NFA 3 32 888.4   38 7 -81.7  
Personal Remittances 7435 7655 3.0   14569 15364 5.5  
of which: OF Cash Remittances channeled thru the    
banking system 6736 6859   1.8   13192 13813   4.7  
   
Details may not add up to total due to rounding.  
p Preliminary  
r Revised to reflect updates from various data sources and
post-audit adjustments
 
. 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).