PHILIPPINES: BALANCE OF PAYMENTS                      
for periods indicated                      
in million U.S. dollars                      
    Q4   Growth (%)   Jan-Dec   Growth (%)  
    2017 r 2018 p   2018 p   2017 r 2018 p   2018 p  
     
Current Account -2471 -2400 2.8   -2143 -7879 -267.7  
(Totals as percent of GNI) -2.4 -2.2   -0.6 -2.0  
(Totals as percent of GDP) -2.8 -2.6   -0.7 -2.4  
Export 31808 32931 3.5   124126 128818 3.8  
Import 34278 35332 3.1   126269 136697 8.3  
     
Goods, Services, and Primary Income -9293 -9503 -2.3   -28295 -34699 -22.6  
Export 24793 25642 3.4   97229 101211 4.1  
Import 34086 35145 3.1   125525 135910 8.3  
     
Goods and Services -10150 -10818 -6.6   -31522 -38543 -22.3  
(Totals as percent of GNI) -9.8 -9.9   -8.4 -9.7  
(Totals as percent of GDP) -11.6 -11.6   -10.1 -11.6  
Export 22010 22326 1.4   86646 89142 2.9  
Import 32160 33144 3.1   118168 127686 8.1  
     
Goods -12473 -13332 -6.9   -40215 -49036 -21.9  
(Totals as percent of GNI) -12.0 -12.2   -10.7 -12.4  
(Totals as percent of GDP) -14.2 -14.3   -12.8 -14.8  
Credit: Exports 12671 12579 -0.7   51814 51674 -0.3  
Debit: Imports 25143 25911 3.1   92029 100710 9.4  
     
Services 2323 2513 8.2   8693 10493 20.7  
Credit: Exports 9340 9747 4.4   34832 37469 7.6  
Debit: Imports 7017 7233 3.1   26139 26976 3.2  
     
Primary Income 857 1315 53.6   3226 3844 19.2  
Credit: Receipts 2782 3316 19.2   10583 12068 14.0  
Debit: Payments 1926 2001 3.9   7357 8224 11.8  
     
Secondary Income 6823 7103 4.1   26153 26820 2.6  
Credit: Receipts 7015 7289 3.9   26897 27607 2.6  
Debit: Payments 193 187 -3.1   745 787 5.7  
     
Capital Account 17 20 16.9   69 65 -6.3  
Credit: Receipts 26 25 -2.3   103 103 0.0  
Debit: Payments 9 5 -41.4   34 38 12.9  
     
Financial Account -3600 -3768 -4.7   -2798 -7832 -179.9  
Net Acquisition of Financial Assets 2421 819 -66.2   6717 6038 -10.1  
Net Incurrence of Liabilities 6021 4587 -23.8   9515 13870 45.8  
     
Direct Investment -2471 -797 67.8   -6952 -5854 15.8  
Net Acquisition of Financial Assets 1228 916 -25.4   3305 3948 19.5  
Net Incurrence of Liabilities 3699 1713 -53.7   10256 9802 -4.4  
     
Portfolio Investment -1000 -1275 -27.6   2454 858 -65.0  
Net Acquisition of Financial Assets 150 1252 736.6   1658 4224 154.8  
Net Incurrence of Liabilities 1149 2528 119.9   -796 3366 522.7  
     
Financial Derivatives 41 -34 -183.6   -51 -53 -5.4  
Net Acquisition of Financial Assets -57 -1040 -1728.8   -503 -1466 -191.2  
Net Incurrence of Liabilities -98 -1006 -928.0   -453 -1413 -212.0  
     
Other Investment -170 -1661 -876.6   1750 -2783 -259.1  
Net Acquisition of Financial Assets 1100 -309 -128.1   2257 -669 -129.6  
Net Incurrence of Liabilities 1270 1352 6.5   508 2114 316.4  
     
NET UNCLASSIFIED ITEMS   -642 1443   324.6   -1588 -2324   -46.4  
     
OVERALL BOP POSITION   505 2830   461.0   -863 -2306   -167.2  
(Totals as percent of GNI) 0.5 2.6   -0.2 -0.6  
(Totals as percent of GDP) 0.6 3.0   -0.3 -0.7  
Debit: Change in Reserve Assets 494 2820 470.7   -862 -2305 -167.5  
Credit: Change in Reserve Liabilities -10 -11 -1.3   1 1 -35.8  
                       
                       
Memo Items:    
Change in Net Foreign Assets (NFA) of Deposit-taking    
corporations, except the central bank -970 -1897 -95.5   433 -484 -212.0  
Change in Commercial Banks' (KBs) NFA -1006 -1866 -85.5   400 -471 -217.8  
Change in Thrift Banks' (TBs) NFA 69 -22 -132.2   58 -26 -143.8  
Change in Offshore Banking Units' (OBUs) NFA -33 -9 73.2   -26 12 147.2  
Personal Remittances 8124 8500 4.6   31288 32213 3.0  
of which: OF Cash Remittances channeled thru the    
banking system   7279 7650   5.1   28060 28943   3.1  
   
Details may not add up to total due to rounding.  
r Revised to reflect data updates from official data sources and post-audit adjustments  
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).