1	PHILIPPINES:  BALANCE OF PAYMENTS
	in million U.S. dollars
							2003																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2003
	CURRENT ACCOUNT						-22	32	-469	-459	-325	-406	265	-466	-19	47	401	429	465	-74	390	781		285
	(Totals as percent of GNI) r									-2.3				-2.2				2.0				3.3		0.3
	(Totals as percent of GDP) r									-2.5				-2.4				2.2				3.5		0.3
	Goods  and  Services						-722	-548	-945	-2215	-992	-1116	-452	-2560	-773	-609	-239	-1621	-330	-684	-404	-1418		-7814
		(Totals as percent of GNI) r								-11.3				-12.2				-7.7				-6.0		-7.6
		(Totals as percent of GDP) r								-12.0				-13.1				-8.3				-6.4		-9.3
		Export					2945	2997	3300	9242	2931	3011	3211	9153	3242	3233	3511	9986	3587	3305	3455	10347		38728
		Import					3667	3545	4245	11457	3923	4127	3663	11713	4015	3842	3750	11607	3917	3989	3859	11765		46542
		Goods					-526	-382	-719	-1627	-785	-893	-286	-1964	-634	-487	-85	-1206	-187	-550	-317	-1054		-5851
		(Totals as percent of GNI) r								-8.3				-9.3				-5.7				-4.4		-5.7
		(Totals as percent of GDP) r								-8.8				-10.1				-6.2				-4.7		-7.0
			Credit: Exports				2676	2726	3049	8451	2669	2765	2962	8396	2930	2938	3256	9124	3259	3019	3090	9368		35339
			Debit:   Imports				3202	3108	3768	10078	3454	3658	3248	10360	3564	3425	3341	10330	3446	3569	3407	10422		41190
		Services					-196	-166	-226	-588	-207	-223	-166	-596	-139	-122	-154	-415	-143	-134	-87	-364		-1963
			Credit: Exports				269	271	251	791	262	246	249	757	312	295	255	862	328	286	365	979		3389
			Debit:   Imports				465	437	477	1379	469	469	415	1353	451	417	409	1277	471	420	452	1343		5352
	Income						9	-8	-195	-194	37	-30	32	39	28	-2	-85	-59	-7	-30	-36	-73		-287
		Credit:   Receipts					287	263	284	834	290	274	318	882	296	244	299	839	268	212	295	775		3330
		Debit:     Payments					278	271	479	1028	253	304	286	843	268	246	384	898	275	242	331	848		3617
	Current  Transfers						691	588	671	1950	630	740	685	2055	726	658	725	2109	802	640	830	2272		8386
		Credit:   Receipts					710	609	690	2009	655	760	705	2120	745	674	745	2164	822	660	851	2333		8626
		Debit:     Payments					19	21	19	59	25	20	20	65	19	16	20	55	20	20	21	61		240
	CAPITAL  AND  FINANCIAL  ACCOUNT						222	531	144	897	212	-1250	-262	-1300	916	-210	-1002	-296	2374	181	-1130	1425		726
	Capital  Account						4	3	5	12	5	-5	4	4	5	7	8	20	6	6	6	18		54
		Credit:    Receipts					6	6	7	19	7	6	5	18	7	8	9	24	7	7	7	21		82
		Debit:      Payments					2	3	2	7	2	11	1	14	2	1	1	4	1	1	1	3		28
	Financial  Account						218	528	139	885	207	-1245	-266	-1304	911	-217	-1010	-316	2368	175	-1136	1407		672
		Direct Investment					236	-64	-97	75	136	5	-122	19	-51	-43	47	-47	-168	160	149	141		188
			Debit: Assets, Residents'  Investments Abroad				-1	5	48	52	7	22	32	61	16	29	32	77	9	85	19	113		303
			Credit: Liabilities, Non-Residents'				235	-59	-49	127	143	27	-90	80	-35	-14	79	30	-159	245	168	254		491
				Investments in the Phil.
		Portfolio Investment					177	281	-122	336	-57	-488	26	-519	996	-401	105	700	765	-71	-649	45		562
			Debit: Assets, Residents'  Investments Abroad				227	76	225	528	10	536	-51	495	-253	2	-55	-306	-33	59	75	101		818
			Credit: Liabilities, Non-Residents'				404	357	103	864	-47	48	-25	-24	743	-399	50	394	732	-12	-574	146		1380
				Investments in the Phil.
		Financial Derivatives					0	-18	-33	-51	-4	-4	7	-1	4	0	-13	-9	-7	3	1	-3		-64
			Debit: Assets, Residents'  Investments Abroad				-2	-4	-3	-9	-6	-1	-11	-18	-8	-4	-2	-14	-4	-6	-3	-13		-54
			Credit: Liabilities, Non-Residents'				-2	-22	-36	-60	-10	-5	-4	-19	-4	-4	-15	-23	-11	-3	-2	-16		-118
				Investments in the Phil.
		Other Investment					-195	329	391	525	132	-758	-177	-803	-38	227	-1149	-960	1778	83	-637	1224		-14
			Debit: Assets, Residents'  Investments Abroad				194	-407	-54	-267	-47	-147	557	363	-508	-299	348	-459	-844	-4	468	-380		-743
			Credit: Liabilities, Non-Residents'				-1	-78	337	258	85	-905	380	-440	-546	-72	-801	-1419	934	79	-169	844		-757
				Investments in the Phil.
	NET UNCLASSIFIED ITEMS						-64	-650	-233	-947	105	1646	-83	1668	-522	-249	473	-298	-1902	-77	660	-1319		-896
	OVERALL BOP POSITION						136	-87	-558	-509	-8	-10	-80	-98	375	-412	-128	-165	937	30	-80	887		115
	(Totals as percent of GNI) r									-2.6				-0.5				-0.8				3.7		0.1
	(Totals as percent of GDP) r									-2.8				-0.5				-0.8				4.0		0.1
	Debit: Change in Reserve Assets						66	-154	-86	-174	178	-392	-104	-318	199	-167	-161	-129	675	-202	-207	266		-355
	Credit: Change in Reserve Liabilities						-70	-67	472	335	186	-382	-24	-220	-176	245	-33	36	-262	-232	-127	-621		-470
		Use of Fund Credits					-80	-55	-44	-179	-27	-51	-21	-99	-87	-51	-46	-184	-71	-53	-22	-146		-608
		Short-term					10	-12	516	514	213	-331	-3	-121	-89	296	13	220	-191	-179	-105	-475		138
	Memo Items:
		Change in Commercial Banks' (KBs)					-543	-34	236	-341	28	-1037	-11	-1020	354	284	-1101	-463	1504	121	-343	1282		-542
			Net Foreign Assets (NFA)
		OFW Cash Remittances					749	652	745	2146	709	803	752	2264	793	704	772	2269	833	695	886	2414		9093
			of which channeled thru the banking system				624	544	621	1789	591	670	627	1888	661	587	643	1891	694	579	738	2011		7579
		Basic Balance					-28	101	-593	-520	-157	-502	39	-620	-154	294	339	479	499	42	354	895		234
		Net Unclassified Items as Percent of total Trade					-1.1	-11.2	-3.4	-5.1	1.7	25.6	-1.3	8.9	-8.0	-3.9	7.2	-1.5	-28.4	-1.2	10.2	-6.7		-1.2
	r	The National Statistical Coordination Board (NSCB) has adopted the terminology Gross National Income (GNI) in place of Gross National Product (GNP) as one of the features of the revised (based 2000)
		Philippine System of National Accounts (PSNA) for the period 1998-2010 based on the recommendation of the 1993 System of National Accounts. However, quarterly data are still based on the old PSNA (based 1985)
		since revised quarterly data prior to 2008 are not yet available.
	Technical Notes:
	1. Balances in the current and capital and financial accounts excluding reserves are derived by deducting debit entries from credit entries.
	2. Overall BOP position is determined by deducting change in reserve liabilities from change in reserve assets.
	3. Net unclassifed items is an offsetting account to the overstatement or understatement in either receipts or payments of the recorded BOP components vis-à-vis the overall BOP position.
	4. Change in KBs NFA as a BOP entry is derived by deducting foreign assets from foreign liabilities, consistent with the principle described in technical note No. 1. This includes assigned capital of
	foreign banks in local branches that are converted to pesos.
	5. Basic balance represents a BOP position that excludes transactions that are volatile and are in the short run susceptible to being reversed. It is derived using the following formula: Overall BOP
	position less (Net portfolio investments + net short-ter liabilities) less errors and omissions. In the old BOP series,  all transactions in assets and liabilities of commercial banks were deemed to be
	long-term. With the refinements in the new series on the maturity structure of KBs' transactions, short-term financial transactions of KBs are now excluded from the basic balance.
2	GOODS
	in million U.S. dollars
							2003																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2003
	GOODS						-526	-382	-719	-1627	-785	-893	-286	-1964	-634	-487	-85	-1206	-187	-550	-317	-1054		-5851
		EXPORTS					2676	2726	3049	8451	2669	2765	2962	8396	2930	2938	3256	9124	3259	3019	3090	9368		35339
		IMPORTS					3202	3108	3768	10078	3454	3658	3248	10360	3564	3425	3341	10330	3446	3569	3407	10422		41190
	General Merchandise						-1117	-574	-824	-2515	-908	-935	-478	-2321	-767	-605	-384	-1756	-465	-671	-453	-1589		-8181
		General Merchandise Exports, fob					1691	1804	2000	5495	1776	1762	1908	5446	1926	1988	2091	6005	2145	2072	2182	6399		23345
			Exports of goods in trade statistics, fob				2733	2788	3129	8650	2726	2828	3060	8614	3009	3003	3354	9366	3340	3085	3175	9600		36230
			Adjustments				-1042	-984	-1129	-3155	-950	-1066	-1152	-3168	-1083	-1015	-1263	-3361	-1195	-1013	-993	-3201		-12885
					For  Coverage		-57	-62	-80	-199	-57	-63	-98	-218	-79	-65	-98	-242	-81	-66	-85	-232		-891
					For  Classification		-985	-922	-1049	-2956	-893	-1003	-1054	-2950	-1004	-950	-1165	-3119	-1114	-947	-908	-2969		-11994
					For  Valuation		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					For  Timing		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
		General Merchandise Imports, fob					2808	2378	2824	8010	2684	2697	2386	7767	2693	2593	2475	7761	2610	2743	2635	7988		31526
			Imports of goods in trade statistics, fob				3142	3021	3694	9857	3433	3610	3175	10218	3492	3360	3265	10117	3401	3546	3330	10277		40469
			Adjustments				-334	-643	-870	-1847	-749	-913	-789	-2451	-799	-767	-790	-2356	-791	-803	-695	-2289		-8943
					For  Coverage		-21	-15	-16	-52	-28	-26	-34	-88	-37	-39	-33	-109	-27	-38	-21	-86		-335
					For  Classification		-394	-730	-944	-2068	-770	-961	-862	-2593	-871	-832	-866	-2569	-836	-826	-772	-2434		-9664
					For  Valuation		81	102	90	273	49	74	107	230	109	104	109	322	72	61	98	231		1056
					For  Timing		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
																								0
	Goods for processing:  (On consignment)						576	189	112	877	112	25	193	330	120	116	308	544	273	120	138	531		2282
		Exports					964	912	1033	2909	874	977	1032	2883	983	939	1156	3078	1103	937	892	2932		11802
		Imports					388	723	921	2032	762	952	839	2553	863	823	848	2534	830	817	754	2401		9520
																								0
		Processing Abroad:					0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Exports				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Imports				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
		Processing in the compiling economy					576	189	112	877	112	25	193	330	120	116	308	544	273	120	138	531		2282
			Exports				964	912	1033	2909	874	977	1032	2883	983	939	1156	3078	1103	937	892	2932		11802
			Imports				388	723	921	2032	762	952	839	2553	863	823	848	2534	830	817	754	2401		9520
																								0
	Repairs on goods:						0	0	-14	-14	0	0	-14	-14	0	0	-14	-14	0	0	-10	-10		-52
		Exports					0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	3		3
		Imports					0	0	14	14	0	0	14	14	0	0	14	14	0	0	13	13		55
	Goods procured in ports by  carriers						-1	0	1	0	-1	-2	0	-3	-2	-1	4	1	3	1	5	9		7
		Exports					4	4	5	13	5	4	5	14	4	4	5	13	5	6	7	18		58
		Imports					5	4	4	13	6	6	5	17	6	5	1	12	2	5	2	9		51
	Nonmonetary  Gold						16	3	6	25	12	19	13	44	15	3	1	19	2	0	3	5		93
		Exports					17	6	11	34	14	22	17	53	17	7	4	28	6	4	6	16		131
		Imports					1	3	5	9	2	3	4	9	2	4	3	9	4	4	3	11		38
		Held as a store of value  (Gold Bullion)					13	5	8	26	11	21	14	46	14	3	3	20	3	3	4	10		102
			Exports				13	5	8	26	11	21	14	46	14	3	3	20	3	3	4	10		102
			Imports				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
		Others (Industrial Gold)					3	-2	-2	-1	1	-2	-1	-2	1	0	-2	-1	-1	-3	-1	-5		-9
			Exports				4	1	3	8	3	1	3	7	3	4	1	8	3	1	2	6		29
			Imports				1	3	5	9	2	3	4	9	2	4	3	9	4	4	3	11		38
Adjustments to general merchandise exports/imports:
For classification:						a) Exports and imports on consignment are reclassified from general merchandise to goods for processing
						b) Industrial gold and gold bullion are reclassified from general merchandise to non-monetary gold
						c) Repairs on goods cover repair activity on goods provided to or received from non-residents on ships, aircrafts, etc.
3	SERVICES
	in million U.S. dollars
							2003																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2003
	SERVICES						-196	-166	-226	-588	-207	-223	-166	-596	-139	-122	-154	-415	-143	-134	-87	-364		-1963
		EXPORTS					269	271	251	791	262	246	249	757	312	295	255	862	328	286	365	979		3389
		IMPORTS					465	437	477	1379	469	469	415	1353	451	417	409	1277	471	420	452	1343		5352
	Transportation						-115	-115	-138	-368	-124	-134	-119	-377	-129	-129	-110	-368	-111	-131	-113	-355		-1468
		Exports					78	69	77	224	77	76	73	226	78	73	86	237	95	78	91	264		951
		Imports					193	184	215	592	201	210	192	603	207	202	196	605	206	209	204	619		2419
		of which: Passenger					7	-1	1	7	6	3	-2	7	0	0	8	8	10	-1	10	19		41
			Exports				26	18	20	64	25	22	17	64	19	19	27	65	32	21	31	84		277
			Imports				19	19	19	57	19	19	19	57	19	19	19	57	22	22	21	65		236
		of which: Freight					-110	-104	-129	-343	-123	-130	-107	-360	-122	-116	-107	-345	-113	-124	-112	-349		-1397
			Exports				41	42	47	130	41	42	46	129	45	45	50	140	50	46	48	144		543
			Imports				151	146	176	473	164	172	153	489	167	161	157	485	163	170	160	493		1940
		of which: Other					-12	-10	-10	-32	-7	-7	-10	-24	-7	-13	-11	-31	-8	-6	-11	-25		-112
			Exports				11	9	10	30	11	12	10	33	14	9	9	32	13	11	12	36		131
			Imports				23	19	20	62	18	19	20	57	21	22	20	63	21	17	23	61		243
	Travel						-17	-2	-15	-34	-19	-16	-3	-38	25	42	0	67	25	31	80	136		131
		Exports					142	145	122	409	108	101	104	313	139	142	98	379	132	126	185	443		1544
		Imports					159	147	137	443	127	117	107	351	114	100	98	312	107	95	105	307		1413
	Communication  services						6	20	13	39	27	23	30	80	59	44	31	134	38	34	27	99		352
		Exports					13	25	21	59	38	37	35	110	65	47	35	147	43	39	35	117		433
		Imports					7	5	8	20	11	14	5	30	6	3	4	13	5	5	8	18		81
	Construction  services						3	0	1	-833	-5	-1	-8	-833	-5	-3	-2	-833	2	3	-1	-833		-16
		Exports					5	3	3	-833	3	3	3	-833	3	3	2	-833	9	6	5	-833		48
		Imports					2	3	2	-833	8	4	11	-833	8	6	4	-833	7	3	6	-833		64
	Insurance  services						-13	-13	-16	-42	-14	-15	-13	-42	-15	-14	-14	-43	-14	-15	-14	-43		-170
		Exports					1	1	1	3	1	1	1	3	1	1	1	3	1	1	1	3		12
		Imports					14	14	17	45	15	16	14	45	16	15	15	46	15	16	15	46		182
	Financial  services						0	1	-2	-1	-1	-4	-3	-8	-3	1	-4	-6	-2	-1	2	-1		-16
		Exports					4	4	2	10	2	1	2	5	2	4	3	9	5	2	7	14		38
		Imports					4	3	4	11	3	5	5	13	5	3	7	15	7	3	5	15		54
	Computer and Information  services						0	1	-3	-2	1	-3	-4	-6	-2	0	-5	-7	-1	0	-2	-3		-18
		Exports					3	3	2	8	3	2	2	7	3	2	1	6	3	3	1	7		28
		Imports					3	2	5	10	2	5	6	13	5	2	6	13	4	3	3	10		46
	Royalties and license fees						-16	-16	-27	-59	-32	-30	-17	-79	-19	-16	-19	-54	-41	-19	-22	-82		-274
		Exports					0	0	0	0	1	0	0	1	1	0	0	1	0	1	1	2		4
		Imports					16	16	27	59	33	30	17	80	20	16	19	55	41	20	23	84		278
	Other business services						-40	-39	-35	-114	-37	-40	-26	-103	-47	-45	-28	-120	-36	-34	-41	-111		-448
		Exports					22	20	23	65	29	24	28	81	19	22	28	69	40	29	38	107		322
		Imports					62	59	58	179	66	64	54	184	66	67	56	189	76	63	79	218		770
		Merchanting and other trade-related services					0	0	0	0	1	1	0	2	0	1	1	2	1	1	2	4		8
			Exports				0	0	0	0	1	1	0	2	0	1	1	2	1	1	2	4		8
			Imports				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
		Operational leasing services					-7	-5	-5	-17	0	-7	-6	-13	-6	-5	-3	-14	-2	-4	-5	-11		-55
			Exports				0	1	0	1	7	0	0	7	0	0	1	1	2	0	0	2		11
			Imports				7	6	5	18	7	7	6	20	6	5	4	15	4	4	5	13		66
	and technical services	Misc. business, professional					-33	-34	-30	-97	-38	-34	-20	-92	-41	-41	-26	-108	-35	-31	-38	-104		-401
			and technical services
			Exports				22	19	23	64	21	23	28	72	19	21	26	66	37	28	36	101		303
			Imports				55	53	53	161	59	57	48	164	60	62	52	174	72	59	74	205		704
	Personal, cultural and recreational services						-1	-1	-1	-3	-1	0	0	-1	-1	0	0	-1	-1	0	0	-1		-6
		Exports					1	1	0	2	0	1	1	2	1	1	1	3	0	1	1	2		9
		Imports					2	2	1	5	1	1	1	3	2	1	1	4	1	1	1	3		15
		Audio-Visual and related services					-1	-1	-1	-3	-1	0	0	-1	-1	0	0	-1	-1	0	1	0		-5
			Exports				1	1	0	2	0	1	1	2	1	1	1	3	0	1	1	2		9
			Imports				2	2	1	5	1	1	1	3	2	1	1	4	1	1	0	2		14
		Other personal, cultural and					0	0	0	0	0	0	0	0	0	0	0	0	0	0	-1	-1		-1
			recreational services																					0
			Exports				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Imports				0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1		1
	Government services, n.i.e.						-3	-2	-3	-8	-2	-3	-3	-8	-2	-2	-3	-7	-2	-2	-3	-7		-30
			Exports				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Imports				3	2	3	8	2	3	3	8	2	2	3	7	2	2	3	7		30
4	INCOME
	in million U.S. dollars
							2003																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2003
	INCOME						9	-8	-195	-194	37	-30	32	39	28	-2	-85	-59	-7	-30	-36	-73		-287
		RECEIPTS					287	263	284	834	290	274	318	882	296	244	299	839	268	212	295	775		3330
		PAYMENTS					278	271	479	1028	253	304	286	843	268	246	384	898	275	242	331	848		3617
	Compensation of emp. incl. border,						223	203	233	659	221	223	217	661	223	199	196	618	205	194	221	620		2558
		seasonal, and other workers
		Receipts					223	203	233	659	221	223	217	661	223	199	196	618	205	194	221	620		2558
		Payments					0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
	Investment Income						-214	-211	-428	-853	-184	-253	-185	-622	-195	-201	-281	-677	-212	-224	-257	-693		-2845
		Receipts					64	60	51	175	69	51	101	221	73	45	103	221	63	18	74	155		772
		Payments					278	271	479	1028	253	304	286	843	268	246	384	898	275	242	331	848		3617
		Direct Investment Income					-52	-95	-182	-329	-42	-131	-99	-272	-61	-73	-88	-222	-66	-62	-96	-224		-1047
			Receipts				2	0	1	3	0	1	0	1	2	1	0	3	1	0	12	13		20
			Payments				54	95	183	332	42	132	99	273	63	74	88	225	67	62	108	237		1067
			Income on Equity				-47	-94	-180	-321	-38	-130	-88	-256	-57	-72	-76	-205	-59	-61	-85	-205		-987
				Receipts			2	0	1	3	0	1	0	1	2	1	0	3	1	0	12	13		20
				Payments			49	94	181	324	38	131	88	257	59	73	76	208	60	61	97	218		1007
				Dividends and distributed			-31	-77	-166	-274	-32	-111	-74	-217	-46	-52	-58	-156	-42	-46	-84	-172		-819
					branch profits																			0
					Receipts		2	0	1	3	0	1	0	1	2	1	0	3	1	0	12	13		20
					Payments		33	77	167	277	32	112	74	218	48	53	58	159	43	46	96	185		839
				Reinvested earnings and			-16	-17	-14	-47	-6	-19	-14	-39	-11	-20	-18	-49	-17	-15	-1	-33		-168
					undistributed branch profits
					Receipts		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Payments		16	17	14	47	6	19	14	39	11	20	18	49	17	15	1	33		168
			Income on debt (interest)				-5	-1	-2	-8	-4	-1	-11	-16	-4	-1	-12	-17	-7	-1	-11	-19		-60
				Receipts			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Payments			5	1	2	8	4	1	11	16	4	1	12	17	7	1	11	19		60
		Portfolio  Investment Income					-50	-29	-128	-207	-85	-49	10	-124	-32	-57	-107	-196	-90	-83	-66	-239		-766
			Receipts				45	24	32	101	49	32	84	165	59	32	82	173	40	6	47	93		532
			Payments				95	53	160	308	134	81	74	289	91	89	189	369	130	89	113	332		1298
			Income on Equity (dividends)				-5	-3	0	-8	-4	-4	-5	-13	-4	-12	-3	-19	-7	-2	-1	-10		-50
				Receipts			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Payments			5	3	0	8	4	4	5	13	4	12	3	19	7	2	1	10		50
				Monetary authorities			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Receipts		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Payments		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
																								0
				General government			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Receipts		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Payments		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Banks			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Receipts		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Payments		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Other sectors			-5	-3	0	-8	-4	-4	-5	-13	-4	-12	-3	-19	-7	-2	-1	-10		-50
					Receipts		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Payments		5	3	0	8	4	4	5	13	4	12	3	19	7	2	1	10		50
			Income on debt (interest)				-45	-26	-128	-199	-81	-45	15	-111	-28	-45	-104	-177	-83	-81	-65	-229		-716
				Receipts			45	24	32	101	49	32	84	165	59	32	82	173	40	6	47	93		532
				Payments			90	50	160	300	130	77	69	276	87	77	186	350	123	87	112	322		1248
				Bonds and notes			-46	-26	-128	-200	-82	-47	-3	-132	-37	-47	-104	-188	-101	-83	-68	-252		-772
					Receipts		44	24	32	100	48	30	66	144	50	30	82	162	22	4	44	70		476
					Payments		90	50	160	300	130	77	69	276	87	77	186	350	123	87	112	322		1248
					Monetary authorities		38	6	28	72	38	-11	40	67	48	14	78	140	11	-37	14	-12		267
						Receipts	38	19	28	85	43	25	61	129	48	27	78	153	15	0	35	50		417
						Payments	0	13	0	13	5	36	21	62	0	13	0	13	4	37	21	62		150
					General government		-71	-11	-101	-183	-88	-7	-17	-112	-60	-34	-124	-218	-89	-13	-55	-157		-670
						Receipts	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
						Payments	71	11	101	183	88	7	17	112	60	34	124	218	89	13	55	157		670
					Banks		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
						Receipts	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
						Payments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Other sectors		-13	-21	-55	-89	-32	-29	-26	-87	-25	-27	-58	-110	-23	-33	-27	-83		-369
					Receipts	Receipts	6	5	4	15	5	5	5	15	2	3	4	9	7	4	9	20		59
					Payments	Payments	19	26	59	104	37	34	31	102	27	30	62	119	30	37	36	103		428
				Money market instruments			1	0	0	1	1	2	18	21	9	2	0	11	18	2	3	23		56
				Receipts	Receipts		1	0	0	1	1	2	18	21	9	2	0	11	18	2	3	23		56
				Payments	Payments		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Monetary authorities	Monetary authorities		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Receipts		Receipts	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Payments		Payments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				General government	General government		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Receipts		Receipts	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Payments		Payments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Banks	Banks		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Receipts		Receipts	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Payments		Payments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Other sectors		1	0	0	1	1	2	18	21	9	2	0	11	18	2	3	23		56
				Receipts		Receipts	1	0	0	1	1	2	18	21	9	2	0	11	18	2	3	23		56
				Payments		Payments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
		Other investment Income					-112	-87	-118	-317	-57	-73	-96	-226	-102	-71	-86	-259	-56	-79	-95	-230		-1032
			Receipts				17	36	18	71	20	18	17	55	12	12	21	45	22	12	15	49		220
			Payments				129	123	136	388	77	91	113	281	114	83	107	304	78	91	110	279		1252
			Monetary authorities				6	-12	3	-3	6	-11	8	3	3	-8	-1	-6	0	-7	3	-4		-10
				Receipts			9	7	8	24	9	6	7	22	5	4	6	15	7	5	5	17		78
				Payments			3	19	5	27	3	17	-1	19	2	12	7	21	7	12	2	21		88
			General government				-38	-50	-41	-129	-22	-25	-45	-92	-33	-46	-43	-122	-22	-29	-50	-101		-444
				Receipts			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Payments			38	50	41	129	22	25	45	92	33	46	43	122	22	29	50	101		444
			Banks				-15	6	-31	-40	-1	-2	-12	-15	-17	3	-11	-25	0	-5	-16	-21		-101
				Receipts			6	27	6	39	8	9	6	23	4	6	13	23	10	4	7	21		106
				Payments			21	21	37	79	9	11	18	38	21	3	24	48	10	9	23	42		207
			Other sectors				-65	-31	-49	-145	-40	-35	-47	-122	-55	-20	-31	-106	-34	-38	-32	-104		-477
				Receipts			2	2	4	8	3	3	4	10	3	2	2	7	5	3	3	11		36
				Payments			67	33	53	153	43	38	51	132	58	22	33	113	39	41	35	115		513
5	CURRENT TRANSFERS
	in million U.S. dollars
							2003																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2003
	CURRENT TRANSFERS						691	588	671	1950	630	740	685	2055	726	658	725	2109	802	640	830	2272		8386
		RECEIPTS					710	609	690	2009	655	760	705	2120	745	674	745	2164	822	660	851	2333		8626
		PAYMENTS					19	21	19	59	25	20	20	65	19	16	20	55	20	20	21	61		240
		General government					41	40	42	123	41	43	42	126	46	48	48	142	69	47	48	164		555
			Receipts				46	46	48	140	48	50	48	146	50	54	52	156	74	51	53	178		620
			Payments				5	6	6	17	7	7	6	20	4	6	4	14	5	4	5	14		65
		Other sectors					650	548	629	1827	589	697	643	1929	680	610	677	1967	733	593	782	2108		7831
			Receipts				664	563	642	1869	607	710	657	1974	695	620	693	2008	748	609	798	2155		8006
			Payments				14	15	13	42	18	13	14	45	15	10	16	41	15	16	16	47		175
			Workers' remittances				625	538	612	1775	584	683	632	1899	670	595	667	1932	724	585	766	2075		7681
				Receipts			625	538	612	1775	584	683	632	1899	670	595	667	1932	724	585	766	2075		7681
				Payments			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Other transfers				25	10	17	52	5	14	11	30	10	15	10	35	9	8	16	33		150
				Receipts			39	25	30		23	27	25		25	25	26		24	24	32			325
				Payments			14	15	13		18	13	14		15	10	16		15	16	16			175
6	CAPITAL ACCOUNT
	in million U.S. dollars
							2003																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2003
	CAPITAL ACCOUNT						4	3	5	12	5	-5	4	4	5	7	8	20	6	6	6	18		54
		RECEIPTS					6	6	7	19	7	6	5	18	7	8	9	24	7	7	7	21		82
		PAYMENTS					2	3	2	7	2	11	1	14	2	1	1	4	1	1	1	3		28
		Capital transfers					4	3	5	12	5	-5	4	4	5	7	8	20	6	6	6	18		54
			Receipts				6	6	7	19	7	6	5	18	7	8	9	24	7	7	7	21		82
			Payments				2	3	2	7	2	11	1	14	2	1	1	4	1	1	1	3		28
			General government				3	3	3	9	3	3	3	9	3	4	4	11	4	4	4	12		41
				Receipts			3	3	3	9	3	3	3	9	3	4	4	11	4	4	4	12		41
				Payments			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Debt  forgiveness			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Receipts		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Payments		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Other			3	3	3	9	3	3	3	9	3	4	4	11	4	4	4	12		41
					Receipts		3	3	3	9	3	3	3	9	3	4	4	11	4	4	4	12		41
					Payments		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Other sectors				1	0	2	3	2	-8	1	-5	2	3	4	9	2	2	2	6		13
				Receipts			3	3	4	10	4	3	2	9	4	4	5	13	3	3	3	9		41
				Payments			2	3	2	7	2	11	1	14	2	1	1	4	1	1	1	3		28
				Migrants transfers			-2	-3	-2	-7	-2	-1	-1	-4	-2	1	1	0	-1	-1	-1	-3		-14
					Receipts		0	0	0	0	0	0	0	0	0	2	2	4	0	0	0	0		4
					Payments		2	3	2	7	2	1	1	4	2	1	1	4	1	1	1	3		18
				Debt  forgiveness			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Receipts		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Payments		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Other			3	3	4	10	4	-7	2	-1	4	2	3	9	3	3	3	9		27
					Receipts		3	3	4	10	4	3	2	9	4	2	3	9	3	3	3	9		37
					Payments		0	0	0	0	0	10	0	10	0	0	0	0	0	0	0	0		10
		Acquisition/disposal of nonproduced,					0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			nonfinancial assets
			Receipts				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Payments				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
7	DIRECT INVESTMENT
	in million U.S. dollars
							2003																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2003
	DIRECT INVESTMENT						236	-64	-97	75	136	5	-122	19	-51	-43	47	-47	-168	160	149	141		188
		ASSETS :  Residents' Investments Abroad					-1	5	48	52	7	22	32	61	16	29	32	77	9	85	19	113		303
		Equity  capital					-1	5	48	52	7	22	32	61	16	29	32	77	9	85	19	113		303
			Claims on affiliated enterprises				-1	5	48	52	7	22	32	61	16	29	32	77	9	85	19	113		303
				Placements			2	6	52	60	8	22	33	63	16	29	32	77	10	88	22	120		320
				Withdrawals			3	1	4	8	1	0	1	2	0	0	0	0	1	3	3	7		17
			Liabilities to affiliated enterprises				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
		Reinvested earnings					0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
		Other Capital					0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Claims on affiliated enterprises				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Liabilities to affiliated enterprises				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
		LIABILITIES : Non-residents' Investments					235	-59	-49	127	143	27	-90	80	-35	-14	79	30	-159	245	168	254		491
			in the Philippines
		Equity  capital					104	2	24	130	30	38	27	95	2	46	87	135	-232	100	21	-111		249
			Claims on direct investors				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Liabilities to direct investors				104	2	24	130	30	38	27	95	2	46	87	135	-232	100	21	-111	0	249
				Placements			109	21	61	191	33	40	29	102	18	55	111	184	255	154	54	463	0	940
				Withdrawals			5	19	37	61	3	2	2	7	16	9	24	49	487	54	33	574		691
		Reinvested earnings					16	17	14	47	6	19	14	39	11	20	18	49	17	15	1	33		168
			Claims				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Liabilities				16	17	14	47	6	19	14	39	11	20	18	49	17	15	1	33		168
		Other Capital					115	-78	-87	-50	107	-30	-131	-54	-48	-80	-26	-154	56	130	146	332		74
			Claims on direct investors				-84	25	48	-11	-82	30	113	61	60	67	9	136	-54	-119	-12	-185		1
			Liabilities to direct investors				31	-53	-39	-61	25	0	-18	7	12	-13	-17	-18	2	11	134	147		75
	Note:    Balance is derived by deducting assets from liabilities.
8	PORTFOLIO INVESTMENT
	in million U.S. dollars
							2003																	Jan-Dec
							Jan