1	PHILIPPINES:  BALANCE OF PAYMENTS
	in million U.S. dollars
							2004																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2004
	CURRENT ACCOUNT						-220	179	-231	-397	-366	229	139	-1329	-198	355	232	-790	236	480	790	766		1625
	(Totals as percent of GNI) r									-1.3				0.0				1.7				5.7		1.4
	(Totals as percent of GDP) r									-1.4				0.0				1.8				6.1		1.8
	Goods  and  Services						-887	-535	-812	-1790	-1079	-559	-678	-3297	-921	-478	-519	-2579	-579	-242	-172	-887		-7461
		(Totals as percent of GNI) r								-10.5				-10.2				-8.3				-3.7		-6.6
		(Totals as percent of GDP) r								-11.3				-11.1				-9.0				-4.0		-8.2
		Export					3089	3238	3645	9265	3239	3512	3628	8057	3366	3697	3879	8468	3975	3939	3630	8595		42837
		Import					3976	3773	4457	11055	4318	4071	4306	11354	4287	4175	4398	11047	4554	4181	3802	9482		50298
		Goods					-769	-430	-690	-1279	-891	-412	-573	-2794	-760	-343	-307	-1921	-352	-68	-89	-271		-5684
		(Totals as percent of GNI) r								-8.9				-8.3				-6.1				-1.9		-5.1
		(Totals as percent of GDP) r								-9.5				-9.0				-6.6				-2.1		-6.2
			Credit: Exports				2767	2918	3272	8365	2914	3195	3246	7187	3042	3350	3592	7766	3658	3617	3223	7995		38794
			Debit:   Imports				3536	3348	3962	9644	3805	3607	3819	9981	3802	3693	3899	9687	4010	3685	3312	8266		44478
		Services					-118	-105	-122	-511	-188	-147	-105	-503	-161	-135	-212	-658	-227	-174	-83	-616		-1777
			Credit: Exports				322	320	373	900	325	317	382	870	324	347	287	702	317	322	407	600		4043
			Debit:   Imports				440	425	495	1411	513	464	487	1373	485	482	499	1360	544	496	490	1216		5820
	Income						-20	49	-208	-192	10	45	49	225	-18	44	-31	61	29	-55	32	-151		-74
		Credit:   Receipts					257	322	321	811	299	313	285	916	303	343	329	907	312	300	341	919		3725
		Debit:     Payments					277	273	529	1003	289	268	236	691	321	299	360	846	283	355	309	1070		3799
	Current  Transfers						687	665	789	1585	703	743	768	1743	741	789	782	1728	786	777	930	1804		9160
		Credit:   Receipts					705	681	810	1664	726	761	792	1801	760	812	805	1786	806	804	958	1868		9420
		Debit:     Payments					18	16	21	79	23	18	24	58	19	23	23	58	20	27	28	64		260
	CAPITAL  AND  FINANCIAL  ACCOUNT						-945	-623	658	-418	1051	455	-253	-165	-203	-788	468	-21	214	-897	-767	1515		-1630
	Capital  Account						3	3	0	10	2	1	2	20	2	2	1	14	2	0	-1	18		17
		Credit:    Receipts					4	4	3	19	4	3	4	23	3	4	4	20	5	4	4	24		46
		Debit:      Payments					1	1	3	9	2	2	2	3	1	2	3	6	3	4	5	6		29
	Financial  Account						-948	-626	658	-428	1049	454	-255	-185	-205	-790	467	-35	212	-897	-766	1497		-1647
		Direct Investment					33	-10	-180	-19	-1	-54	-57	125	68	253	-74	-225	17	69	45	454		109
			Debit: Assets, Residents'  Investments Abroad				15	7	111	9	93	195	22	-165	3	60	22	10	27	5	19	6		579
			Credit: Liabilities, Non-Residents'				48	-3	-69	-10	92	141	-35	-40	71	313	-52	-215	44	74	64	460		688
				Investments in the Phil.
		Portfolio Investment					-189	117	-294	-231	-177	294	-469	10	-8	-487	465	312	-145	-520	-300	936		-1713
			Debit: Assets, Residents'  Investments Abroad				-38	-141	482	140	176	-208	-56	198	118	276	57	-183	-18	303	-41	-98		910
			Credit: Liabilities, Non-Residents'				-227	-24	188	-91	-1	86	-525	208	110	-211	522	129	-163	-217	-341	838		-803
				Investments in the Phil.
		Financial Derivatives					-1	0	-1	-5	-4	0	3	1	-7	-1	-9	-6	1	-3	-5	-5		-27
			Debit: Assets, Residents'  Investments Abroad				-3	-6	-4	-26	-1	-9	-6	-25	-3	-5	-6	-18	-3	-4	-8	-14		-58
			Credit: Liabilities, Non-Residents'				-4	-6	-5	-31	-5	-9	-3	-24	-10	-6	-15	-24	-2	-7	-13	-19		-85
				Investments in the Phil.
		Other Investment					-791	-733	1133	-173	1231	214	268	-321	-258	-555	85	-116	339	-443	-506	112		-16
			Debit: Assets, Residents'  Investments Abroad				-10	1493	57	-469	-505	104	54	191	-190	300	154	-373	117	71	-786	-110		859
			Credit: Liabilities, Non-Residents'				-801	760	1190	-642	726	318	322	-130	-448	-255	239	-489	456	-372	-1292	2		843
				Investments in the Phil.
	NET UNCLASSIFIED ITEMS						570	218	16	304	28	-543	-292	1398	238	306	-656	104	-456	142	154	-1169		-275
	OVERALL BOP POSITION						-595	-226	443	-511	713	141	-406	-96	-163	-127	44	-707	-6	-275	177	1112		-280
	(Totals as percent of GNI) r									-1.8				2.0				-1.1				-0.4		-0.2
	(Totals as percent of GDP) r									-1.9				2.1				-1.1				-0.4		-0.3
	Debit: Change in Reserve Assets						-677	-269	327	-249	398	15	-412	-174	-242	-175	-224	-315	-205	-347	174	1209		-1637
	Credit: Change in Reserve Liabilities						-82	-43	-116	262	-315	-126	-6	-78	-79	-48	-268	392	-199	-72	-3	97		-1357
		Use of Fund Credits					-93	-62	-30	0	-72	0	-4	-4	-92	-44	-30	0	0	-44	0	-4		-471
		Short-term					11	19	-86	262	-243	-126	-2	-74	13	-4	-238	392	-199	-28	-3	101		-886
	Memo Items:
		Change in Commercial Banks' (KBs)					-453	-225	429	-249	656	348	268	1272	-517	-660	175	-1002	311	-507	23	-173		-152
			Net Foreign Assets (NFA)
		OFW Cash Remittances					749	731	869	2349	796	832	850	2478	845	892	882	2619	890	882	1043	2815		10261
			of which channeled thru the banking system				624	609	724	1957	664	693	708	2065	704	744	735	2183	742	735	869	2346		8551
		Basic Balance					-421	26	-452	-847	-225	305	84	164	-209	577	157	525	248	334	730	1312		1154
		Net Unclassified Items as Percent of total Trade					9.0	3.5	0.2	1.7	0.4	-8.0	-4.1	8.1	3.5	4.3	-8.8	0.6	-5.9	1.9	2.4	-7.2		-0.3
	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
							2004																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2004
	GOODS						-769	-430	-690	-1279	-891	-412	-573	-2794	-760	-343	-307	-1921	-352	-68	-89	-271		-5684
		EXPORTS					2767	2918	3272	8365	2914	3195	3246	7187	3042	3350	3592	7766	3658	3617	3223	7995		38794
		IMPORTS					3536	3348	3962	9644	3805	3607	3819	9981	3802	3693	3899	9687	4010	3685	3312	8266		44478
	General Merchandise						-871	-563	-843	-1825	-977	-642	-811	-3212	-846	-616	-592	-2411	-715	-436	-490	-771		-8402
		General Merchandise Exports, fob					1959	2075	2344	4985	2118	2301	2298	4576	1883	1991	2215	4900	2212	2271	1975	4878		25642
			Exports of goods in trade statistics, fob				2849	3005	3362	8564	2982	3268	3318	7424	3109	3430	3641	7946	3753	3686	3278	8216		39681
			Adjustments				-890	-930	-1018	-3579	-864	-967	-1020	-2848	-1226	-1439	-1426	-3046	-1541	-1415	-1303	-3338		-14039
					For  Coverage		-82	-87	-90	-199	-68	-73	-72	-237	-67	-80	-49	-180	-95	-69	-55	-221		-887
					For  Classification		-808	-843	-928	-3380	-796	-894	-948	-2611	-1159	-1359	-1377	-2866	-1446	-1346	-1248	-3117		-13152
					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					2830	2638	3187	6810	3095	2943	3109	7788	2729	2607	2807	7311	2927	2707	2465	5649		34044
			Imports of goods in trade statistics, fob				3481	3314	3922	8550	3765	3584	3778	8902	3761	3688	3817	8518	4008	3658	3265	7087		44041
			Adjustments				-651	-676	-735	-1740	-670	-641	-669	-1114	-1032	-1081	-1010	-1207	-1081	-951	-800	-1438		-9997
					For  Coverage		-45	-59	-46	-150	-50	-67	-44	-136	-40	-77	-10	-97	-55	-42	-8	-51		-543
					For  Classification		-706	-710	-775	-2834	-710	-664	-710	-2193	-1073	-1086	-1092	-2376	-1083	-978	-847	-2617		-10434
					For  Valuation		100	93	86	1244	90	90	85	1215	81	82	92	1266	57	69	55	1230		980
					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)						91	126	156	507	75	219	250	406	86	278	302	453	357	369	408	471		2717
		Exports					794	832	915	3340	783	879	935	2573	1144	1349	1362	2828	1429	1338	1232	3060		12992
		Imports					703	706	759	2833	708	660	685	2167	1058	1071	1060	2375	1072	969	824	2589		10275
																								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					91	126	156	507	75	219	250	406	86	278	302	453	357	369	408	471		2717
			Exports				794	832	915	3340	783	879	935	2573	1144	1349	1362	2828	1429	1338	1232	3060		12992
			Imports				703	706	759	2833	708	660	685	2167	1058	1071	1060	2375	1072	969	824	2589		10275
																								0
	Repairs on goods:						0	0	-11	10	0	0	-11	-15	0	0	-11	9	0	0	-12	-16		-45
		Exports					0	0	0	10	0	0	0	10	0	0	0	9	0	0	0	9		0
		Imports					0	0	11	0	0	0	11	25	0	0	11	0	0	0	12	25		45
	Goods procured in ports by  carriers						6	4	5	12	5	6	0	11	-2	-7	-8	9	3	-1	3	9		14
		Exports					8	7	8	12	7	8	8	11	8	4	9	9	9	5	10	9		91
		Imports					2	3	3	0	2	2	8	0	10	11	17	0	6	6	7	0		77
	Nonmonetary  Gold						5	3	3	17	6	5	-1	16	2	2	2	19	3	0	2	36		32
		Exports					6	4	5	18	6	7	5	17	7	6	6	20	8	3	6	39		69
		Imports					1	1	2	1	0	2	6	1	5	4	4	1	5	3	4	3		37
		Held as a store of value  (Gold Bullion)					4	3	4	11	4	4	3	9	4	3	2	12	4	2	3	30		40
			Exports				4	3	4	11	4	4	3	9	4	3	2	12	4	2	3	30		40
			Imports				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
		Others (Industrial Gold)					1	0	-1	6	2	1	-4	7	-2	-1	0	7	-1	-2	-1	6		-8
			Exports				2	1	1	7	2	3	2	8	3	3	4	8	4	1	3	9		29
			Imports				1	1	2	1	0	2	6	1	5	4	4	1	5	3	4	3		37
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
							2004																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2004
	SERVICES						-118	-105	-122	-511	-188	-147	-105	-503	-161	-135	-212	-658	-227	-174	-83	-616		-1777
		EXPORTS					322	320	373	900	325	317	382	870	324	347	287	702	317	322	407	600		4043
		IMPORTS					440	425	495	1411	513	464	487	1373	485	482	499	1360	544	496	490	1216		5820
	Transportation						-175	-163	-178	-366	-176	-172	-176	-366	-186	-175	-181	-375	-191	-170	-151	-322		-2094
		Exports					82	72	93	138	87	84	87	190	76	84	86	137	82	85	83	125		1001
		Imports					257	235	271	504	263	256	263	556	262	259	267	512	273	255	234	447		3095
		of which: Passenger					14	4	20	15	12	11	12	31	3	7	10	6	6	11	12	10		122
			Exports				34	24	39	52	35	34	34	108	24	29	31	53	26	31	32	56		373
			Imports				20	20	19	37	23	23	22	77	21	22	21	47	20	20	20	46		251
		of which: Freight					-177	-166	-195	-359	-191	-178	-188	-378	-189	-181	-185	-359	-194	-176	-158	-294		-2178
			Exports				36	38	42	26	37	41	41	23	39	43	46	24	47	46	43	25		499
			Imports				213	204	237	385	228	219	229	401	228	224	231	383	241	222	201	319		2677
		of which: Other					-12	-1	-3	-22	3	-5	0	-19	0	-1	-6	-22	-3	-5	-5	-38		-38
			Exports				12	10	12	60	15	9	12	59	13	12	9	60	9	8	8	44		129
			Imports				24	11	15	82	12	14	12	78	13	13	15	82	12	13	13	82		167
	Travel						68	69	81	108	33	48	86	58	65	69	20	-73	44	39	120	-62		742
		Exports					158	159	190	552	164	153	190	473	169	173	121	396	154	155	231	321		2017
		Imports					90	90	109	444	131	105	104	415	104	104	101	469	110	116	111	383		1275
	Communication  services						35	44	39	80	22	20	35	75	34	27	26	53	28	22	27	48		359
		Exports					41	51	46	89	32	37	45	92	43	42	33	79	41	36	40	68		487
		Imports					6	7	7	9	10	17	10	17	9	15	7	26	13	14	13	20		128
	Construction  services						2	2	1	-833	1	4	4	-833	4	0	0	-833	4	4	-3	-833		23
		Exports					3	5	5	-833	3	5	18	-833	5	8	4	-833	5	5	5	-833		71
		Imports					1	3	4	-833	2	1	14	-833	1	8	4	-833	1	1	8	-833		48
	Insurance  services						-15	-14	-17	-36	-16	-15	-16	-37	-16	-16	-16	-35	-17	-15	-14	-28		-187
		Exports					1	1	1	3	1	1	1	3	1	1	1	3	1	1	1	3		12
		Imports					16	15	18	39	17	16	17	40	17	17	17	38	18	16	15	31		199
	Financial  services						-2	-1	-4	-9	9	-1	-4	-6	-14	-5	-9	3	-4	-4	5	-4		-34
		Exports					4	3	4	16	12	1	1	8	3	1	2	11	2	2	8	5		43
		Imports					6	4	8	25	3	2	5	14	17	6	11	8	6	6	3	9		77
	Computer and Information  services						-1	-2	-3	-22	-2	-2	-2	-17	-1	-1	-1	-15	-1	0	0	-10		-16
		Exports					2	1	2	4	2	2	2	4	3	4	3	7	4	4	4	7		33
		Imports					3	3	5	26	4	4	4	21	4	5	4	22	5	4	4	17		49
	Royalties and license fees						-17	-19	-19	-48	-25	-7	-15	-41	-14	-16	-27	-33	-48	-15	-40	-36		-262
		Exports					0	0	0	0	0	5	2	0	0	1	1	0	1	1	0	1		11
		Imports					17	19	19	48	25	12	17	41	14	17	28	33	49	16	40	37		273
	Other business services						-7	-16	-18	-146	-29	-17	-14	-101	-29	-13	-18	-100	-37	-27	-24	-106		-249
		Exports					31	27	31	67	24	29	34	76	23	32	36	54	27	33	34	61		361
		Imports					38	43	49	213	53	46	48	177	52	45	54	154	64	60	58	167		610
		Merchanting and other trade-related services					0	1	1	6	1	1	0	4	0	1	3	5	3	3	3	9		17
			Exports				0	1	1	6	1	1	0	4	0	1	3	5	3	3	3	9		17
			Imports				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
		Operational leasing services					-4	-4	-8	-34	-3	-5	-5	-15	-4	-6	-4	-17	-4	-2	-4	-19		-53
			Exports				0	0	1	2	0	0	0	4	0	0	1	1	0	1	1	3		4
			Imports				4	4	9	36	3	5	5	19	4	6	5	18	4	3	5	22		57
	and technical services	Misc. business, professional					-3	-13	-11	-118	-27	-13	-9	-90	-25	-8	-17	-88	-36	-28	-23	-96		-213
			and technical services
			Exports				31	26	29	59	23	28	34	68	23	31	32	48	24	29	30	49		340
			Imports				34	39	40	177	50	41	43	158	48	39	49	136	60	57	53	145		553
							247
	Personal, cultural and recreational services						-2	-1	0	-8	-1	-1	1	-10	1	-1	-1	-4	-1	-3	1	0		-8
		Exports					0	1	1	8	0	0	2	3	1	1	0	1	0	0	1	3		7
		Imports					2	2	1	16	1	1	1	13	0	2	1	5	1	3	0	3		15
		Audio-Visual and related services					-1	0	0	-4	-1	-1	1	-4	1	-1	-1	-2	-1	-1	1	0		-4
			Exports				0	1	1	2	0	0	2	0	1	1	0	1	0	0	1	3		7
			Imports				1	1	1	6	1	1	1	4	0	2	1	3	1	1	0	3		11
		Other personal, cultural and					-1	-1	0	-4	0	0	0	-6	0	0	0	-2	0	-2	0	0		-4
			recreational services																					0
			Exports				0	0	0	6	0	0	0	3	0	0	0	0	0	0	0	0		0
			Imports				1	1	0	10	0	0	0	9	0	0	0	2	0	2	0	0		4
	Government services, n.i.e.						-4	-4	-4	-15	-4	-4	-4	-15	-5	-4	-5	-17	-4	-5	-4	-15		-51
			Exports				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Imports				4	4	4	15	4	4	4	15	5	4	5	17	4	5	4	15		51
4	INCOME
	in million U.S. dollars
							2004																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2004
	INCOME						-20	49	-208	-192	10	45	49	225	-18	44	-31	61	29	-55	32	-151		-74
		RECEIPTS					257	322	321	811	299	313	285	916	303	343	329	907	312	300	341	919		3725
		PAYMENTS					277	273	529	1003	289	268	236	691	321	299	360	846	283	355	309	1070		3799
	Compensation of emp. incl. border,						195	209	244	504	240	240	230	623	242	247	244	644	245	244	271	661		2851
		seasonal, and other workers
		Receipts					195	209	244	504	240	240	230	623	242	247	244	644	245	244	271	661		2851
		Payments					0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
	Investment Income						-215	-160	-452	-696	-230	-195	-181	-398	-260	-203	-275	-583	-216	-299	-239	-812		-2925
		Receipts					62	113	77	307	59	73	55	293	61	96	85	263	67	56	70	258		874
		Payments					277	273	529	1003	289	268	236	691	321	299	360	846	283	355	309	1070		3799
		Direct Investment Income					-62	-92	-279	-178	-106	-98	-65	18	-94	-101	-78	-129	-89	-201	-81	-381		-1346
			Receipts				3	1	1	1	4	1	3	0	6	0	4	0	0	1	3	12		27
			Payments				65	93	280	179	110	99	68	-18	100	101	82	129	89	202	84	393		1373
			Income on Equity				-59	-92	-278	-155	-106	-97	-55	44	-90	-100	-66	-108	-82	-200	-70	-369		-1295
				Receipts			1	0	0	1	0	1	2	0	6	0	4	0	0	1	3	9		18
				Payments			60	92	278	156	106	98	57	-44	96	100	70	108	82	201	73	378		1313
				Dividends and distributed			-45	-78	-260	-174	-111	-83	-44	-185	-72	-89	-56	-233	-50	-179	-87	-254		-1154
					branch profits																			0
					Receipts		1	0	0	1	0	1	2	0	6	0	4	0	0	1	3	9		18
					Payments		46	78	260	175	111	84	46	185	78	89	60	233	50	180	90	263		1172
				Reinvested earnings and			-14	-14	-18	19	5	-14	-11	229	-18	-11	-10	125	-32	-21	17	-115		-141
					undistributed branch profits
					Receipts		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
					Payments		14	14	18	-19	-5	14	11	-229	18	11	10	-125	32	21	-17	115		141
			Income on debt (interest)				-3	0	-1	-23	0	-1	-10	-26	-4	-1	-12	-21	-7	-1	-11	-12		-51
				Receipts			2	1	1	0	4	0	1	0	0	0	0	0	0	0	0	3		9
				Payments			5	1	2	23	4	1	11	26	4	1	12	21	7	1	11	15		60
		Portfolio  Investment Income					-78	4	-90	-140	-53	-34	-25	-150	-94	-43	-135	-103	-57	-31	-49	-127		-685
			Receipts				42	92	59	143	37	49	36	166	38	59	50	157	46	40	48	168		596
			Payments				120	88	149	283	90	83	61	316	132	102	185	260	103	71	97	295		1281
			Income on Equity (dividends)				-3	0	-4	-8	-1	-14	-8	-7	-7	-3	-6	-3	-7	-2	-15	-5		-70
				Receipts			0	0	0	2	0	0	0	2	0	0	0	2	0	0	0	0		0
				Payments			3	0	4	10	1	14	8	9	7	3	6	5	7	2	15	5		70
				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			-3	0	-4	-8	-1	-14	-8	-7	-7	-3	-6	-3	-7	-2	-15	-5		-70
					Receipts		0	0	0	2	0	0	0	2	0	0	0	2	0	0	0	0		0
					Payments		3	0	4	10	1	14	8	9	7	3	6	5	7	2	15	5		70
			Income on debt (interest)				-75	4	-86	-132	-52	-20	-17	-143	-87	-40	-129	-100	-50	-29	-34	-122		-615
				Receipts			42	92	59	141	37	49	36	164	38	59	50	155	46	40	48	168		596
				Payments			117	88	145	273	89	69	53	307	125	99	179	255	96	69	82	290		1211
				Bonds and notes			-81	1	-109	-132	-57	-22	-21	-148	-91	-67	-149	-109	-55	-33	-39	-140		-723
					Receipts		36	89	36	132	32	47	32	158	33	32	30	144	41	36	43	150		487
					Payments		117	88	145	264	89	69	53	306	124	99	179	253	96	69	82	290		1210
					Monetary authorities		31	16	33	52	27	2	6	78	29	16	28	85	26	-5	8	89		217
						Receipts	31	29	33	81	27	38	27	120	29	29	28	98	29	30	30	118		360
						Payments	0	13	0	29	0	36	21	42	0	13	0	13	3	35	22	29		143
					General government		-91	-41	-99	-100	-62	-5	-10	-123	-108	-54	-132	-122	-62	-5	-19	-130		-688
						Receipts	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
						Payments	91	41	99	100	62	5	10	123	108	54	132	122	62	5	19	130		688
					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		-21	26	-43	-84	-22	-19	-17	-103	-12	-29	-45	-72	-19	-23	-28	-99		-252
					Receipts	Receipts	5	60	3	51	5	9	5	38	4	3	2	46	12	6	13	32		127
					Payments	Payments	26	34	46	135	27	28	22	141	16	32	47	118	31	29	41	131		379
				Money market instruments			6	3	23	0	5	2	4	5	4	27	20	9	5	4	5	18		108
				Receipts	Receipts		6	3	23	9	5	2	4	6	5	27	20	11	5	4	5	18		109
				Payments	Payments		0	0	0	9	0	0	0	1	1	0	0	2	0	0	0	0		1
				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		6	3	23	0	5	2	4	5	4	27	20	9	5	4	5	18		108
				Receipts		Receipts	6	3	23	9	5	2	4	6	5	27	20	11	5	4	5	18		109
				Payments		Payments	0	0	0	9	0	0	0	1	1	0	0	2	0	0	0	0		1
		Other investment Income					-75	-72	-83	-378	-71	-63	-91	-266	-72	-59	-62	-351	-70	-67	-109	-304		-894
			Receipts				17	20	17	163	18	23	16	127	17	37	31	106	21	15	19	78		251
			Payments				92	92	100	541	89	86	107	393	89	96	93	457	91	82	128	382		1145
			Monetary authorities				5	-4	2	6	-4	-5	6	-4	6	-3	3	-20	-5	-2	9	-19		8
				Receipts			7	7	7	80	6	6	6	67	7	8	9	50	8	9	9	35		89
				Payments			2	11	5	74	10	11	0	71	1	11	6	70	13	11	0	54		81
			General government				-23	-57	-28	-196	-20	-28	-32	-113	-22	-47	-25	-179	-24	-20	-32	-114		-358
				Receipts			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
				Payments			23	57	28	196	20	28	32	113	22	47	25	179	24	20	32	114		358
			Banks				-1	4	-15	-11	-4	-4	-17	-23	-5	3	0	-21	-5	-6	-29	-47		-79
				Receipts			6	7	6	71	8	4	5	52	6	21	19	48	10	5	7	35		104
				Payments			7	3	21	82	12	8	22	75	11	18	19	69	15	11	36	82		183
			Other sectors				-56	-15	-42	-177	-43	-26	-48	-126	-51	-12	-40	-131	-36	-39	-57	-124		-465
				Receipts			4	6	4	12	4	13	5	8	4	8	3	8	3	1	3	8		58
				Payments			60	21	46	189	47	39	53	134	55	20	43	139	39	40	60	132		523
5	CURRENT TRANSFERS
	in million U.S. dollars
							2004																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2004
	CURRENT TRANSFERS						687	665	789	1585	703	743	768	1743	741	789	782	1728	786	777	930	1804		9160
		RECEIPTS					705	681	810	1664	726	761	792	1801	760	812	805	1786	806	804	958	1868		9420
		PAYMENTS					18	16	21	79	23	18	24	58	19	23	23	58	20	27	28	64		260
		General government					33	32	31	121	29	30	31	112	30	32	34	124	35	35	35	114		387
			Receipts				39	37	37	138	37	37	38	127	37	39	39	139	40	40	40	129		460
			Payments				6	5	6	17	8	7	7	15	7	7	5	15	5	5	5	15		73
		Other sectors					654	633	758	1464	674	713	737	1631	711	757	748	1604	751	742	895	1690		8773
			Receipts				666	644	773	1526	689	724	754	1674	723	773	766	1647	766	764	918	1739		8960
			Payments				12	11	15	62	15	11	17	43	12	16	18	43	15	22	23	49		187
			Workers' remittances				638	609	727	1457	655	692	718	1609	704	750	741	1588	749	743	891	1674		8617
				Receipts			638	609	727	1457	655	692	718	1609	704	750	741	1588	749	743	891	1674		8617
				Payments			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Other transfers				16	24	31	7	19	21	19	22	7	7	7	16	2	-1	4	16		156
				Receipts			28	35	46		34	32	36		19	23	25		17	21	27			343
				Payments			12	11	15		15	11	17		12	16	18		15	22	23			187
6	CAPITAL ACCOUNT
	in million U.S. dollars
							2004																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2004
	CAPITAL ACCOUNT						3	3	0	10	2	1	2	20	2	2	1	14	2	0	-1	18		17
		RECEIPTS					4	4	3	19	4	3	4	23	3	4	4	20	5	4	4	24		46
		PAYMENTS					1	1	3	9	2	2	2	3	1	2	3	6	3	4	5	6		29
		Capital transfers					3	3	1	10	2	2	3	20	2	3	1	14	3	0	2	18		25
			Receipts				4	4	3	19	4	3	4	23	3	4	4	20	5	4	4	24		46
			Payments				1	1	2	9	2	1	1	3	1	1	3	6	2	4	2	6		21
			General government				3	3	3	15	3	3	3	18	3	4	4	20	4	4	4	24		41
				Receipts			3	3	3	15	3	3	3	18	3	4	4	20	4	4	4	24		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	15	3	3	3	18	3	4	4	20	4	4	4	24		41
					Receipts		3	3	3	15	3	3	3	18	3	4	4	20	4	4	4	24		41
					Payments		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Other sectors				0	0	-2	-5	-1	-1	0	2	-1	-1	-3	-6	-1	-4	-2	-6		-16
				Receipts			1	1	0	4	1	0	1	5	0	0	0	0	1	0	0	0		5
				Payments			1	1	2	9	2	1	1	3	1	1	3	6	2	4	2	6		21
				Migrants transfers			-1	-1	-1	-5	-1	-1	0	2	-1	-1	-3	-6	-1	-2	-1	-6		-14
					Receipts		0	0	0	4	1	0	1	5	0	0	0	0	1	0	0	0		3
					Payments		1	1	1	9	2	1	1	3	1	1	3	6	2	2	1	6		17
				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			1	1	-1	0	0	0	0	0	0	0	0	0	0	-2	-1	0		-2
					Receipts		1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0		2
					Payments		0	0	1	0	0	0	0	0	0	0	0	0	0	2	1	0		4
		Acquisition/disposal of nonproduced,					0	0	-1	0	0	-1	-1	0	0	-1	0	0	-1	0	-3	0		-8
			nonfinancial assets
			Receipts				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Payments				0	0	1	0	0	1	1	0	0	1	0	0	1	0	3	0		8
7	DIRECT INVESTMENT
	in million U.S. dollars
							2004																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2004
	DIRECT INVESTMENT						33	-10	-180	-19	-1	-54	-57	125	68	253	-74	-225	17	69	45	454		109
		ASSETS :  Residents' Investments Abroad					15	7	111	9	93	195	22	-165	3	60	22	10	27	5	19	6		579
		Equity  capital					15	7	111	9	93	195	22	-165	3	60	22	10	27	5	19	6		579
			Claims on affiliated enterprises				15	7	111	9	93	195	22	-165	3	60	22	10	27	5	19	6		579
				Placements			19	7	112	13	94	198	23	20	4	65	23	19	27	10	19	8		601
				Withdrawals			4	0	1	4	1	3	1	185	1	5	1	9	0	5	0	2		22
			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					48	-3	-69	-10	92	141	-35	-40	71	313	-52	-215	44	74	64	460		688
			in the Philippines
		Equity  capital					122	39	-126	103	46	282	51	161	42	162	24	58	42	33	33	234		750
			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				122	39	-126	103	46	282	51	161	42	162	24	58	42	33	33	234	0	750
				Placements			131	48	22	122	49	287	55	163	45	166	27	238	60	35	38	250	0	963
				Withdrawals			9	9	148	19	3	5	4	2	3	4	3	180	18	2	5	16		213
		Reinvested earnings					14	14	18	-19	-5	14	11	-229	18	11	10	-125	32	21	-17	115		141
			Claims				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
			Liabilities				14	14	18	-19	-5	14	11	-229	18	11	10	-125	32	21	-17	115		141
		Other Capital					-88	-56	39	-94	51	-155	-97	28	11	140	-86	-148	-30	20	48	111		-203
			Claims on direct investors				71	41	-45	264	-61	19	76	70	-13	-122	44	285	47	-10	-143	-54		-96
			Liabilities to direct investors				-17	-15	-6	170	-10	-136	-21	98	-2	18	-42	137	17	10	-95	57		-299
	Note:    Balance is derived by deducting assets from liabilities.
8	PORTFOLIO INVESTMENT
	in million U.S. dollars
							2004																	Jan-Dec
							Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	Q3	Oct	Nov	Dec	Q4		2004
	PORTFOLIO INVESTMENT						-189	117	-294	-231	-177	294	-469	10	-8	-487	465	312	-145	-520	-300	936		-1713