1	PHILIPPINES:  BALANCE OF PAYMENTS
	in million U.S. dollars
							2008 p/				Q1				Growth Rate
		ITEM					Jan	Feb	Mar		2008		2007		2008	2007
	CURRENT ACCOUNT						283	722	198		1203		1971		-39.0	122.5
	(as percent of GNP)										2.6		5.8
	(as percent of GDP)										2.9		6.3
	Goods  and  Services						-755	-469	-805		-2029		-786		-158.1	51.6
	(as percent of GNP)										-4.5		-2.3
	(as percent of GDP)										-4.9		-2.5
		Export					5017	4716	5092		14825		13876		6.8	12.1
		Import					5772	5185	5897		16854		14662		15.0	4.7
		Goods 1/					-929	-532	-1104		-2565		-1032		-148.5	31.8
	(as percent of GNP)										-5.6		-3.0
	(as percent of GDP)										-6.2		-3.3
			Credit: Exports				4140	4042	4117		12299		11931		3.1	9.0
			Debit:   Imports *				5069	4574	5221		14864		12963		14.7	4.0
		Services					174	63	299		536		246		117.9	321.6
			Credit: Exports				877	674	975		2526		1945		29.9	35.9
			Debit:   Imports				703	611	676		1990		1699		17.1	10.2
	Income						-191	79	-296		-408		-658		38.0	-64.1
		Credit:   Receipts					429	605	649		1683		1154		45.8	9.5
		Debit:     Payments					620	526	945		2091		1812		15.4	24.5
	Current  Transfers						1229	1112	1299		3640		3415		6.6	17.3
		Credit:   Receipts					1257	1140	1334		3731		3493		6.8	17.2
		Debit:     Payments					28	28	35		91		78		16.7	13.0
	CAPITAL  AND  FINANCIAL  ACCOUNT						-667	718	35		86		403		-78.7	-71.2
	Capital  Account						10	7	6		23		15		53.3	-85.4
		Credit:    Receipts					14	9	10		33		28		17.9	-75.0
		Debit:      Payments					4	2	4		10		13		-23.1	44.4
	Financial  Account						-677	711	29		63		388		-83.8	-70.1
		Direct Investment					128	183	209		520		1316		-60.5	241.8
			Debit: Assets, Residents'  Investments Abroad				21	11	-1		31		72		-56.9	125.0
			Credit: Liabilities, Non-Residents'				149	194	208		551		1388		-60.3	232.9
				Investments in the Phil.
		Portfolio Investment					-662	1398	-484		252		171		47.4	-90.0
			Debit: Assets, Residents'  Investments Abroad				358	-461	-476		-579		1580		-136.6	181.1
			Credit: Liabilities, Non-Residents'				-304	937	-960		-327		1751		-118.7	-23.1
				Investments in the Phil.
		Financial Derivatives					-44	-46	2		-88		-60		-46.7	16.7
			Debit: Assets, Residents'  Investments Abroad				-36	-20	-36		-92		-30		-206.7	-36.4
			Credit: Liabilities, Non-Residents'				-80	-66	-34		-180		-90		-100.0	4.3
				Investments in the Phil.
		Other Investment					-99	-824	302		-621		-1039		40.2	-42.1
			Debit: Assets, Residents'  Investments Abroad				1661	-1509	-2463		-2311		643		-459.4	289.7
			Credit: Liabilities, Non-Residents'				1562	-2333	-2161		-2932		-396		-640.4	63.0
				Investments in the Phil.
	NET UNCLASSIFIED ITEMS						643	-391	172		424		-956		144.4	-479.4
	OVERALL BOP POSITION						259	1049	405		1713		1418		20.8	-33.1
	(as percent of GNP)										3.8		4.2
	(as percent of GDP)										4.2		4.5
	Debit: Change in Reserve Assets						263	1053	411		1727		1430		20.8	-25.3
	Credit: Change in Reserve Liabilities						4	4	6		14		12		16.7	105.8
		Use of Fund Credits					0	0	0		0		0		0.0	100.0
		Short-term					4	4	6		14		12		16.7	110.3
	Memo Items:
		Change in Commercial Banks' (KBs)					-492	204	940		652		-2062		131.6	-126.1
			Net Foreign Assets (NFA)
		OFW Cash Remittances					1308	1303	1478		4089		3612		13.2	16.7
			of which channeled thru the banking system				1264	1258	1428		3950		3489		13.2	24.0
		Basic Balance					394	597	746		1737		3846		-54.8	545.3
		Net Unclassified Items as Percent of total Trade					7.0	-4.5	1.8		1.6		-3.8
	p/	preliminary
	1/  Data on goods import for 2006 and 2007 were adjusted to reflect preliminary adjustments on the valuation of raw materials for
		electronics and garments exports.
	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-term 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.