1 PHILIPPINES: BALANCE OF PAYMENTS                                                      
for periods indicated                                                      
in million U.S. dollars                                                      
  2018 p   Q1 Q2 Q3   Q4   Growth (%)   Jan-Dec   Growth (%)  
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec     2017 r 2018 p   2018 p   2017 r 2018 p   2018 p  
         
Current Account -156 -46 -133 -1239 -1411 -856 -292 -705 -640 -1212 -988 -201   -335 -3507 -1637   -2471 -2400 2.8   -2143 -7879 -267.7  
(Totals as percent of GNI)   -0.4 -3.5 -1.7   -2.4 -2.2   -0.6 -2.0  
(Totals as percent of GDP)   -0.4 -4.2 -2.1   -2.8 -2.6   -0.7 -2.4  
Export 10634 9758 10555 10063 10828 10515 11057 11421 11057 11440 10651 10840   30946 31405 33535   31808 32931 3.5   124126 128818 3.8  
Import 10790 9804 10688 11303 12239 11371 11349 12125 11697 12652 11639 11041   31281 34913 35171   34278 35332 3.1   126269 136697 8.3  
         
Goods, Services, and Primary Income -2402 -2151 -2365 -3411 -3697 -3003 -2481 -3023 -2662 -3502 -3144 -2857   -6918 -10111 -8167   -9293 -9503 -2.3   -28295 -34699 -22.6  
Export 8316 7591 8265 7823 8474 8310 8788 9024 8977 9095 8431 8116   24172 24607 26789   24793 25642 3.4   97229 101211 4.1  
Import 10719 9742 10629 11235 12171 11313 11269 12047 11639 12597 11575 10973   31090 34718 34956   34086 35145 3.1   125525 135910 8.3  
         
Goods and Services -2830 -2560 -2326 -3684 -3906 -3235 -3083 -3099 -3002 -3907 -3584 -3327   -7716 -10825 -9184   -10150 -10818 -6.6   -31522 -38543 -22.3  
(Totals as percent of GNI)   -8.3 -10.9 -9.6   -9.8 -9.9   -8.4 -9.7  
(Totals as percent of GDP)   -10.1 -13.1 -11.6   -11.6 -11.6   -10.1 -11.6  
Export 7451 6711 7357 6865 7493 7339 7666 7994 7941 7956 7440 6931   21519 21698 23600   22010 22326 1.4   86646 89142 2.9  
Import 10281 9271 9683 10549 11400 10574 10749 11093 10942 11863 11024 10258   29235 32522 32784   32160 33144 3.1   118168 127686 8.1  
         
Goods -3837 -3544 -3180 -4211 -4492 -3960 -4102 -4134 -4244 -4560 -4429 -4343   -10561 -12663 -12481   -12473 -13332 -6.9   -40215 -49036 -21.9  
(Totals as percent of GNI)   -11.4 -12.8 -13.1   -12.0 -12.2   -10.7 -12.4  
(Totals as percent of GDP)   -13.9 -15.3 -15.8   -14.2 -14.3   -12.8 -14.8  
Credit: Exports 4157 3735 4400 3998 4518 4493 4420 4744 4628 4773 4270 3537   12292 13009 13793   12671 12579 -0.7   51814 51674 -0.3  
Debit: Imports 7994 7279 7580 8209 9011 8453 8523 8879 8872 9333 8699 7879   22853 25673 26273   25143 25911 3.1   92029 100710 9.4  
         
Services 1007 984 853 527 586 725 1019 1035 1243 653 845 1016   2845 1838 3296   2323 2513 8.2   8693 10493 20.7  
Credit: Exports 3294 2976 2957 2867 2975 2846 3245 3249 3313 3183 3170 3394   9227 8688 9807   9340 9747 4.4   34832 37469 7.6  
Debit: Imports 2287 1992 2103 2341 2389 2120 2226 2214 2070 2530 2325 2378   6382 6850 6511   7017 7233 3.1   26139 26976 3.2  
         
Primary Income 427 409 -38 272 209 232 602 76 339 405 440 470   798 714 1017   857 1315 53.6   3226 3844 19.2  
Credit: Receipts 865 880 908 958 980 971 1123 1030 1036 1139 992 1185   2653 2910 3189   2782 3316 19.2   10583 12068 14.0  
Debit: Payments 438 471 946 686 771 739 521 954 697 734 551 716   1855 2196 2172   1926 2001 3.9   7357 8224 11.8  
         
Secondary Income 2247 2105 2232 2172 2286 2146 2189 2319 2023 2290 2156 2656   6583 6604 6531   6823 7103 4.1   26153 26820 2.6  
Credit: Receipts 2318 2166 2290 2240 2354 2205 2269 2397 2080 2345 2220 2724   6774 6798 6746   7015 7289 3.9   26897 27607 2.6  
Debit: Payments 71 61 59 68 68 58 80 78 57 55 64 68   191 194 215   193 187 -3.1   745 787 5.7  
         
Capital Account 3 7 4 5 4 7 7 . 8 6 6 8   14 16 15   17 20 16.9   69 65 -6.3  
Credit: Receipts 11 9 7 8 7 8 9 8 10 8 7 10   27 23 27   26 25 -2.3   103 103 .  
Debit: Payments 7 2 3 3 3 1 2 8 2 2 1 2   13 8 13   9 5 -41.4   34 38 12.9  
         
Financial Account 1484 -590 -1710 -194 -187 -1245 -1097 -1169 645 59 -3103 -723   -816 -1627 -1621   -3600 -3768   -4.7   -2798 -7832   -179.9  
Net Acquisition of Financial Assets 302 112 487 70 1273 -718 533 1363 1796 -63 -68 950   900 625 3693   2421 819 -66.2   6717 6038 -10.1  
Net Incurrence of Liabilities -1182 702 2197 264 1460 528 1630 2533 1152 -121 3036 1673   1717 2252 5314   6021 4587 -23.8   9515 13870 45.8  
         
Direct Investment -905 -251 131 -958 -1312 -402 -747 -463 -150 -98 -327 -371   -1025 -2672 -1360   -2471 -797 67.8   -6952 -5854 15.8  
Net Acquisition of Financial Assets 81 370 812 131 313 434 174 293 425 401 208 306   1262 878 892   1228 916 -25.4   3305 3948 19.5  
Net Incurrence of Liabilities 986 621 681 1089 1625 836 920 756 575 500 535 677   2287 3551 2251   3699 1713 -53.7   10256 9802 -4.4  
                                                       
Portfolio Investment 1094 1245 -726 77 1346 -402 91 -130 -460 1293 -2005 -563   1612 1021 -500   -1000 -1275 -27.6   2454 858 -65.0  
Net Acquisition of Financial Assets 857 1431 -806 343 789 -689 493 507 46 149 476 627   1482 443 1046   150 1252 736.6   1658 4224 154.8  
Net Incurrence of Liabilities -236 186 -79 266 -557 -287 402 637 507 -1144 2481 1191   -130 -578 1546   1149 2528 119.9   -796 3366 522.7  
         
Financial Derivatives -33 -38 2 12 -5 9 98 -43 -22 -42 6 2   -69 16 33   41 -34 -183.6   -51 -53 -5.4  
Net Acquisition of Financial Assets -101 -64 -27 -21 -38 -20 -35 -65 -55 -96 -417 -527   -192 -79 -155   -57 -1040 -1728.8   -503 -1466 -191.2  
Net Incurrence of Liabilities -68 -26 -29 -32 -33 -29 -133 -23 -33 -53 -423 -529   -123 -95 -189   -98 -1006 -928.0   -453 -1413 -212.0  
         
Other Investment 1328 -1546 -1117 675 -216 -450 -539 -533 1277 -1093 -777 209   -1335 8 205   -170 -1661 -876.6   1750 -2783 -259.1  
Net Acquisition of Financial Assets -535 -1624 507 -383 209 -443 -99 629 1380 -518 -335 543   -1653 -617 1910   1100 -309 -128.1   2257 -669 -129.6  
Net Incurrence of Liabilities -1863 -79 1624 -1058 425 8 441 1162 102 576 442 334   -318 -625 1705   1270 1352 6.5   508 2114 316.4  
         
NET UNCLASSIFIED ITEMS 1106 -981 -1847 769 637 -1572 -1267 808 -1420 806 -1275 1912   -1722 -166 -1879   -642 1443   324.6   -1588 -2324   -46.4  
         
OVERALL BOP POSITION -531 -429 -266 -270 -583 -1177 -455 1272 -2696 -458 847 2442   -1227 -2030 -1879   505 2830   461.0   -863 -2306   -167.2  
(Totals as percent of GNI)   -1.3 -2.1 -2.0   0.5 2.6   -0.2 -0.6  
(Totals as percent of GDP)   -1.6 -2.5 -2.4   0.6 3.0   -0.3 -0.7  
Debit: Change in Reserve Assets -527 -427 -262 -266 -581 -1194 -451 1274 -2692 -454 849 2425   -1216 -2041 -1868   494 2820 470.7   -862 -2305 -167.5  
Credit: Change in Reserve Liabilities 4 2 4 4 2 -17 5 2 5 5 2 -17   11 -11 11   -10 -11 -1.3   1 1 -35.8  
                                                       
                                                       
Memo Items:        
Change in Net Foreign Assets (NFA) of Deposit-taking        
corporations, except the central bank 2187 99 -918 78 446 -830 268 -674 757 -659 -741 -497   1367 -307 352   -970 -1897 -95.5   433 -484 -212.0  
Change in Commercial Banks' (KBs) NFA 2100 172 -937 98 451 -883 274 -641 761 -631 -748 -487   1335 -335 395   -1006 -1866 -85.5   400 -471 -217.8  
Change in Thrift Banks' (TBs) NFA 53 -51 -10 9 -11 23 12 -20 -8 -31 5 4   -8 22 -17   69 -22 -132.2   58 -26 -143.8  
Change in Offshore Banking Units' (OBUs) NFA 34 -22 28 -29 5 30 -18 -12 4 3 2 -13   40 6 -26   -33 -9 73.2   -26 12 147.2  
Personal Remittances 2655 2528 2627 2616 2746 2615 2675 2760 2490 2757 2586 3157   7809 7978 7926   8124 8500 4.6   31288 32213 3.0  
of which: OF Cash Remittances channeled thru the        
banking system 2379 2267 2360 2347 2469 2357 2401 2476 2237 2474 2326 2849   7006 7173 7114   7279 7650   5.1   28060 28943   3.1  
   
Details may not add up to total due to rounding.  
p Preliminary  
r Revised to reflect data updates from official 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).