1	PHILIPPINES:  BALANCE OF PAYMENTS
	in million U.S. dollars
							2010 p				Q1			Growth Rate
		ITEM					Jan	Feb	Mar		2010 p	2009		2010	2009
	CURRENT ACCOUNT						304	697	846		1847	1861		-0.8	83.7
	(as percent of GNP)										3.8	4.5
	(as percent of GDP)										4.4	5.1
	Goods  and  Services						-767	-410	-305		-1482	-1418		-4.5	38.7
	(as percent of GNP)										-3.0	-3.4
	(as percent of GDP)										-3.5	-3.9
		Export					4597	4391	5306		14294	10574		35.2	-27.8
		Import					5364	4801	5611		15776	11992		31.6	-29.3
		Goods 1/					-1060	-588	-660		-2308	-2273		-1.5	17.8
	(as percent of GNP)										-4.7	-5.5
	(as percent of GDP)										-5.5	-6.3
			Credit: Exports				3493	3506	4117		11116	7744		43.5	-37.1
			Debit:   Imports				4553	4094	4777		13424	10017		34.0	-33.5
		Services					293	178	355		826	855		-3.4	90.4
			Credit: Exports				1104	885	1189		3178	2830		12.3	21.1
			Debit:   Imports				811	707	834		2352	1975		19.1	4.6
	Income						-198	-175	-223		-596	-553		-7.8	-57.1
		Credit:   Receipts					467	467	521		1455	1387		4.9	-17.3
		Debit:     Payments					665	642	744		2051	1940		5.7	-4.4
	Current  Transfers						1269	1282	1374		3925	3832		2.4	4.1
		Credit:   Receipts					1303	1316	1424		4043	3935		2.7	4.3
		Debit:     Payments					34	34	50		118	103		14.6	9.6
	CAPITAL  AND  FINANCIAL  ACCOUNT						1405	-79	-1377		-51	-1445		96.5	-298.5
	Capital  Account						8	6	3		17	17		0.0	-19.0
		Credit:    Receipts					14	10	13		37	31		19.4	-6.1
		Debit:      Payments					6	4	10		20	14		42.9	16.7
	Financial  Account						1397	-85	-1380		-68	-1462		95.3	-306.8
		Direct Investment					81	263	-178		166	282		-41.1	-42.9
			Debit: Assets, Residents'  Investments Abroad				28	10	192		230	52		342.3	966.7
			Credit: Liabilities, Non-Residents'				109	273	14		396	334		18.6	-31.6
				Investments in the Phil.
		Portfolio Investment					1236	-971	-807		-542	-643		15.7	-164.2
			Debit: Assets, Residents'  Investments Abroad				-98	220	752		874	373		134.3	135.6
			Credit: Liabilities, Non-Residents'				1138	-751	-55		332	-270		223.0	-462.5
				Investments in the Phil.
		Financial Derivatives					-31	0	-13		-44	22		-300.0	125.0
			Debit: Assets, Residents'  Investments Abroad				-18	-23	-19		-60	-108		44.4	-17.4
			Credit: Liabilities, Non-Residents'				-49	-23	-32		-104	-86		-20.9	52.2
				Investments in the Phil.
		Other Investment					111	623	-382		352	-1123		131.3	-60.4
			Debit: Assets, Residents'  Investments Abroad				103	-67	1050		1086	294		269.4	114.1
			Credit: Liabilities, Non-Residents'				214	556	668		1438	-829		273.5	70.2
				Investments in the Phil.
	NET UNCLASSIFIED ITEMS						-476	-743	786		-433	1316
	OVERALL BOP POSITION						1233	-125	255		1363	1732		-21.3	1.1
	(as percent of GNP)										2.8	4.2
	(as percent of GDP)										3.2	4.8
	Debit: Change in Reserve Assets						1236	-121	259		1374	1752		-21.6	1.4
	Credit: Change in Reserve Liabilities						3	4	4		11	20		-45.0	42.9
		Use of Fund Credits					0	0			0	0		0.0	0.0
		Short-term					3	4	4		11	20		-45.0	42.9
	Memo Items:
		Change in Commercial Banks' (KBs)					94	1010	-2225		-1121	-1539		27.2	-206.1
			Net Foreign Assets (NFA)
		OF Cash Remittances					1421	1463	1608		4492	4199		7.0	2.7
			of which channeled thru the banking system				1373	1413	1553		4339	4057		7.0	2.7
		Basic Balance					284	844	893		2021	2226		-9.2	214.0
		Net Unclassified Items as Percent of total Trade					-5.9	-9.8	8.8		-1.8	7.4
	p	preliminary
	1/  Data on goods import for 2009 and 2010 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.