1 PHILIPPINES: BALANCE OF PAYMENTS                                              
for periods indicated                                              
in million U.S. dollars                                              
  2018 p   Q1 Q2   Q3   Growth (%)   Jan-Sep   Growth (%)  
  Jan Feb Mar Apr May Jun Jul Aug Sep     2017 2018 p   2018 p   2017 2018 p   2018 p  
         
Current Account -189 -40 -93 -1020 -1312 -909 -617 -1035 -1254   -323 -3241   1100 -2907 -364.2   968 -6471 -768.6  
(Totals as percent of GNI)   -0.3 -3.3   1.2 -3.0   0.4 -2.3  
(Totals as percent of GDP)   -0.4 -3.9   1.5 -3.7   0.4 -2.7  
Export 10619 9899 10620 10277 10824 10512 11064 11398 10756   31138 31613   32675 33218 1.7   93441 95969 2.7  
Import 10808 9939 10713 11297 12136 11421 11681 12433 12011   31461 34854   31575 36125 14.4   92473 102440 10.8  
         
Goods, Services, and Primary Income -2386 -2114 -2303 -3163 -3563 -3043 -2779 -3309 -3254   -6803 -9769   -5400 -9342 -73.0   -18310 -25913 -41.5  
Export 8337 7764 8360 8063 8506 8319 8821 9048 8697   24462 24888   26023 26565 2.1   73612 75915 3.1  
Import 10723 9879 10663 11226 12068 11362 11599 12356 11951   31265 34656   31423 35907 14.3   91921 101828 10.8  
         
Goods and Services -2814 -2510 -2272 -3429 -3767 -3263 -3389 -3395 -3605   -7596 -10459   -6100 -10388 -70.3   -20553 -28443 -38.4  
(Totals as percent of GNI)   -8.2 -10.6   -6.7 -10.9   -7.5 -9.9  
(Totals as percent of GDP)   -10.0 -12.7   -8.1 -13.2   -9.1 -12.0  
Export 7477 6902 7452 7113 7538 7361 7690 8012 7662   21831 22012   23370 23364 .   65834 67208 2.1  
Import 10292 9412 9724 10542 11305 10624 11079 11406 11267   29428 32472   29470 33752 14.5   86387 95651 10.7  
         
Goods -3853 -3462 -3108 -4325 -4572 -4004 -4470 -4429 -4646   -10423 -12901   -9442 -13546 -43.5   -27680 -36870 -33.2  
(Totals as percent of GNI)   -11.3 -13.0   -10.4 -14.2   -10.1 -12.8  
(Totals as percent of GDP)   -13.7 -15.6   -12.6 -17.2   -12.3 -15.5  
Credit: Exports 4256 3816 4420 3921 4444 4482 4323 4660 4491   12492 12847   13445 13474 0.2   39183 38813 -0.9  
Debit: Imports 8108 7278 7529 8246 9016 8486 8794 9089 9137   22915 25748   22887 27020 18.1   66864 75683 13.2  
         
Services 1038 952 836 896 805 741 1082 1035 1042   2827 2442   3342 3158 -5.5   7127 8427 18.2  
Credit: Exports 3222 3086 3031 3192 3094 2879 3367 3352 3171   9339 9165   9925 9890 -0.4   26650 28395 6.5  
Debit: Imports 2183 2134 2195 2296 2289 2139 2285 2317 2130   6513 6723   6583 6732 2.3   19523 19968 2.3  
         
Primary Income 428 396 -31 266 205 220 610 86 350   793 691   700 1046 49.5   2244 2530 12.8  
Credit: Receipts 860 862 909 950 968 958 1130 1036 1035   2630 2875   2652 3201 20.7   7778 8707 11.9  
Debit: Payments 431 466 939 684 763 738 520 950 685   1837 2185   1953 2155 10.3   5534 6177 11.6  
         
Secondary Income 2197 2074 2210 2143 2251 2134 2161 2274 2000   6480 6528   6501 6435 -1.0   19277 19443 0.9  
Credit: Receipts 2282 2135 2259 2215 2318 2193 2243 2350 2059   6676 6726   6653 6653 .   19830 20054 1.1  
Debit: Payments 85 61 50 71 68 59 82 77 60   196 198   152 218 43.5   552 612 10.8  
         
Capital Account -2 2 -1 . -2 1 1 -6 2   -1 -1   18 -3 -113.8   42 -5 -111.9  
Credit: Receipts 6 4 2 3 1 2 3 3 4   12 6   24 10 -58.3   67 28 -58.8  
Debit: Payments 7 2 3 3 3 1 2 8 2   13 8   6 13 117.1   25 33 31.6  
         
Financial Account 1537 -600 -1476 -301 -8 -1203 -1371 -1410 805   -539 -1512   1335 -1975 -247.9   615 -4027 -755.0  
Net Acquisition of Financial Assets 374 127 589 77 1418 -704 332 1125 1928   1090 791   2944 3385 15.0   4617 5267 14.1  
Net Incurrence of Liabilities -1162 727 2065 379 1426 499 1703 2535 1123   1630 2304   1608 5361 233.3   4002 9294 132.2  
         
Direct Investment -903 -270 139 -961 -1326 -416 -746 -565 12   -1034 -2704   -929 -1300 -39.8   -4089 -5038 -23.2  
Net Acquisition of Financial Assets 75 346 814 123 294 414 168 185 581   1234 832   1501 935 -37.7   2382 3001 26.0  
Net Incurrence of Liabilities 977 616 675 1084 1620 831 915 750 569   2268 3536   2431 2234 -8.1   6472 8038 24.2  
         
Portfolio Investment 1172 1283 -473 107 1529 -347 -68 -49 -330   1982 1288   605 -447 -173.9   3471 2823 -18.7  
Net Acquisition of Financial Assets 936 1469 -705 373 972 -634 335 588 177   1700 710   718 1099 53.1   1526 3510 130.1  
Net Incurrence of Liabilities -236 186 -232 266 -557 -287 402 637 507   -282 -578   114 1546 1262.2   -1946 686 135.3  
         
Financial Derivatives -33 -38 2 12 -5 9 98 -43 -22   -69 16   45 33 -26.5   -92 -19 79.0  
Net Acquisition of Financial Assets -101 -64 -27 -21 -38 -20 -35 -65 -55   -192 -79   -70 -155 -121.7   -447 -426 4.6  
Net Incurrence of Liabilities -68 -26 -29 -32 -33 -29 -133 -23 -33   -123 -95   -116 -189 -63.4   -355 -407 -14.6  
         
Other Investment 1300 -1575 -1143 542 -205 -449 -655 -753 1145   -1419 -112   1615 -262 -116.2   1325 -1794 -235.4  
Net Acquisition of Financial Assets -535 -1624 507 -398 191 -464 -136 417 1225   -1653 -671   795 1506 89.6   1156 -818 -170.7  
Net Incurrence of Liabilities -1835 -49 1650 -939 396 -16 519 1170 79   -234 -559   -820 1769 315.7   -169 976 678.1  
         
NET UNCLASSIFIED ITEMS 1197 -991 -1648 449 723 -1472 -1210 903 -639   -1442 -300   -445 -945   -112.3   -1763 -2687   -52.5  
         
OVERALL BOP POSITION -531 -429 -266 -270 -583 -1177 -455 1272 -2696   -1227 -2030   -662 -1879   -184.0   -1367 -5136   -275.6  
(Totals as percent of GNI)   -1.3 -2.1   -0.7 -2.0   -0.5 -1.8  
(Totals as percent of GDP)   -1.6 -2.5   -0.9 -2.4   -0.6 -2.2  
Debit: Change in Reserve Assets -527 -427 -262 -266 -581 -1194 -451 1274 -2692   -1216 -2041   -651 -1868 -187.0   -1356 -5125 -278.0  
Credit: Change in Reserve Liabilities 4 2 4 4 2 -17 5 2 5   11 -11   11 11 0.2   11 11 -2.0  
                                               
                                               
Memo Items:        
Change in Net Foreign Assets (NFA) of Deposit-taking        
corporations, except the central bank 2188 99 -911 78 446 -830 268 -674 758   1376 -306   1364 353 -74.1   1413 1423 0.7  
Change in Commercial Banks' (KBs) NFA 2102 172 -929 98 451 -883 274 -641 762   1344 -335   1388 395 -71.5   1416 1405 -0.8  
Change in Thrift Banks' (TBs) NFA 53 -51 -10 9 -11 23 12 -20 -8   -8 22   -24 -17 29.1   -10 -3 66.8  
Change in Offshore Banking Units' (OBUs) NFA 34 -22 28 -29 5 30 -18 -12 4   40 6   . -26 -14151.8   7 21 188.7  
Personal Remittances 2655 2528 2627 2616 2746 2615 2675 2760 2490   7809 7978   7800 7926 1.6   23164 23713 2.4  
of which: OF Cash Remittances channeled thru the        
banking system 2379 2267 2360 2347 2469 2357 2401 2476 2237   7006 7173   6968 7114   2.1   20781 21294   2.5  
   
Details may not add up to total due to rounding.  
p Preliminary  
. 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).