| 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. | |||||||||||||||||