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.