1	PHILIPPINES:  BALANCE OF PAYMENTS																						12/12/2011 16:52
	in million U.S. dollars
						2011											Q3			Growth Rate %		Jan-Sep			Growth Rate %
						Jan	Feb	Mar	Q1	Apr	May	Jun	Q2	Jul	Aug	Sep	2011	2010		2011		2011	2010		2011	2010
	CURRENT ACCOUNT					220	672	60	952	291	892	889	2072	632	737	664	2033	3392		-40.1		5057	6743		-25.0	1.0
	(Totals as percent of GNI)								1.4				2.8				2.8	5.3				2.4	3.5
	(Totals as percent of GDP)								1.9				3.7				3.7	7.1				3.1	4.7
	Goods  and  Services					-1112	-796	-993	-2901	-1247	-683	-677	-2607	-975	-654	-959	-2588	-834		-210.3		-8096	-5235		-54.7	-3.1
		(Totals as percent of GNI)							-4.2				-3.5				-3.6	-1.3				-3.8	-2.7
		(Totals as percent of GDP)							-5.7				-4.7				-4.7	-1.7				-5.0	-3.7
		Export				5206	4952	5735	15893	5411	5292	5302	16005	5664	5382	5272	16318	18235		-10.5		48216	48566		-0.7	37.5
		Import				6318	5748	6728	18794	6658	5975	5979	18612	6639	6036	6231	18906	19069		-0.9		56312	53801		4.7	33.2
		Goods 1/				-1459	-1053	-1396	-3908	-1353	-964	-940	-3257	-1196	-981	-1372	-3549	-1666		-113.0		-10714	-7611		-40.8	-11.6
		(Totals as percent of GNI)							-5.7				-4.4				-4.9	-2.6				-5.0	-4.0
		(Totals as percent of GDP)							-7.6				-5.8				-6.5	-3.5				-6.6	-5.4
			Credit: Exports			3933	3806	4282	12021	4245	4030	4059	12334	4333	4064	3832	12229	14467		-15.5		36584	37797		-3.2	39.8
			Debit:   Imports			5392	4859	5678	15929	5598	4994	4999	15591	5529	5045	5204	15778	16133		-2.2		47298	45408		4.2	34.1
		Services				347	257	403	1007	106	281	263	650	221	327	413	961	832		15.5		2618	2376		10.2	36.6
			Credit: Exports			1273	1146	1453	3872	1166	1262	1243	3671	1331	1318	1440	4089	3768		8.5		11632	10769		8.0	30.1
			Debit:   Imports			926	889	1050	2865	1060	981	980	3021	1110	991	1027	3128	2936		6.5		9014	8393		7.4	28.4
	Income					31	168	-332	-133	148	106	66	320	99	-25	102	176	93		89.2		363	-185		296.2	51.3
		Credit:   Receipts				528	523	584	1635	557	579	593	1729	604	603	577	1784	1576		13.2		5148	4479		14.9	5.5
		Debit:     Payments				497	355	916	1768	409	473	527	1409	505	628	475	1608	1483		8.4		4785	4664		2.6	0.8
	Current  Transfers					1301	1300	1385	3986	1390	1469	1500	4359	1508	1416	1521	4445	4133		7.5		12790	12163		5.2	0.2
		Credit:   Receipts				1370	1377	1456	4203	1478	1542	1573	4593	1557	1491	1601	4649	4409		5.4		13445	12835		4.8	2.1
		Debit:     Payments				69	77	71	217	88	73	73	234	49	75	80	204	276		-26.1		655	672		-2.5	51.7
	CAPITAL  AND  FINANCIAL  ACCOUNT					1462	-839	2464	3087	763	-440	-590	-267	1175	657	422	2254	1717		31.3		5075	2026		150.5	194.8
	Capital  Account					10	5	8	23	6	6	14	26	13	27	11	51	32		59.4		100	83		20.5	20.3
		Credit:    Receipts				16	12	16	44	13	13	20	46	21	36	20	77	50		54.0		167	136		22.8	22.5
		Debit:      Payments				6	7	8	21	7	7	6	20	8	9	9	26	18		44.4		67	53		26.4	26.2
	Financial  Account					1452	-844	2456	3064	757	-446	-604	-293	1162	630	411	2203	1685		30.7		4975	1943		156.0	188.0
		Direct Investment				192	88	74	354	52	336	51	439	-311	57	160	-94	281		-133.5		699	613		14.0	-54.6
			Debit: Assets, Residents'  Investments Abroad			17	9	61	87	16	-175	13	-146	32	-7	6	31	50		-38.0		-28	387		-107.2	46.0
			Credit: Liabilities, Non-Residents'			209	97	135	441	68	161	64	293	-279	50	166	-63	331		-119.0		671	1000		-32.9	-38.0
				Investments in the Phil.
		Portfolio Investment				1317	-739	2127	2705	548	1426	228	2202	283	375	57	715	1085		-34.1		5622	423		1229.1	123.0
			Debit: Assets, Residents'  Investments Abroad			-50	5	-387	-432	171	-401	-143	-373	32	-148	326	210	610		-65.6		-595	2584		-123.0	-2.1
			Credit: Liabilities, Non-Residents'			1267	-734	1740	2273	719	1025	85	1829	315	227	383	925	1695		-45.4		5027	3007		67.2	274.0
				Investments in the Phil.
		Financial Derivatives				415	253	220	888	62	4	4	70	-22	-10	-9	-41	-118		65.3		917	-184		598.4	-387.5
			Debit: Assets, Residents'  Investments Abroad			-433	-292	-249	-974	-241	-32	-35	-308	-34	-37	-41	-112	-49		-128.6		-1394	-223		-525.1	31.2
			Credit: Liabilities, Non-Residents'			-18	-39	-29	-86	-179	-28	-31	-238	-56	-47	-50	-153	-167		8.4		-477	-407		-17.2	-56.5
				Investments in the Phil.
		Other Investment				-472	-446	35	-883	95	-2212	-887	-3004	1212	208	203	1623	437		271.4		-2263	1091		-307.4	161.2
			Debit: Assets, Residents'  Investments Abroad			547	604	-87	1064	547	771	461	1779	493	496	-564	425	845		-49.7		3268	2550		28.2	311.3
			Credit: Liabilities, Non-Residents'			75	158	-52	181	642	-1441	-426	-1225	1705	704	-361	2048	1282		59.8		1005	3641		-72.4	412.8
				Investments in the Phil.
	NET UNCLASSIFIED ITEMS					-76	34	-504	-546	30	-235	-77	-282	-540	1325	-367	418	-1803				-411	-2326
	OVERALL BOP POSITION					1606	-133	2020	3493	1084	217	222	1523	1267	2719	719	4705	3306		42.3		9721	6443		50.9	46.3
	(Totals as percent of GNI)								5.1				2.1				6.5	5.1				4.5	3.4
	(Totals as percent of GDP)								6.8				2.7				8.6	6.9				6.0	4.5
	Debit: Change in Reserve Assets					1609	-130	2024	3503	1088	220	205	1513	1271	2721	723	4715	3317		42.1		9731	6454		50.8	83.1
	Credit: Change in Reserve Liabilities					3	3	4	10	4	3	-17	-10	4	2	4	10	11		-9.1		10	11		-9.1	101.3
		Use of Fund Credits				0	0	0	0	0	0	0	0	0	0	0	0	0		0.0		0	0		0.0	0.0
		Short-term				3	3	4	10	4	3	-17	-10	4	2	4	10	11		-9.1		10	11		-9.1	101.3
	Memo Items:
		Change in Banks' Net Foreign Assets (NFA)				717	489	1568	2774	698	-578	-173	-53	1088	366	588	2042	2276		-10.3		4763	1775		168.3	153.7
		Change in Commercial Banks' (KBs)				867	535	1550	2952	697	-694	-174	-171	1054	324	584	1962	2099		-6.5		4743	1782		166.2	154.8
			Net Foreign Assets (NFA)
		Change in Thrift Banks' (TBs) NFA				-150	-46	18	-178	1	116	1	118	34	42	4	80	177		-54.8		20	-7		385.7	87.0
		OF Cash Remittances				1529	1553	1673	4755	1672	1747	1798	5217	1775	1729	1796	5300	4885		8.5		15272	14264		7.1	7.8
			of which channeled thru the banking system			1477	1501	1617	4595	1616	1688	1737	5041	1715	1670	1736	5121	4721		8.5		14757	13783		7.1	7.8
		Basic Balance				363	890	763	2016	355	796	1080	2231	262	1190	748	2200	3905		-43.7		6447	8175		-21.1	-3.9
		Net Unclassified Items as Percent of Total Trade				-0.8	0.4	-5.1	-2.0	0.3	-2.6	-0.9	-1.0	-5.5	14.5	-4.1	1.5	-5.9				-0.5	-2.8
	p - preliminary
	1/ - Data on goods import 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 Banks' 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. Starting March 2008, the
		computation of the change in banks' NFA includes the NFA of Thrift Banks.
	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.