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.