11 OVERALL BOP POSITION: TRANSACTIONS IN RESERVE ASSETS AND LIABILITIES 1/
	in million U.S. dollars
							2008 p/				Q1				Growth Rate
		ITEM					Jan	Feb	Mar		2008		2007		2008	2007
	CHANGE IN NET RESERVES						259	1049	405		1713		1418		20.8	-33.1
	CHANGE IN RESERVE ASSETS						263	1053	411		1727		1430		20.8	-25.3
		Monetary  gold					-54	-34	-30		-118		-150		21.3	22.7
		Special drawing rights					0	-1	0		-1		-1		0.0	0.0
		Reserves position in the Fund					0	0	0		0		0		0.0	0.0
		Foreign Exchange					317	1088	441		1846		1581		16.8	-25.1
			Currency and deposits				-969	-144	32		-1081		-767		-40.9	-138.7
			Securities				1286	1232	409		2927		2348		24.7	1748.8
				Equities			0	0	0		0		0		0.0	0.0
				Bonds and notes			1286	1232	409		2927		2348		24.7	1748.8
				Money market instruments			0	0	0		0		0		0.0	0.0
					and financial derivatives
		Other claims					0	0	0		0		0		0.0	0.0
	CHANGE IN RESERVE LIABILITIES						4	4	6		14		12		16.7	105.8
		Use of Fund Credit and loans					0	0	0		0		0		0.0	100.0
		Short-term					4	4	6		14		12		16.7	110.3
Note:   Balance is derived by deducting liabilities from assets.
	p/ -  preliminary
	1/ - Revised to reflect the reclassification of released collaterals on Brady Bonds from non-IR to IR-eligible assets of the BSP.  This is in line with
	the treatment of foreign investments under R.A. 7653 (New CB Act), which allows investments in securities even for maturities over 5 years to
	be included as part of the GIR.