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.