7 DIRECT INVESTMENT    
  in million U.S. dollars                      
                   
  2008 p/ Q1 Growth Rate  
    ITEM         Jan Feb Mar   2008   2007   2008 2007  
  DIRECT INVESTMENT 128 183 209 520 1316 -60.5 241.8  
   
  ASSETS :  Residents' Investments Abroad 21 11 -1 31 72 -56.9 125.0  
   
  Equity  capital 21 11 -1 31 72 -56.9 125.0  
   
  Claims on affiliated enterprises 21 11 -1 31 72 -56.9 125.0  
   
  Liabilities to affiliated enterprises n.a. n.a. n.a. n.a. n.a. n.a. n.a.  
   
  Reinvested earnings n.a. n.a. n.a. n.a. n.a. n.a. n.a.  
   
  Other Capital n.a. n.a. n.a. n.a. n.a. n.a. n.a.  
  Claims on affiliated enterprises n.a. n.a. n.a. n.a. n.a. n.a. n.a.  
  Liabilities to affiliated enterprises n.a. n.a. n.a. n.a. n.a. n.a. n.a.  
   
  LIABILITIES : Non-residents' Investments 149 194 208 551 1388 -60.3 232.9  
   in the Philippines  
   
  Equity  capital 87 31 75 193 685 -71.8 164.5  
   
  Claims on direct investors 0 0 0 0 0 0.0 0.0  
   
  Liabilities to direct investors 87 31 75 193 685 -71.8 164.5  
   
  Reinvested earnings 30 45 25 100 132 -24.2 10.0  
  Claims 0 0 0 0 0 0.0 0.0  
  Liabilities 30 45 25 100 132 -24.2 10.0  
   
  Other Capital 32 118 108 258 571 -54.8 1402.6  
   
  Claims on direct investors 22 -101 -109 -188 131 -243.5 -4.4  
  Liabilities to direct investors 54 17 -1 70 702 -90.0 301.1  
                                   
   Note:   Balance is derived by deducting assets from liabilities.                      
   p/  - preliminary  
  n.a. - data not available