1 PHILIPPINES: BALANCE OF PAYMENTS
for periods indicated
in million U.S. dollars
	2023 p													Q1	Q2	Q3		Q4			Growth (%)		Jan-Dec			Growth (%)
	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec						2022 r	2023 p		2023 p		2022 r	2023 p		2023 p
Current Account	-1,972	-272	-2,195	-1,253	-1,994	-724	-595	-1,177	-504	9	-636	107		-4,439	-3,972	-2,276		-50	-520		-942.0		-18,261	-11,206		38.6
(Totals as percent of GNI)														-4.0	-3.4	-2.0		.	-0.4				-4.3	-2.3
(Totals as percent of GDP)														-4.3	-3.8	-2.2		.	-0.4				-4.5	-2.6
Export	11,563	10,897	13,048	11,328	12,103	12,992	13,151	12,920	13,358	13,942	13,338	13,462		35,508	36,423	39,428		39,390	40,742		3.4		143,234	152,101		6.2
Import	13,535	11,169	15,243	12,581	14,097	13,716	13,745	14,097	13,862	13,933	13,974	13,355		39,947	40,395	41,704		39,440	41,262		4.6		161,495	163,307		1.1
Goods, Services, and Primary Income	-4,554	-2,689	-4,573	-3,540	-4,311	-3,416	-3,428	-3,750	-3,197	-2,736	-3,131	-2,929		-11,817	-11,266	-10,374		-8,219	-8,795		-7.0		-48,857	-42,252		13.5
Export	8,916	8,402	10,535	8,981	9,673	10,227	10,232	10,252	10,582	11,097	10,758	10,308		27,853	28,881	31,065		31,044	32,163		3.6		111,856	119,963		7.2
Import	13,470	11,092	15,109	12,520	13,984	13,643	13,660	14,002	13,778	13,832	13,889	13,237		39,670	40,147	41,440		39,262	40,958		4.3		160,714	162,215		0.9
Goods  and  Services	-4,959	-3,128	-4,407	-3,893	-4,509	-3,751	-3,884	-4,130	-3,638	-3,173	-3,785	-3,410		-12,494	-12,153	-11,652		-9,745	-10,368		-6.4		-53,806	-46,668		13.3
(Totals as percent of GNI)														-11.3	-10.4	-10.0		-8.1	-7.4				-12.6	-9.6
(Totals as percent of GDP)														-12.2	-11.5	-11.3		-8.7	-8.2				-13.3	-10.7
Export	7,657	7,273	9,106	7,650	8,356	8,911	8,855	8,859	9,191	9,685	9,255	8,803		24,036	24,917	26,904		27,351	27,744		1.4		98,832	103,601		4.8
Import	12,616	10,402	13,513	11,543	12,865	12,662	12,739	12,989	12,829	12,858	13,040	12,213		36,530	37,070	38,557		37,097	38,112		2.7		152,638	150,269		-1.6
Goods	-6,480	-4,582	-6,131	-5,805	-5,470	-5,069	-5,830	-5,837	-5,054	-5,103	-5,549	-4,879		-17,193	-16,343	-16,721		-15,091	-15,531		-2.9		-69,701	-65,788		5.6
(Totals as percent of GNI)														-15.5	-14.0	-14.4		-12.6	-11.0				-16.3	-13.6
(Totals as percent of GDP)														-16.8	-15.4	-16.3		-13.4	-12.3				-17.2	-15.1
Credit: Exports	3,919	3,849	4,961	3,551	4,943	5,137	4,405	4,853	5,160	5,174	4,944	4,420		12,729	13,632	14,418		15,016	14,538		-3.2		57,710	55,316		-4.1
Debit:   Imports	10,399	8,430	11,092	9,356	10,413	10,206	10,235	10,689	10,214	10,277	10,493	9,299		29,922	29,975	31,139		30,107	30,069		-0.1		127,412	121,104		-5.0
Services	1,521	1,453	1,724	1,912	961	1,317	1,946	1,707	1,415	1,929	1,764	1,469		4,698	4,190	5,069		5,345	5,163		-3.4		15,895	19,120		20.3
Credit: Exports	3,737	3,424	4,145	4,099	3,413	3,774	4,450	4,006	4,031	4,511	4,311	4,384		11,307	11,285	12,486		12,335	13,206		7.1		41,122	48,285		17.4
Debit:   Imports	2,217	1,971	2,421	2,187	2,452	2,456	2,503	2,299	2,615	2,581	2,547	2,915		6,609	7,095	7,418		6,990	8,043		15.1		25,226	29,165		15.6
Primary Income	405	439	-167	353	198	336	456	380	442	438	654	481		678	887	1,278		1,527	1,573		3.0		4,949	4,416		-10.8
Credit:   Receipts	1,259	1,129	1,429	1,331	1,317	1,316	1,377	1,393	1,391	1,412	1,503	1,505		3,818	3,964	4,161		3,693	4,419		19.7		13,024	16,362		25.6
Debit:     Payments	854	690	1,596	978	1,119	980	921	1,013	949	974	848	1,024		3,140	3,077	2,883		2,166	2,846		31.4		8,076	11,946		47.9
Secondary Income	2,583	2,417	2,378	2,286	2,317	2,692	2,833	2,573	2,692	2,745	2,494	3,036		7,378	7,295	8,098		8,169	8,275		1.3		30,596	31,046		1.5
Credit:   Receipts	2,648	2,494	2,513	2,347	2,430	2,765	2,919	2,668	2,776	2,846	2,580	3,154		7,654	7,542	8,363		8,346	8,579		2.8		31,378	32,138		2.4
Debit:     Payments	65	77	134	61	113	74	86	95	84	101	85	118		276	248	264		177	304		71.7		781	1,092		39.8
Capital Account	5	4	5	5	4	6	5	5	6	5	9	6		15	15	16		16	21		26.4		23	67		186.4
Credit:   Receipts	6	6	7	6	6	7	6	6	7	7	10	7		19	19	19		20	24		17.3		86	81		-5.9
Debit:     Payments	1	1	1	1	1	1	1	1	1	1	1	1		4	4	3		4	3		-20.8		62	14		-78.2
Financial Account	-5,255	1,697	-2,368	1,163	-173	-1,156	-2,057	890	-1,777	-3,397	-1,622	-1,361		-5,926	-166	-2,944		-2,068	-6,380		-208.5		-13,885	-15,415		-11.0
Net Acquisition of Financial Assets	-780	1,538	-999	578	494	1,184	-1,001	1,218	-1,303	-1,251	2,391	768		-241	2,255	-1,086		3,388	1,908		-43.7		2,533	2,836		12.0
Net Incurrence of Liabilities	4,475	-160	1,369	-586	667	2,340	1,056	328	474	2,146	4,013	2,129		5,685	2,421	1,858		5,456	8,288		51.9		16,419	18,251		11.2
Direct Investment	-249	-682	126	-581	-519	-290	-555	-383	-410	-574	-654	-188		-805	-1,390	-1,348		-1,517	-1,416		6.7		-5,631	-4,959		11.9
Net Acquisition of Financial Assets	228	373	683	300	-15	251	219	558	171	96	402	639		1,285	537	948		1,021	1,136		11.3		3,861	3,905		1.1
Net Incurrence of Liabilities	478	1,055	557	881	504	541	774	941	581	670	1,056	826		2,090	1,927	2,296		2,537	2,552		0.6		9,492	8,864		-6.6
Portfolio Investment	-3,074	2,169	1,340	201	1,727	497	-669	588	942	-1,139	-817	-841		434	2,426	862		-2,543	-2,797		-10.0		-1,684	925		154.9
Net Acquisition of Financial Assets	520	935	26	-304	1,058	945	-203	-61	-450	-954	-261	256		1,481	1,699	-714		-658	-959		-45.8		-281	1,507		635.5
Net Incurrence of Liabilities	3,594	-1,234	-1,313	-505	-669	448	466	-650	-1,392	185	556	1,096		1,047	-727	-1,576		1,885	1,838		-2.5		1,402	582		-58.5
Financial Derivatives	37	-27	10	-44	-33	5	30	-63	-17	-10	4	-7		20	-72	-50		31	-13		-143.1		-48	-115		-139.3
Net Acquisition of Financial Assets	-47	-78	-69	-101	-83	-47	-53	-106	-57	-35	-47	-55		-195	-231	-216		-164	-138		16.0		-632	-779		-23.3
Net Incurrence of Liabilities	-84	-51	-80	-58	-49	-52	-83	-43	-40	-25	-51	-49		-215	-159	-166		-195	-124		36.1		-584	-664		-13.7
Other Investment	-1,969	238	-3,844	1,586	-1,348	-1,368	-863	747	-2,292	-1,673	-154	-326		-5,575	-1,130	-2,408		1,961	-2,154		-209.8		-6,523	-11,266		-72.7
Net Acquisition of Financial Assets	-1,481	307	-1,639	682	-467	35	-964	827	-967	-357	2,297	-71		-2,812	250	-1,104		3,189	1,869		-41.4		-415	-1,797		-333.3
Net Incurrence of Liabilities	488	70	2,205	-904	881	1,403	-101	80	1,325	1,316	2,451	255		2,763	1,380	1,304		1,228	4,022		227.5		6,108	9,469		55.0
NET UNCLASSIFIED ITEMS	-208	1,070	1,089	2,265	1,378	-1,044	-1,520	2,005	-1,692	-1,901	-1,211	-832		1,951	2,598	-1,208		-1,467	-3,944		-168.9		-2,911	-604		79.3
OVERALL BOP POSITION	3,081	-895	1,267	-148	-439	-606	-53	-57	-414	1,510	-216	642		3,453	-1,193	-524		568	1,936		241.0		-7,263	3,672		150.6
(Totals as percent of GNI)														3.1	-1.0	-0.5		0.5	1.4				-1.7	0.8
(Totals as percent of GDP)														3.4	-1.1	-0.5		0.5	1.5				-1.8	0.8
Debit: Change in Reserve Assets	3,094	-910	1,282	-133	-456	-612	-36	-78	-398	2,207	-101	-179		3,467	-1,201	-512		564	1,927		241.5		-7,246	3,681		150.8
Credit: Change in Reserve Liabilities	14	-14	15	15	-16	-6	17	-20	16	696	114	-821		14	-8	12		-4	-10		-164.8		17	9		-46.8
Memo Items:
Change in Net Foreign Assets (NFA) of Deposit-taking
corporations, except the central bank	-1,490	147	-1,479	1,327	-559	-811	57	973	-1,530	-1,576	1,456	-515		-2,822	-43	-499		494	-635		-228.5		-3,099	-3,999		-29.0
Change in Commercial Banks' (KBs) NFA	-1,475	136	-1,502	1,346	-478	-778	69	967	-1,540	-1,574	1,465	-524		-2,841	90	-505		472	-633		-234.2		-2,829	-3,890		-37.5
Change in Thrift Banks' (TBs) NFA	10	-6	6	-19	-78	-12	-11	8	10	-8	-7	.		9	-109	7		19	-14		-174.9		-262	-108		58.7
Change in Offshore Banking Units' (OBUs) NFA	-24	17	17	.	-3	-21	.	-1	1	5	-1	8		10	-23	-1		3	13		273.2		-8	-1		82.4
Personal Remittances	3,071	2,860	2,973	2,773	2,782	3,131	3,321	3,102	3,229	3,327	3,017	3,625		8,905	8,686	9,652		9,645	9,968		3.3		36,136	37,210		3.0
of which: OF Cash Remittances channeled thru the
banking system	2,762	2,569	2,671	2,485	2,494	2,812	2,992	2,796	2,913	2,998	2,719	3,280		8,002	7,791	8,701		8,714	8,997		3.2		32,539	33,491		2.9
Details may not add up to total due to rounding.
p Preliminary
r Revised  to reflect data updates from official data sources and post-audit adjustments
. Rounds off to zero
Technical Notes:
1. Balance of Payments Statistics from 2005 onwards are based on the IMF's Balance of Payments and International Investment Position Manual, 6th Edition.
2. Financial Account, including Reserve Assets, is calculated as the sum of net acquisitions of financial assets less net incurrence of liabilities.
3. Balances in the current and capital accounts are derived by deducting debit entries from credit entries.
4. Balances in the financial account are derived by deducting net incurrence of liabilities from net acquisition of financial assets.
5. Negative values of Net Acquisition of Financial Assets indicate withdrawal/disposal of financial assets; negative values of Net
Incurrence of Liabilities indicate repayment of liabilities.
6. A negative growth rate in the net balance of the financial account and its components (i.e., direct, portfolio and other investments) indicate higher net financial inflows or
lower net outflows during the period relative to the year-ago level. Conversely, a positive growth rate suggests lower net financial inflows or higher net outflows.
7. Overall BOP position is calculated as the change in the country's net international reserves (NIR), less non-economic transactions
(revaluation and gold monetization/demonetization). Alternatively, it can be derived by adding the current and capital account balances
less financial account plus net unclassified items.
8. Net unclassified 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.
9. Data on Deposit-taking corporations, except the central bank, consist of transactions of commercial and thrift banks and offshore banking units (OBUs).