1 PHILIPPINES: BALANCE OF PAYMENTS                  
for periods indicated                  
in million US dollars                  
  2022 p   Jan-Mar   Growth (%)  
  Jan Feb Mar   2021 p 2022  p   2022  p  
       
Current Account -1,551 -815 -2,442   -32 -4,808   -14,915.3  
(Totals as percent of GNI)   . -4.8    
(Totals as percent of GDP)   . -5.0    
Export 10,826 10,770 11,891   30,865 33,487   8.5  
Import 12,378 11,586 14,332   30,897 38,295   23.9  
       
Goods, Services, and Primary Income -4,017 -3,160 -4,831   -7,036 -12,007   -70.6  
Export 8,287 8,366 9,421   23,575 26,074   10.6  
Import 12,304 11,526 14,252   30,611 38,081   24.4  
       
Goods  and  Services -4,352 -3,698 -5,107   -7,608 -13,157   -72.9  
(Totals as percent of GNI)   -8.2 -13.1    
(Totals as percent of GDP)   -8.4 -13.8    
Export 7,311 7,483 8,322   20,780 23,116   11.2  
Import 11,663 11,181 13,429   28,388 36,273   27.8  
       
Goods  -5,399 -4,925 -6,029   -10,966 -16,353   -49.1  
(Totals as percent of GNI)   -11.8 -16.3    
(Totals as percent of GDP)   -12.1 -17.1    
Credit: Exports 4,473 4,633 5,344   12,981 14,450   11.3  
Debit:   Imports 9,871 9,559 11,373   23,947 30,803   28.6  
       
Services 1,047 1,227 921   3,358 3,195   -4.8  
Credit: Exports 2,838 2,850 2,978   7,799 8,666   11.1  
Debit:   Imports 1,791 1,622 2,056   4,441 5,470   23.2  
       
Primary Income 335 538 277   572 1,151   101.1  
Credit:   Receipts 977 883 1,099   2,796 2,959   5.8  
Debit:     Payments 641 344 823   2,224 1,808   -18.7  
       
Secondary Income 2,465 2,344 2,389   7,004 7,198   2.8  
Credit:   Receipts 2,539 2,404 2,469   7,290 7,413   1.7  
Debit:     Payments 74 60 80   285 214   -24.9  
       
Capital Account 5 8 -33   17 -20   -217.3  
Credit:   Receipts 9 9 8   22 26   20.2  
Debit:     Payments 3 1 42   5 46   821.6  
       
Financial Account -2,854 341 -2,431   4,092 -4,944   -220.8  
Net Acquisition of Financial Assets -1,880 1,170 604   2,785 -106   -103.8  
Net Incurrence of Liabilities 974 829 3,035   -1,307 4,838   470.1  
       
Direct Investment -696 -493 -202   -2,027 -1,391   31.4  
Net Acquisition of Financial Assets 123 400 525   364 1,048   187.8  
Net Incurrence of Liabilities 819 893 727   2,391 2,439   2.0  
                   
Portfolio Investment 164 137 -4   7,967 298   -96.3  
Net Acquisition of Financial Assets -62 -409 1,748   4,266 1,278   -70.1  
Net Incurrence of Liabilities -226 -546 1,752   -3,700 980   126.5  
       
Financial Derivatives -67 -69 -84   -99 -219   -120.6  
Net Acquisition of Financial Assets -105 -92 -129   -247 -325   -31.7  
Net Incurrence of Liabilities -38 -23 -45   -148 -106   28.0  
       
Other Investment -2,256 766 -2,142   -1,748 -3,632   -107.8  
Net Acquisition of Financial Assets -1,836 1,271 -1,540   -1,599 -2,106   -31.7  
Net Incurrence of Liabilities 419 505 601   149 1,526   920.7  
       
NET UNCLASSIFIED ITEMS -1,411 992 798   1,263 379   -70.0  
       
OVERALL BOP POSITION -102 -157 754   -2,844 495   117.4  
(Totals as percent of GNI)   -3.1 0.5    
(Totals as percent of GDP)   -3.1 0.5    
Debit: Change in Reserve Assets -98 -153 757   -2,834 506   117.9  
Credit: Change in Reserve Liabilities 4 3 4   11 11   2.3  
                   
                   
Memo Items:      
Change in Net Foreign Assets (NFA) of Deposit-taking      
  corporations, except the central bank -896 746 215   75 65   -14.0  
Change in Commercial Banks' (KBs) NFA -618 750 211   67 342   411.6  
Change in Thrift Banks' (TBs) NFA -276 10 .   -6 -266   -4,478.4  
Change in Offshore Banking Units' (OBUs) NFA -3 -14 4   14 -12   -188.1  
Personal Remittances 2,966 2,793 2,888   8,454 8,646   2.3  
of which: OF Cash Remittances channeled thru the       
  banking system 2,668 2,509 2,594   7,593 7,771   2.4  
   
Details may not add up to total due to rounding.  
2021 data on trade-in-goods are based on the preliminary data sourced from the Philippine Statistics Authority (PSA). Revised 2021   
trade-in-goods data  based on the final PSA data will be released in September 2022 in accordance with the BSP's revision policy on BOP statistics.  
p Preliminary  
. 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. 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.  
7. 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.  
8. Data on Deposit-taking corporations, except the central bank, consist of transactions of commercial and thrift   
banks and offshore banking units (OBUs).   
   
Source: Bangko Sentral ng Pilipinas