1 PHILIPPINES: BALANCE OF PAYMENTS                                              
for periods indicated                                              
in million U.S. dollars                                              
  2021 p   Q1 Q2   Q3   Growth (%)   Jan-Sep   Growth (%)  
  Jan Feb Mar Apr May Jun Jul Aug Sep     2020 p 2021  p   2021  p   2020 p 2021  p   2021  p  
         
Current Account -14 241 -519 -369 -656 -393 -357 33 -600   -291 -1,418   2,995 -924 -130.9   7,793 -2,633 -133.8  
(Totals as percent of GNI)   -0.3 -1.4   3.2 -1.0   2.8 -0.9  
(Totals as percent of GDP)   -0.3 -1.4   3.5 -1.0   3.1 -0.9  
Export 9,951 9,508 10,983 9,615 10,100 11,157 11,530 11,398 11,552   30,442 30,872   31,319 34,480 10.1   87,459 95,794 9.5  
Import 9,965 9,267 11,502 9,984 10,756 11,550 11,886 11,365 12,152   30,733 32,290   28,324 35,404 25.0   79,666 98,427 23.5  
         
Goods, Services, and Primary Income -2,392 -2,099 -2,807 -2,489 -2,906 -2,901 -3,084 -2,413 -3,183   -7,297 -8,296   -4,296 -8,679 -102.0   -12,223 -24,272 -98.6  
Export 7,478 7,088 8,586 7,409 7,758 8,573 8,738 8,888 8,901   23,152 23,739   23,844 26,528 11.3   66,818 73,419 9.9  
Import 9,870 9,187 11,392 9,897 10,664 11,473 11,822 11,301 12,084   30,449 32,035   28,140 35,207 25.1   79,041 97,691 23.6  
         
Goods  and  Services -2,684 -2,522 -2,689 -3,020 -3,129 -3,302 -3,038 -2,751 -3,532   -7,895 -9,451   -5,261 -9,321 -77.2   -15,183 -26,667 -75.6  
(Totals as percent of GNI)   -8.5 -9.2   -5.7 -9.8   -5.5 -9.2  
(Totals as percent of GDP)   -8.7 -9.6   -6.1 -10.1   -5.9 -9.5  
Export 6,505 6,249 7,595 6,439 6,789 7,610 7,690 7,772 7,827   20,349 20,838   20,892 23,290 11.5   58,117 64,476 10.9  
Import 9,189 8,771 10,284 9,459 9,919 10,912 10,728 10,523 11,359   28,244 30,289   26,153 32,611 24.7   73,300 91,144 24.3  
         
Goods  -3,746 -3,520 -3,770 -3,893 -4,007 -4,274 -4,361 -4,210 -4,840   -11,036 -12,174   -8,973 -13,411 -49.5   -24,317 -36,621 -50.6  
(Totals as percent of GNI)   -11.9 -11.9   -9.7 -14.1   -8.7 -12.6  
(Totals as percent of GDP)   -12.2 -12.3   -10.4 -14.6   -9.5 -13.0  
Credit: Exports 3,962 3,848 4,970 4,173 4,300 4,831 4,786 4,810 4,875   12,780 13,304   12,862 14,471 12.5   34,949 40,555 16.0  
Debit:   Imports 7,708 7,368 8,740 8,065 8,307 9,105 9,147 9,020 9,716   23,816 25,477   21,835 27,883 27.7   59,266 77,177 30.2  
         
Services 1,062 998 1,081 873 877 972 1,323 1,459 1,308   3,141 2,722   3,712 4,090 10.2   9,134 9,954 9.0  
Credit: Exports 2,543 2,401 2,625 2,266 2,489 2,779 2,904 2,962 2,952   7,569 7,534   8,030 8,818 9.8   23,168 23,921 3.2  
Debit:   Imports 1,481 1,403 1,544 1,393 1,612 1,807 1,581 1,503 1,644   4,428 4,812   4,318 4,728 9.5   14,035 13,967 -0.5  
         
Primary Income 292 423 -118 531 223 402 -45 338 350   597 1,156   965 642 -33.4   2,960 2,396 -19.1  
Credit:   Receipts 973 839 991 970 969 963 1,048 1,116 1,074   2,803 2,902   2,952 3,238 9.7   8,700 8,943 2.8  
Debit:     Payments 681 416 1,109 439 745 562 1,094 778 724   2,205 1,746   1,987 2,596 30.6   5,740 6,547 14.1  
         
Secondary Income 2,378 2,340 2,288 2,120 2,250 2,507 2,727 2,446 2,582   7,006 6,878   7,291 7,755 6.4   20,016 21,639 8.1  
Credit:   Receipts 2,473 2,421 2,397 2,206 2,342 2,584 2,791 2,510 2,651   7,290 7,133   7,475 7,952 6.4   20,641 22,375 8.4  
Debit:     Payments 94 80 109 86 92 77 64 64 69   284 255   184 197 7.0   626 737 17.7  
         
Capital Account 5 6 6 6 7 7 7 8 5   17 20   18 20 10.7   44 56 28.6  
Credit:   Receipts 8 8 7 7 7 7 9 9 8   22 22   21 26 21.0   66 70 6.6  
Debit:     Payments 3 1 1 1 1 1 2 1 3   5 3   4 6 72.7   22 14 -37.4  
         
Financial Account 916 3,094 -89 -1,659 558 -2,449 468 -1,105 -496   3,921 -3,550   -1,414 -1,133 19.9   302 -762 -352.1  
Net Acquisition of Financial Assets -352 2,446 326 262 2,212 -126 1,955 1,130 351   2,420 2,347   5,107 3,437 -32.7   10,276 8,204 -20.2  
Net Incurrence of Liabilities -1,269 -648 415 1,921 1,654 2,323 1,487 2,235 847   -1,502 5,897   6,522 4,570 -29.9   9,974 8,965 -10.1  
         
Direct Investment -846 -476 -724 -931 -26 -626 -1,141 -631 -405   -2,046 -1,583   -941 -2,177 -131.4   -2,746 -5,806 -111.4  
Net Acquisition of Financial Assets 136 142 84 -271 421 339 139 235 255   363 489   1,073 630 -41.3   2,322 1,482 -36.2  
Net Incurrence of Liabilities 982 618 809 659 448 965 1,281 866 660   2,409 2,073   2,014 2,806 39.3   5,068 7,288 43.8  
         
Portfolio Investment 952 4,627 2,024 -1,962 -265 823 -1,821 1,728 1,047   7,603 -1,404   1,257 954 -24.2   1,601 7,152 346.7  
Net Acquisition of Financial Assets -489 3,628 763 -98 -41 1,370 -69 232 612   3,902 1,231   3,644 775 -78.7   5,086 5,907 16.2  
Net Incurrence of Liabilities -1,441 -999 -1,261 1,863 224 547 1,751 -1,496 -435   -3,700 2,635   2,387 -179 -107.5   3,485 -1,245 -135.7  
         
Financial Derivatives -21 -38 -41 -31 -59 -54 -43 -59 -63   -99 -144   -45 -165 -263.7   -129 -408 -216.2  
Net Acquisition of Financial Assets -69 -75 -104 -87 -89 -112 -100 -96 -97   -247 -288   -173 -294 -70.2   -601 -829 -38.1  
Net Incurrence of Liabilities -48 -37 -63 -56 -31 -58 -58 -37 -34   -148 -144   -127 -129 -1.2   -472 -421 10.7  
         
Other Investment 831 -1,019 -1,348 1,264 908 -2,591 3,473 -2,143 -1,075   -1,536 -419   -1,686 255 115.1   1,576 -1,700 -207.8  
Net Acquisition of Financial Assets 69 -1,250 -418 718 1,920 -1,723 1,986 759 -419   -1,599 916   562 2,326 313.7   3,469 1,643 -52.6  
Net Incurrence of Liabilities -762 -230 929 -546 1,012 868 -1,487 2,903 656   -62 1,334   2,248 2,071 -7.9   1,893 3,343 76.7  
         
NET UNCLASSIFIED ITEMS 173 828 350 1,316 -189 -2,374 1,460 -103 -312   1,351 -1,246   -1,658 1,046   163.1   -656 1,150   275.3  
         
OVERALL BOP POSITION -752 -2,019 -73 2,614 -1,397 -312 642 1,044 -412   -2,844 905   2,769 1,274   -54.0   6,878 -665   -109.7  
(Totals as percent of GNI)   -3.1 0.9   3.0 1.3   2.5 -0.2  
(Totals as percent of GDP)   -3.1 0.9   3.2 1.4   2.7 -0.2  
Debit: Change in Reserve Assets -748 -2,015 -70 2,617 -1,393 -330 646 1,047 -408   -2,834 895   2,780 1,285 -53.8   6,887 -654 -109.5  
Credit: Change in Reserve Liabilities 4 3 4 4 3 -18 4 4 4   11 -11   11 11 1.0   9 11 16.1  
                                               
                                               
Memo Items:        
Change in Net Foreign Assets (NFA) of Deposit-taking        
  corporations, except the central bank -55 2 128 979 242 -1,166 1,730 303 557   75 55   3,423 2,589 -24.4   10,530 2,719 -74.2  
Change in Commercial Banks' (KBs) NFA -77 -2 146 856 219 -1,222 1,825 303 502   67 -148   3,404 2,630 -22.7   10,580 2,549 -75.9  
Change in Thrift Banks' (TBs) NFA 15 -10 -11 131 31 37 -20 2 -14   -6 199   14 -32 -317.6   -11 161 1,615.7  
Change in Offshore Banking Units' (OBUs) NFA 7 14 -7 -8 -7 19 -76 -3 70   14 4   4 -9 -322.9   -39 9 122.0  
Personal Remittances 2,895 2,759 2,801 2,574 2,652 2,936 3,167 2,889 3,026   8,454 8,162   8,729 9,082 4.0   24,302 25,699 5.7  
of which: OF Cash Remittances channeled thru the         
  banking system 2,603 2,476 2,514 2,305 2,382 2,638 2,853 2,609 2,737   7,593 7,325   7,866 8,199   4.2   21,886 23,117   5.6  
   
Details may not add up to total due to rounding.  
p Preliminary  
   
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).