balance of payments developments balance of payments … · petroleum crude oil increased by 40.4...

BALANCE OF PAYMENTS DEVELOPMENTS 3/16/2018 1:40 PM

Department of Economic Statistics

F o u r t h Q u a r t e r 2 0 1 7 D e v e l o p m e n t s

Overall BOP Position

Q4 2017 BOP position reverses to

a surplus.

The country’s balance of payments position (BOP) rebounded in Q4 2017, yielding a surplus of US$505 million, after recording a deficit of US$662 million in Q3 2017. The surplus in Q4 2017 was also a reversal from the US$2.1 billion deficit registered in the same quarter a year ago. This positive outcome was a result primarily of the net inflows (or net borrowing by residents from the rest of the world) in the financial account even as the current account posted a deficit. In particular, the financial account balance reversed to net inflows of US$2 billion from net outflows of US$1.1 billion due to net inflows of direct and portfolio investments which more than offset the net outflows recorded in the other investment account. By contrast, the current account registered a higher deficit of US$3.3 billion due to the widening trade-in-goods deficit. Economic activity continued to strengthen on both global and domestic fronts leading to upbeat investor sentiment which helped shore up the country’s foreign direct investments. External demand also improved and kept exports of goods on an upward path. Meanwhile, imports of goods continued to expand in support of the government’s big infrastructure projects that reflect robust domestic economic activity (Table 1).

Balance of Payments ( in million US$)

2016 2017

Current Account -566 -3297

Capital Account 14 14

Financial Account 1089 -2033

Net Unclassified Items -427 1754

Overall BOP* -2068 505

Q4

*Positive balance in the financial account indicates net outflows

while a negative balance indicates net inflows. The overall BOP

position, therefore, is equal to the current account plus the capital

account minus the financial account plus net unclassified items.

Details may not add up to total due to rounding.

Current Account

Current account posts higher deficit.

The current account posted a deficit of US$3.3 billion in Q4 2017, significantly higher than the US$566 million deficit recorded in Q4 2016. This developed as the trade-in-goods deficit widened even as higher net receipts were recorded in the trade-in-services, and secondary and primary income accounts.1

1 Primary Income account (formerly the Income account) shows the flows for the use of labor and financial resources between resident and

non-resident institutional units. Secondary Income account (formerly the Current Transfers account) shows current transfers, in cash or in kind, for nothing in return, between residents and non-residents.

Balance of Payments F o u r t h Q u a r t e r 2 0 1 7

Department of Economic Statistics 2

Trade-in-Goods

Trade-in-goods deficit widens.

The trade-in-goods deficit increased to US$13.1 billion in Q4 2017 from US$9.2 billion in the same period in 2016 on account of the higher expansion in imports of goods (by 20.4 percent) than that of exports of goods (by 2 percent).

Exports of Goods2

Exports of goods post modest

improvement.

Exports of goods increased by 2 percent to US$11.3 billion in Q4 2017 from US$11.1 billion in Q4 2016. The modest upturn was a result of higher shipments of mineral products, notably copper metal and gold following the rise in export volume along with the increase in their international market prices. Growth in exports of forest, petroleum, and sugar and products was also posted during the quarter. However, negative growth was recorded in manufactures, fruits and vegetables, coconut, and other agro-based products. Exports of manufactured goods which comprised about 74 percent of total goods exports declined slightly by 1.1 percent, owing largely to reduced shipments of wood manufactures (by 82.3 percent), chemicals (by 43.5 percent), and garments (by 43.7 percent) which more than offset the continued increase in exports of non-consigned electronics (including other electronics), and machinery and transport equipment. Exports of fruits and vegetables contracted by 30.8 percent on account of the decline in shipments of canned pineapple and bananas. Exports of bananas continued to decline as tariff for Philippine agricultural exports to South Korea and Japan remained high compared to competitors such as Costa Rica and Ecuador. Exports of coconut products dropped by 13.3 percent due to lower shipments of coconut oil (by 18.4 percent) following the drop in export volume and its world market price during the quarter. Lower exports of coconut products may be partly due to the damages brought by a series of tropical storms which destroyed a huge number of coconut trees in Visayas and Mindanao (Table 2.1).

Figure 1

2 Based on BPM6 concept (excluding from the Philippine Statistics Authority (PSA) foreign trade statistics those goods that did not involve change

in ownership): consigned goods are deducted, in addition to the exclusion of returned/replacement goods, and temporarily imported/exported goods.



Imports of Goods2

Imports of goods continue to expand.

Imports of goods rose by 20.4 percent in Q4 2017 to reach US$24.5 billion compared to US$20.3 billion in Q4 2016. The double-digit expansion was due to increments registered across all major commodity groups. Leading the growth in imports of goods was raw materials and intermediate goods which grew by 25.6 percent to reach US$9.6 billion during the quarter. Growth was driven by increased purchases of semi-processed raw materials, specifically materials and accessories for the manufacture of non-consigned electronics (by 43.9 percent), and manufactured goods (by 26.1 percent). Imports of raw materials for electronics production amounted to US$2.3 billion while imports of manufactured goods totaled US$3.2 billion, following increased purchases of iron and steel, and metal products. Imports of mineral fuels and lubricant went up by 39 percent to reach US$2.9 billion in Q4 2017 from US$2.1 billion in the same quarter last year, boosted by imports of petroleum crude and other mineral fuels and lubricant such as gas oils, diesel fuel, naphtha reformate, and motor and aviation spirit. Imports of petroleum crude oil increased by 40.4 percent in Q4 2017 as a result of the continued rise in the price of crude oil in the world market and the increase in import volume to 19 million barrels from 18 million barrels in Q4 2016.3 Imports of capital goods expanded by 12.7 percent due to higher importation of office and EDP machines, aircraft, ships and boats, telecommunication equipment and electrical machines, and land transport equipment, excluding passenger cars and motorized cycle. Imports of consumer goods likewise increased by 14.1 percent to US$4.6 billion due mainly to higher purchases of durable goods. Durables went up by 22 percent on account of increased importation of passenger cars and motorized cycle and miscellaneous manufactures (Table 2.2).

Figure 2

3 Based on World Bank Commodities Price data, the average price of Dubai crude oil in October-December 2017 increased to US$59.2/barrel

from US$47.9/barrel in October-December 2016.



Trade-in-Services

Net receipts in trade-in-services

increase.

Net receipts in trade-in-services amounted to US$2.2 billion in Q4 2017, 47.6 percent higher than the US$1.5 billion net receipts in Q4 2016. The growth in net services receipts was buoyed by the increments registered in other business services, manufacturing services

and financial services along with decreased net payments in travel services. The expansion in other business services was spurred by technical, trade-related, and other business services (34.1 percent), mostly business process outsourcing (BPO) related transactions. Export revenues in BPO services totaled US$5.5 billion in Q4 2017, or an increase of 19.3 percent from the US$4.6 billion receipts in Q4 2016. Meanwhile, the 21.5 percent decline in net payments for travel services resulted from the higher growth in travel exports (69 percent), compared to that of travel imports (17.4 percent). These positive developments were partly mitigated by the decline in net receipts of computer services and higher net payments of insurance and pension services.

Primary Income

Net receipts in primary income rise

due to higher compensation flows

from OF workers.

The primary income account posted net receipts of US$785 million in Q4 2017, higher than the US$710 million net receipts in Q4 2016. The 10.5 percent increase was attributed largely to the 10.9 percent rise in compensation inflows mostly from resident overseas Filipino (OF) workers amounting to US$2 billion during the quarter. Interest receipts on reserve assets also increased during the quarter (24.6 percent). These gains more than compensated for the 11.1 percent increase in net payments of investment income brought about largely by higher dividends paid to foreign direct investors (32.8 percent).

Secondary Income

Net receipts in secondary income

continue to improve.

Net receipts in the secondary income account totaled US$6.8 billion in Q4 2017, higher than the US$6.4 billion net receipts in Q4 2016. The 6 percent improvement emanated from the 5.9 percent increment in net receipts of personal transfers amounting to US$6.4 billion. The bulk of these personal transfers comprised of non-resident OF workers' remittances (about 97 percent), which totaled US$6.3 billion in Q4 2017. The continued stream of OF remittance flows was supported by steady demand for skilled Filipinos abroad. The 39.8 percent growth in net receipts of other current transfers (e.g., gifts and donations from financial and non-financial corporations, and other non-profit institutions) amounting to US$224 million also contributed to the improvement in the secondary income account during the quarter (Table 5).

Capital Account

Capital account registers net

receipts.

Net receipts in the capital account were steady at US$14 million in Q4 2017, consisting largely of other capital transfers to the National Government (NG).



Financial Account

The financial account shifts to

net inflows.

The financial account recorded net inflows (or net borrowing of residents from the rest of the world) of US$2 billion in Q4 2017, a turnaround from the US$1.1 billion net outflows in the comparable quarter in the previous year. This resulted mainly from the net inflows of direct and portfolio investments which more than offset the net outflows of other investments.

Direct Investments

Direct investments post higher net

inflows.

Net inflows of direct investments grew by 79.8 percent to US$2.6 billion in Q4 2017 from the year-ago level of US$1.5 billion. This resulted as foreign direct investments (FDI) expanded by 62.1 percent to US$3.6 billion on the back of the threefold increase in net equity capital investments, which aggregated US$2 billion. Gross placements of equity capital totaling US$2.2 billion were channeled mostly to electricity, gas, steam and air-conditioning supply activities, followed by manufacturing, real estate, construction, and wholesale and retail trade activities. These equity capital infusions during the quarter were mainly sourced from the Netherlands, Singapore, Japan, Kuwait and the United States. Meanwhile, outflows stemming from residents’ net acquisition of financial assets grew by 27.5 percent to US$961 million during the period. This was mainly on account of the surge in net equity capital investments to US$ 1.1 billion from US$165 million in Q4 2016.

Portfolio Investments

The portfolio investment account registers lower net

inflows.

Portfolio investments registered lower net inflows of US$114 million in Q4 2017 from US$279 million in Q4 2016. This was mainly on account of outflows arising from residents’ net acquisition of financial assets, which reached US$1 billion (from US$389 million inflows or net disposal of financial assets), comprising mostly of local non-financial corporations’ investments in long-term debt securities issued by non-residents. Meanwhile, net incurrence of liabilities amounted to US$1.1 billion (from net repayment of US$109 million) as non-residents’ investments in long-term debt securities issued by the NG more than doubled to US$2.2 billion during the quarter.

Other Investments

Net outflows in the other investment account decline.

The other investment account recorded net outflows of US$686 million in Q4 2017, lower by 76.5 percent than US$2.9 billion in the comparable period in 2016. Outflows from residents’ net acquisition of financial assets dipped by 50.3 percent to US$837 million from US$1.7 billion. This was due mainly to non-residents’ repayment of loans extended by local banks amounting to US$600 million. Meanwhile, residents’ net incurrence of liabilities totaled US$150 million (from net repayment of US$1.2 billion) as residents’ availment of loans reached US$626 million.



Financial Derivatives

Trading in financial derivatives results

in net loss.

The financial derivatives account recorded a net loss of US$41 million in Q4 2017, a turnaround from the US$78 million gain recorded in the same quarter in 2016 (Table 9).

J a n u a r y – D e c e m b e r 2 0 1 7 D e v e l o p m e n t s

BOP position for full year 2017 posts

higher deficit.

The BOP position for full year 2017 registered a deficit of US$863 million, more than double the US$420 million deficit recorded in 2016. This development was underpinned mainly by the increased deficit in the current account during the year, despite the reversal in the financial account to net inflows from net outflows in the previous year. The current account deficit of US$2.5 billion stemmed mainly from the widening trade-in-goods deficit that was brought about by increased imports of goods that support domestic capital formation and production. The financial account posted US$2.2 billion net inflows on the back of the surge in net inflows of direct investments, which more than compensated for higher net outflows of portfolio investments, even as net outflows of other investments declined significantly during the year (Table 1).

Balance of Payments ( in million US$)

Jan-Dec

2016 2017

Current Account -1199 -2518

Capital Account 62 57

Financial Account 175 -2208

Net Unclassified Items 892 -610

Overall BOP -420 -863

Current Account

The current account records a higher

deficit.

The current account registered a deficit of US$2.5 billion, more than twice the US$1.2 billion deficit recorded in 2016. This developed on account of the widening trade-in-goods deficit which more than offset the increased net receipts in the trade-in-services, and secondary and primary income accounts during the year.

The trade-in-goods deficit for full year 2017 went up by 15.9 percent to US$41.2 billion as the growth in imports of goods of 14.2 percent outpaced that of exports of goods at 12.8 percent. Exports of goods rose to US$48.2 billion in 2017 from US$42.7 billion in 2016 driven by continued demand from the country’s trading partners (i.e., China, Hong Kong, South Korea and some countries in Europe). The expansion in exports of goods was due largely to higher shipments of manufactured goods and mineral products, which registered double-digit growth of 10.3 percent and 72.4 percent, respectively.



Exports of manufactures totaled US$36.8 billion during the year, boosted by higher shipments of non-consigned electronics (including other electronics), and machinery and transport equipment. Meanwhile, exports of mineral products amounted to US$4.1 billion on account of higher demand for copper metal and gold as a result of increased export volume and world market prices.

Imports of goods aggregated US$89.4 billion in 2017 from US$78.3 billion a year ago. The upturn was accounted for mainly by higher imports of raw materials and intermediate goods (16.7 percent), and mineral fuels and lubricant (32.9 percent). Increased imports of raw materials and intermediate goods emanated largely from imports of semi-processed raw materials, particularly manufactured goods (14.4 percent), notably iron and steel, as well as materials and accessories for the manufacture of non-consigned electronic products (22.4 percent). The growth in imports of mineral fuel and lubricants was due to higher purchases of petroleum crude, and other products of mineral fuels and lubricant. Imports of consumer goods also increased (8.4 percent), spurred by higher purchases of durables, particularly passenger cars and motorized cycle, and miscellaneous manufactures.

Net receipts in the trade-in-services account amounted to US$9.5 billion in 2017, higher than the US$7 billion net receipts recorded a year ago. The 34.8 percent expansion was accounted for by: a) increased net receipts in other business services, particularly technical, trade-related, and other business services as well as computer services; b) reversal of financial services to net receipts from net payments; and c) lower net payments for travel and government goods and services.4 These gains more than compensated for higher net payments in charges for use of intellectual property, insurance and pension, and transport services.

The primary income account posted net receipts of US$3.1 billion, 20 percent higher than the US$2.6 billion net receipts in 2016. This development stemmed from the expansion in net compensation inflows mostly from resident overseas Filipino (OF) workers (by 5.2 percent) coupled with lower net payments in investment income (by 2.8 percent). Investment income on portfolio investments posted lower net payments, due to net interest receipts of corporates on bonds issued by non-residents amounting to US$80 million (a reversal from net payments of US$174 million). Interest receipts on reserve assets also increased (by 20 percent) during the year.

Net receipts in the secondary income account grew by 5.5 percent to US$26.1 billion, boosted by the 4.1 percent increase in remittances of non-resident OF workers amounting to US$24.1 billion.

4 Earnings from BPO services for full year 2017 amounted to US$22.1 billion or a growth of 9.6 percent from 2016.



Capital Account

Capital account net receipts fall.

Net receipts in the capital account totaled US$57 million in 2017, 8.7 percent lower than the US$62 million recorded in 2016. Receipts in other capital transfers of financial corporations, non-financial corporations, households, and non-profit institutions serving households declined during the year.

Financial Account

The financial account reverses to

net inflows.

The financial account reversed to net inflows (or net borrowing by residents from the rest of the world) of US$2.2 billion in 2017 from net outflows of US$175 million in 2016. This developed mainly on account of the increase in residents’ net incurrence of liabilities to US$8.7 billion even as their net acquisition of financial assets rose to US$6.5 billion.

Direct investment account. Net inflows of direct investments surged to US$8.1 billion in 2017. The hefty increase was boosted by the significant inflows of FDI which reached a record high of US$10 billion (21.4 percent growth) during the year. Investor sentiment remained positive on the back of the country’s sound macroeconomic fundamentals and growth prospects. In particular, investments in debt instruments rose by 20.7 percent to US$6 billion. Moreover, net equity capital investments expanded by 25.9 percent to US$3.3 billion. Gross placements of about US$3.7 billion originated largely from the Netherlands, Singapore, the United States, Japan, and Hong Kong. These were channeled mainly to gas, steam and air-conditioning supply; manufacturing; real estate; construction; and wholesale and retail trade activities. Meanwhile, outflows from residents’ net acquisition of assets registered US$1.9 billion in 2017, 19.1 percent lower than the US$2.4 billion outflows in 2016. The increase in residents’ net equity capital investments abroad by 138.6 percent to US$1.8 billion was pulled down by lower investments in debt instruments during the year.

Portfolio investment account. Net outflows of portfolio investments more than doubled to US$3.9 billion in 2017 as residents’ net acquisition of assets and net repayment of liabilities both increased. In particular, residents’ net acquisition of financial assets rose by 154.3 percent to US$3.1 billion as residents’ net placements in debt securities issued by non-residents increased markedly to US$2.4 billion. Meanwhile, residents’ net repayment of liabilities was higher at US$796 million from US$264 million in the previous year. This developed due to the increase in local corporates’ prepayment/repayment of long-term debt securities held by non-residents amounting to US$1.3 billion from US$608 million in 2016.

Other investment account. The other investment account posted net outflows of US$2.1 billion in 2017, lower by 55.2 percent than the US$4.6 billion registered in 2016. In particular, outflows from residents’ net acquisition of financial assets fell by 27.1 percent to US$2 billion due



mainly to the decline in loans extended by local banks to non-resident borrowers. Meanwhile, outflows stemming from residents’ net repayment of liabilities were lower at US$63 million (from US$1.9 billion) due largely to local corporates’ lower repayment of loans availed from non-residents.

Financial derivatives. Trading in financial derivatives resulted in a higher net gain of US$51 million in 2017 from US$32 million in the previous year.

Reserve Assets

Gross international reserves remain

ample.

The country’s gross international reserves (GIR) amounted to US$81.6 billion as of end-December 2017, higher than the US$80.7 billion level as of end-December 2016. At this level, reserves could adequately cover 8 months’ worth of imports of goods and payments of services and income. It was also equivalent to 5.7 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity. The year-on-year increase in reserves was due mainly to inflows arising from the NG’s net foreign currency deposits, revaluation adjustments on the BSP’s foreign currency-denominated reserves and gold holdings, as well as its income from investments abroad. These were partially offset by outflows from the BSP’s foreign exchange operations.

In terms of asset component, the bulk (or 80.7 percent) of international reserves was held in the form of foreign investments, 10.2 percent in gold and the rest in aggregated holdings of Special Drawing Rights (SDRs) (1.5 percent), foreign exchange (7.1 percent), and reserve position in the IMF (0.5 percent).



Exchange Rate

The peso depreciates

slightly in Q4 2017.

On a quarter-on-quarter basis, the peso showed a marginal depreciation against the US dollar by 0.2 percent in Q4 2017, to average P50.93/US$1 from P50.84/US$1 in Q3 2017. The peso continued to depreciate due primarily to expectations of stronger economic growth in the US. Similarly, on a year-on-year basis, the peso depreciated by 3.6 percent from P49.11/US$1 in Q4 2016.

Exchange rate volatility declines in

Q4 2017.

The exchange rate recorded lower volatility with a standard deviation of P0.48 in Q4 2017 compared to P0.70 in Q4 2016.

Peso gains competitiveness.

On a year-on-year basis, the peso’s average nominal effective exchange rate (NEER) in Q4 2017 depreciated against the baskets of currencies of major trading partners (MTPs), trading partners in advanced (TPI-A) and developing (TPI-D) countries by 5.7 percent, 4.3 percent, and 6.6 percent, respectively. Similarly, the peso’s real effective exchange rate (REER) index during the quarter also declined against the baskets of currencies in the MTPs, TPI-A, and TPI-D by 3.9 percent, 2.4 percent, and 4.9 percent, respectively. On a real trade-weighted basis, the peso gained external competitiveness against the baskets of currencies of MTPs, TPI-A, and TPI-D as the nominal depreciation of the peso offset the impact of widening inflation differential against these currency baskets. Relative to full year 2016, the peso likewise gained external price competitiveness in 2017 against the MTPs, TPI-A, and TPI-D currency baskets. This developed as the nominal depreciation of the peso offset the positive inflation differential against these currency baskets, resulting in a decrease in the REER index of the peso by 4.1 percent, 3.3 percent, and 4.7 percent, respectively.



NEW EFFECTIVE EXCHANGE RATE INDICES OF THE PESO For periods indicated; December 1980=100

NEER REER

Overall1/

Trading Partners Overall1/

Trading Partners

Advanced2/ Developing3/ Advanced2/ Developing3/ 2016 Jan 15.41 12.65 24.45 93.78 90.90 120.80

Feb 15.18 12.41 24.17 90.40 87.38 116.67

Mar 15.30 12.54 24.32 90.50 87.13 117.10

Qtr 1 15.30 12.53 24.31 91.56 88.47 118.19

April 15.24 12.44 24.27 90.44 86.30 117.74

May 15.16 12.28 24.27 90.04 84.68 118.41

Jun 15.20 12.24 24.46 90.41 84.45 119.45

Qtr 2 15.20 12.32 24.33 90.30 85.14 118.53

Jul 14.98 12.05 24.09 88.14 82.78 116.01

Aug 14.94 11.96 24.12 87.53 81.53 115.88

Sep 14.75 11.80 23.81 86.28 80.11 114.46

Qtr 3 14.89 11.94 24.01 87.32 81.47 115.45

Oct 14.59 11.71 23.53 85.49 79.43 113.36

Nov 14.62 11.78 23.51 86.14 80.54 113.73

Dec 14.74 12.04 23.47 86.72 82.04 113.57

Qtr 4 14.65 11.84 23.50 86.12 80.67 113.55

Jan-Dec 15.00 12.15 24.03 88.79 83.86 116.43

2017 Jan 14.70 12.00 23.44 90.33 87.27 116.60

Feb 14.50 11.84 23.09 88.04 84.85 113.83

Mar 14.38 11.75 22.89 86.83 83.42 112.53

Qtr 1 14.53 11.86 23.14 88.40 85.18 114.32

April 14.41 11.73 23.02 87.26 83.00 113.86

May 14.40 11.74 22.97 86.99 82.52 113.71

Jun 14.30 11.63 22.83 86.20 81.59 112.84

Qtr 2 14.37 11.70 22.94 86.82 82.37 113.37

Jul 14.05 11.43 22.43 83.91 79.89 109.42

Aug 13.83 11.20 22.15 82.31 77.69 107.97

Sep 13.74 11.18 21.93 81.91 77.41 107.36

Qtr 3 13.87 11.27 22.17 82.71 78.33 108.25

Oct 13.76 11.24 21.91 82.34 78.09 107.66

Nov 13.80 11.32 21.91 82.79 78.84 107.93

Dec 13.92 11.44 22.06 83.29 79.37 108.53

Qtr 4 13.82 11.33 21.96 82.81 78.77 108.04

Jan-Dec 14.14 11.53 22.54 85.14 81.11 110.98

Memo Items: % Change, y-o-y

2016 Qtr 1 -3.21 -6.61 -0.78 -3.33 -5.96 -1.42

Qtr 2 -3.70 -8.80 -0.01 -3.13 -7.56 0.06

Qtr 3 -4.82 -9.16 -1.76 -3.80 -7.63 -1.12

Qtr 4 -5.41 -8.46 -3.29 -4.29 -7.10 -2.36

Jan-Dec -4.30 -8.29 -1.47 -3.61 -7.06 -1.17

2017 Qtr 1 -5.04 -5.35 -4.82 -3.45 -3.71 -3.27

Qtr 2 -5.44 -5.04 -5.72 -3.86 -3.26 -4.27

Qtr 3 -6.82 -5.60 -7.65 -5.27 -3.86 -6.24

Qtr 4 -5.66 -4.32 -6.57 -3.85 -2.36 -4.86

Jan-Dec -5.74 -5.06 -6.21 -4.11 -3.27 -4.68

1/ Australia, Euro Area, U.S., Japan, Hong Kong, Taiwan, Thailand, Indonesia, Malaysia, Singapore, South Korea, China, Saudi Arabia, and U.A.E. 2/ U.S., Japan, Euro Area, and Australia 3/ Hong Kong, Taiwan, Thailand, Indonesia, Malaysia, Singapore, South Korea, China, Saudi Arabia, and U.A.E.



ASEAN Selected External Account Indicators

Philippines Thailand Indonesia Singapore Malaysia 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016

Current Account (as % of GDP)

-0.8

-0.4

10.8

11.7

-1.7

-1.8

18.8

19.1

3.0

2.3

Exports of goods (as % of GDP)

15.4

14.0

51.6

52.0

16.6

15.5

122.6

117.2

69.2

63.9

FDI (in billion US$)

10.0

8.3

8.0

3.1

22.1

4.5

63.6

74.4

9.1

13.5

FDI (as % of GDP)

3.2

2.7

1.8

0.7

2.2

0.5

19.6

24.0

2.9

4.6

GIR Import cover (in months)

8.0

8.8

8.8

8.4

7.0

7.2

5.9

5.6

5.5

5.6

Among selected countries in the ASEAN region, Singapore and Thailand registered the highest current account balance as percent of GDP in 2017 while those of Indonesia and the Philippines were in deficit. For Indonesia, the current account deficit was due to net payments of services and primary income while that of the Philippines was on account of the widening trade-in-goods deficit following the continued expansion in imports of goods. Singapore, Malaysia and Thailand recorded higher exports as percent of GDP ratios compared to Indonesia and the Philippines, reflecting their relatively high dependence on trade-in-goods. Apart from exports of goods, the Philippines’ current account inflows are sourced from travel and BPO services and OF remittances. On FDI flows, Singapore registered the highest in terms of level, followed by Indonesia. In terms of ratio of FDI to GDP, the leading country was Singapore followed by the Philippines and Malaysia. In terms of GIR import cover, Thailand was the highest at 8.8 months compared to the Philippines and Indonesia at 8.0 months and 7.0 months, respectively.

1 PHILIPPINES: BALANCE OF PAYMENTS

for periods indicated

in million U.S. dollars

Growth (%) Growth (%)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 r 2017 p 2017 p 2016 r 2017 p 2017 p

Current Account -846 250 -264 340 -775 224 790 485 574 -518 -1455 -1324 -860 -211 1850 -566 -3297 -482.9 -1199 -2518 -110.0

(Totals as percent of GNI) -1.0 -0.2 2.0 -0.6 -3.2 -0.3 -0.7

(Totals as percent of GDP) -1.2 -0.3 2.5 -0.7 -3.8 -0.4 -0.8

Export 9246 8946 10552 9743 10264 10182 10380 10914 10678 10170 9614 10450 28745 30189 31971 27303 30234 10.7 108905 121140 11.2

Import 10092 8697 10816 9403 11039 9958 9589 10428 10104 10689 11070 11773 29605 30400 30121 27868 33531 20.3 110104 123658 12.3

Goods, Services, and Primary Income -2881 -1736 -2620 -1544 -3024 -2043 -1314 -1905 -1432 -2648 -3566 -3889 -7237 -6611 -4651 -6985 -10103 -44.6 -25926 -28601 -10.3

Export 7165 6905 8094 7783 7956 7854 8222 8470 8627 7989 7453 7796 22164 23593 25319 20719 23238 12.2 83494 94315 13.0

Import 10046 8641 10714 9327 10980 9897 9536 10376 10058 10637 11019 11685 29401 30204 29969 27704 33341 20.3 109420 122916 12.3

Goods and Services -3148 -1946 -2823 -1952 -3217 -2370 -1445 -2173 -1733 -2948 -3948 -3992 -7918 -7539 -5351 -7695 -10888 -41.5 -28506 -31695 -11.2

(Totals as percent of GNI) -9.1 -7.9 -5.9 -7.7 -10.5 -7.8 -8.4

(Totals as percent of GDP) -11.1 -9.5 -7.1 -9.2 -12.5 -9.3 -10.1

Export 6427 6107 7189 6934 7093 6881 7362 7559 7752 7100 6557 6843 19723 20907 22673 18350 20500 11.7 73938 83804 13.3

Import 9576 8053 10013 8885 10309 9251 8806 9732 9485 10048 10505 10835 27641 28446 28024 26045 31388 20.5 102444 115499 12.7

Goods -3581 -2693 -3409 -2730 -3888 -3119 -2468 -3249 -2930 -3627 -4685 -4812 -9683 -9737 -8647 -9210 -13123 -42.5 -35549 -41191 -15.9

(Totals as percent of GNI) -11.1 -10.2 -9.6 -9.3 -12.7 -9.7 -10.9

(Totals as percent of GDP) -13.5 -12.3 -11.5 -11.0 -15.0 -11.7 -13.1

Credit: Exports 3924 3603 4245 3962 4252 3999 4221 4241 4414 4080 3603 3654 11772 12214 12875 11113 11337 2.0 42734 48199 12.8

Debit: Imports 7505 6296 7654 6692 8140 7118 6689 7490 7344 7707 8288 8465 21456 21951 21523 20323 24461 20.4 78283 89390 14.2

Services 433 747 586 778 671 749 1023 1076 1197 679 737 820 1766 2198 3296 1515 2236 47.6 7043 9496 34.8

Credit: Exports 2503 2504 2944 2971 2840 2882 3141 3318 3338 3020 2954 3189 7951 8694 9797 7237 9163 26.6 31204 35605 14.1

Debit: Imports 2071 1757 2358 2193 2169 2133 2118 2242 2141 2341 2217 2369 6186 6495 6501 5722 6927 21.1 24160 26109 8.1

Primary Income 268 210 203 408 193 327 131 268 301 300 382 103 681 928 700 710 785 10.5 2579 3094 20.0

Credit: Receipts 738 798 905 850 864 973 860 911 874 888 896 954 2441 2686 2646 2369 2738 15.6 9556 10511 10.0

Debit: Payments 470 588 701 442 671 645 729 644 573 589 514 851 1760 1758 1946 1659 1953 17.7 6977 7417 6.3

Secondary Income 2035 1986 2356 1884 2249 2267 2104 2391 2006 2130 2111 2565 6377 6400 6501 6420 6806 6.0 24728 26083 5.5

Credit: Receipts 2081 2041 2458 1960 2308 2328 2158 2443 2052 2182 2161 2653 6581 6596 6653 6583 6996 6.3 25411 26826 5.6

Debit: Payments 46 56 102 76 59 61 54 53 46 52 50 88 204 196 152 164 190 16.1 684 742 8.6

Capital Account 1 5 -1 8 7 4 6 5 7 6 3 5 6 18 18 14 14 3.2 62 57 -8.7

Credit: Receipts 5 6 7 10 8 7 8 7 9 10 6 8 18 25 24 18 23 29.3 77 90 17.5

Debit: Payments 4 1 7 2 2 3 2 2 2 4 2 2 13 7 6 4 9 123.4 15 34 127.7

Financial Account 526 298 -496 -1160 383 -169 853 452 -863 353 -1495 -890 328 -945 442 1089 -2033 -286.6 175 -2208 -1361.6

Net Acquisition of Financial Assets 1182 -1828 1107 -19 -79 1360 321 809 899 189 2523 64 461 1263 2030 1906 2776 45.7 5658 6530 15.4

Net Incurrence of Liabilities 656 -2126 1602 1141 -462 1529 -532 357 1762 -164 4018 955 132 2208 1588 816 4809 489.2 5483 8738 59.3

Direct Investment -586 -509 -384 -940 -461 -467 -248 -1034 -834 -1822 -246 -578 -1480 -1868 -2117 -1471 -2646 -79.8 -5883 -8110 -37.9

Net Acquisition of Financial Assets 1 -118 153 121 216 294 93 246 -28 97 744 121 36 631 311 754 961 27.5 2397 1939 -19.1

Net Incurrence of Liabilities 587 392 537 1062 677 760 341 1280 807 1918 990 699 1516 2499 2427 2226 3607 62.1 8280 10049 21.4

Jan-DecQ4Q1

2017 pQ2 Q3

Page 1 of 17

1 PHILIPPINES: BALANCE OF PAYMENTS





Jan-DecQ4Q1

2017 pQ2 Q3

Portfolio Investment 1313 1090 855 -224 320 -225 1192 434 -750 1132 -721 -525 3258 -129 875 -279 -114 59.1 1480 3889 162.7

Net Acquisition of Financial Assets 564 20 30 228 -41 269 1025 175 -212 790 659 -414 614 455 988 -389 1035 366.4 1216 3093 154.3

Net Incurrence of Liabilities -749 -1070 -826 452 -361 494 -166 -258 538 -342 1380 111 -2644 585 114 -109 1149 1152.4 -264 -796 -201.9

Financial Derivatives . -89 -43 14 -20 . 37 7 2 7 14 20 -131 -6 45 -78 41 152.7 -32 -51 -57.4

Net Acquisition of Financial Assets -28 -157 -101 -29 -42 -19 -31 -19 -21 -34 -12 -11 -286 -90 -70 -145 -57 60.7 -701 -503 28.2

Net Incurrence of Liabilities -27 -68 -59 -44 -22 -19 -67 -25 -23 -41 -26 -31 -155 -85 -116 -67 -98 -46.2 -669 -453 32.3

Other Investment -200 -194 -924 -10 544 523 -127 1046 719 1035 -541 193 -1318 1058 1638 2918 686 -76.5 4610 2064 -55.2

Net Acquisition of Financial Assets 645 -1573 1026 -339 -212 817 -766 407 1160 -665 1132 369 98 266 801 1685 837 -50.3 2746 2001 -27.1

Net Incurrence of Liabilities 846 -1379 1950 -329 -756 294 -639 -639 441 -1700 1674 176 1416 -791 -837 -1233 150 112.2 -1864 -63 96.6

NET UNCLASSIFIED ITEMS 1362 -393 -781 -591 1093 -965 -622 -46 -1421 497 -88 1345 188 -464 -2088 -427 1754 510.7 892 -610 -168.4

OVERALL BOP POSITION -9 -436 -550 917 -59 -569 -678 -7 24 -368 -44 917 -994 289 -662 -2068 505 124.4 -420 -863 -105.4

(Totals as percent of GNI) -1.1 0.3 -0.7 -2.1 0.5 -0.1 -0.2

(Totals as percent of GDP) -1.4 0.4 -0.9 -2.5 0.6 -0.1 -0.3

Debit: Change in Reserve Assets -5 -433 -546 921 -56 -587 -674 -5 28 -364 -42 900 -983 278 -651 -2079 494 123.8 -420 -862 -105.3

Credit: Change in Reserve Liabilities 4 3 4 4 3 -17 4 2 4 4 3 -17 11 -10 11 -10 -10 0.3 . 1 236.0

Memo Items:

Change in Net Foreign Assets (NFA) of Deposit-taking

corporations, except the central bank 1523 -440 -1019 -1024 425 584 1320 465 -421 928 -872 -1026 64 -15 1363 94 -970 -1131.6 1381 442 -68.0

Change in Commercial Banks' (KBs) NFA 1578 -437 -1035 -1055 391 585 1333 468 -414 941 -907 -1040 107 -79 1387 -27 -1006 -3630.2 1421 409 -71.2

Change in Thrift Banks' (TBs) NFA -34 -2 18 21 21 -10 -13 -4 -7 10 37 22 -18 32 -24 14 69 387.8 -166 58 135.1

Change in Offshore Banking Units' (OBUs) NFA -22 -1 -2 9 13 9 1 . . -23 -2 -8 -25 32 . 107 -33 -130.6 126 -26 -120.2

Personal Remittances 2396 2397 2915 2317 2588 2751 2559 2800 2442 2552 2526 3046 7709 7655 7800 7598 8124 6.9 29706 31288 5.3

of which: OF Cash Remittances channeled thru the

banking system 2169 2169 2615 2083 2310 2467 2283 2499 2186 2275 2262 2741 6953 6859 6968 6874 7279 5.9 26900 28060 4.3


p Preliminary

r Revised to reflect data updates from official data sources, updated estimates on OF remittances related data, 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. 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).

Page 2 of 17

2 GOODS




Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2017 p 2017 p 2016 2017 p 2017 p

Goods -3581 -2693 -3409 -2730 -3888 -3119 -2468 -3249 -2930 -3627 -4685 -4812 -9683 -9737 -8647 -9210 -13123 -42.5 -35549 -41191 -15.9

Exports 3924 3603 4245 3962 4252 3999 4221 4241 4414 4080 3603 3654 11772 12214 12875 11113 11337 2.0 42734 48199 12.8

Imports 7505 6296 7654 6692 8140 7118 6689 7490 7344 7707 8288 8465 21456 21951 21523 20323 24461 20.4 78283 89390 14.2

General Merchandise on a BOP basis -3639 -2830 -3579 -2880 -4010 -3247 -2561 -3317 -2985 -3681 -4737 -4873 -10048 -10137 -8864 -9387 -13292 -41.6 -36242 -42342 -16.8

General Merchandise Exports, fob 3866 3466 4075 3812 4130 3871 4128 4173 4359 4026 3551 3592 11407 11813 12659 10936 11169 2.1 42041 47048 11.9

Of which: Re-exports 9 5 17 20 16 27 7 27 17 36 40 0 30 64 51 38 76 102.1 214 222 3.8

General Merchandise Imports, fob 7505 6296 7654 6692 8140 7118 6689 7490 7344 7707 8288 8465 21456 21951 21523 20323 24461 20.4 78283 89390 14.2

Net exports of goods under merchanting 19 45 55 44 34 45 27 48 34 34 40 35 120 123 109 62 110 77.0 161 461 186.7

Goods acquired under

merchanting (negative credits) 18 5 10 6 12 12 14 8 6 7 5 7 33 29 28 24 19 -19.6 54 109 101.8

Goods sold under merchanting 37 50 65 50 46 57 41 55 40 41 45 43 153 152 136 86 129 50.1 215 570 165.3

Nonmonetary Gold 39 91 115 106 89 83 66 20 21 20 12 26 245 278 108 115 59 -48.7 532 689 29.5

Exports 39 91 115 106 89 83 66 20 21 20 12 26 245 278 108 115 59 -48.7 532 689 29.5

Imports 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --


p Preliminary

-- Infinite growth rate

Jan-Dec2017 pQ2 Q3

Q4Q1

Page 3 of 17

3 SERVICES





Services 433 747 586 778 671 749 1023 1076 1197 679 737 820 1766 2198 3296 1515 2236 47.6 7043 9496 34.8

Exports 2503 2504 2944 2971 2840 2882 3141 3318 3338 3020 2954 3189 7951 8694 9797 7237 9163 26.6 31204 35605 14.1

Imports 2071 1757 2358 2193 2169 2133 2118 2242 2141 2341 2217 2369 6186 6495 6501 5722 6927 21.1 24160 26109 8.1

Manufacturing services on physical inputs

owned by others 217 237 248 181 200 210 222 281 240 237 243 251 701 591 743 690 732 6.0 2725 2767 1.5

Exports 217 237 248 181 200 210 222 281 240 237 243 251 701 591 743 690 732 6.0 2725 2767 1.5

Imports 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Maintenance and repair services n.i.e. 2 -1 -11 -8 . -1 -9 -2 -1 -8 -9 -3 -10 -9 -12 -8 -20 -144.0 -29 -51 -77.2

Exports 8 7 8 4 7 7 5 6 8 6 8 6 23 19 19 15 20 36.0 83 80 -2.8

Imports 6 9 19 12 7 8 14 8 8 13 17 9 33 28 31 23 40 74.9 112 132 18.0

Transport -236 -159 -211 -229 -253 -170 -184 -174 -221 -230 -229 -218 -606 -651 -579 -655 -678 -3.5 -2441 -2514 -3.0

Exports 187 168 187 160 186 213 176 248 178 186 193 199 542 559 602 457 578 26.3 1897 2281 20.2

Imports 422 327 399 388 440 382 361 422 399 416 422 417 1148 1210 1181 1112 1255 12.9 4338 4795 10.5

of which: Passenger 48 56 60 39 59 93 53 120 44 64 62 70 164 191 217 103 196 90.2 600 768 28.0

Exports 100 97 113 89 111 138 102 169 92 113 113 123 310 338 363 235 348 48.4 1146 1361 18.7

Imports 52 41 53 50 52 45 49 49 48 49 50 53 146 147 147 132 153 15.8 546 592 8.5

of which: Freight -267 -206 -260 -248 -294 -249 -230 -286 -265 -283 -294 -288 -733 -791 -781 -730 -865 -18.5 -2767 -3170 -14.5

Exports 39 36 42 40 43 40 42 43 44 41 36 37 118 122 129 111 113 2.0 427 482 12.9

Imports 306 242 302 288 336 289 272 329 309 324 330 325 850 913 910 842 979 16.3 3195 3652 14.3

of which: Other -17 -10 -11 -19 -19 -14 -7 -8 . -11 2 1 -38 -52 -15 -27 -8 69.9 -274 -113 59.0

Exports 47 35 32 31 33 35 32 36 41 32 44 40 114 98 109 111 116 4.0 323 438 35.4

Imports 64 45 44 50 51 48 39 44 42 43 42 39 152 150 124 139 124 -10.5 598 550 -7.9

Travel -539 -401 -484 -453 -450 -335 -340 -360 -376 -359 -444 -377 -1424 -1237 -1076 -1504 -1180 21.5 -5992 -4918 17.9

Exports 462 390 526 551 586 565 692 667 626 634 578 708 1378 1702 1985 1136 1920 69.0 5143 6986 35.8

Imports 1001 792 1010 1004 1036 900 1032 1027 1002 993 1023 1085 2802 2940 3061 2640 3101 17.4 11135 11904 6.9

Construction -4 -6 -2 -1 -2 . -2 3 1 4 . 4 -12 -4 1 4 8 106.2 11 -6 -152.6

Exports 6 3 5 3 4 3 2 7 7 6 6 6 15 10 15 21 18 -14.2 71 57 -19.6

Imports 10 10 7 4 6 3 4 3 6 2 6 2 26 14 13 17 10 -40.8 60 63 5.9

Insurance and pension services -125 -96 -113 -99 -122 -105 -97 -108 -97 -143 -136 -116 -334 -326 -302 -313 -395 -26.2 -1269 -1358 -7.0

Exports 5 7 9 5 6 6 7 5 6 6 11 9 21 18 18 20 26 26.3 77 82 7.6

Imports 130 102 123 104 128 111 104 113 103 149 147 125 355 343 321 334 421 26.2 1345 1440 7.1

Financial Services -15 -15 -38 -5 -3 -18 14 27 -13 26 12 32 -68 -26 28 5 71 1322.3 -164 5 103.1

Exports 18 12 16 26 35 38 43 57 66 70 53 56 46 98 166 147 178 21.4 394 490 24.2

Imports 33 27 54 31 38 56 28 31 79 43 41 24 114 124 138 142 108 -24.1 559 485 -13.2

Explicitly charged and other financial services 5 -1 2 1 9 -7 5 7 -14 -2 -10 -1 7 2 -2 -47 -13 72.3 -111 -6 94.4

Exports 13 7 13 9 20 20 16 23 33 27 7 4 33 49 72 35 37 6.3 142 192 34.7

Imports 7 8 11 9 11 27 11 16 47 29 17 4 27 47 74 82 50 -38.8 254 198 -22.0

Financial intermediation services

indirectly measured (FISIM) -20 -14 -40 -6 -11 -11 9 20 1 29 22 33 -74 -28 30 52 84 61.1 -53 11 121.3

Exports 5 5 3 16 15 18 26 35 34 43 46 52 13 49 94 112 141 26.1 252 298 18.2

Imports 26 19 43 22 27 29 17 15 32 14 25 19 88 77 64 60 58 -4.1 305 287 -6.0

Charges for the use of intellectual property n.i.e -37 -59 -59 -50 -65 -160 -72 -76 -46 -65 -50 -53 -156 -276 -194 -144 -169 -16.8 -537 -794 -47.8

Exports 1 . 2 . 2 1 1 2 1 2 2 3 3 3 4 4 7 70.4 9 17 78.2

Imports 38 60 61 51 67 161 73 78 46 68 52 55 159 279 198 148 175 18.2 546 811 48.3

Telecommunications, computer, and

information services 403 386 414 461 359 384 441 404 400 363 457 418 1202 1203 1245 1490 1239 -16.9 4822 4889 1.4

Exports 444 450 485 497 420 481 556 476 463 450 524 517 1379 1398 1495 1624 1491 -8.2 5493 5762 4.9

Imports 41 64 71 36 61 97 115 72 63 87 66 99 176 195 250 134 252 87.9 671 873 30.0

Telecommunication services -1 -20 2 17 21 3 -27 -6 17 -12 -9 -6 -19 41 -16 21 -27 -231.7 37 -22 -159.6

Exports 10 19 32 32 49 41 49 33 40 45 30 47 60 121 122 68 122 77.9 310 426 37.3

Imports 11 39 30 14 28 39 76 39 23 57 39 53 79 81 138 48 149 210.8 273 447 63.6

Jan-DecQ4Q1

2017 pQ2 Q3

Page 4 of 17

3 SERVICES





Jan-DecQ4Q1

2017 pQ2 Q3

Computer services 407 408 414 445 340 382 475 413 385 378 468 428 1228 1167 1273 1474 1274 -13.6 4802 4942 2.9

Exports 434 431 453 465 371 439 507 443 423 405 492 470 1318 1276 1372 1555 1367 -12.1 5179 5333 3.0

Imports 27 23 39 20 31 58 32 30 38 27 25 43 89 109 99 81 94 15.9 377 391 3.8

Information services -3 -2 -2 -1 -2 -1 -6 -3 -2 -2 -2 -3 -7 -4 -12 -4 -7 -77.1 -17 -31 -77.2

Exports . . . . . . . . . . 1 . 1 1 1 1 1 71.8 4 4 -6.2

Imports 3 3 2 2 2 1 7 3 2 3 3 3 8 5 12 5 9 76.3 21 34 62.2

Other business services 781 883 871 1000 1029 967 1055 1117 1345 875 920 904 2535 2995 3518 2039 2699 32.4 10214 11747 15.0

Exports 1138 1216 1438 1531 1380 1344 1406 1544 1732 1409 1325 1411 3792 4255 4682 3077 4145 34.7 15125 16874 11.6

Imports 357 333 567 532 351 377 350 426 387 534 405 507 1257 1260 1163 1038 1446 39.4 4911 5126 4.4

Research and development services -2 . . 1 . . 1 1 . 3 4 1 -2 2 2 9 8 -11.2 25 10 -61.8

Exports . . 1 2 2 2 3 1 1 4 5 2 2 6 5 11 11 -1.4 51 24 -52.0

Imports 3 . . 1 2 1 2 1 1 1 1 1 3 4 4 2 3 34.1 25 15 -42.2

Professional and management

consulting services -14 -12 -11 -8 -16 -16 -6 -11 -10 -10 -13 -17 -37 -40 -27 -6 -40 -509.9 -66 -143 -117.5

Exports 4 5 5 5 6 6 8 7 6 6 6 8 14 18 21 28 20 -29.1 78 73 -7.0

Imports 18 17 16 13 22 22 14 18 16 16 18 25 50 57 48 35 60 72.3 144 215 49.8

Technical, trade-related, and other

business services 797 895 882 1006 1044 982 1061 1127 1355 881 929 921 2574 3033 3543 2037 2731 34.1 10254 11880 15.9

Exports 1134 1211 1432 1524 1371 1336 1395 1535 1725 1399 1314 1401 3777 4231 4655 3037 4114 35.5 14996 16777 11.9

Imports 337 316 550 518 327 354 334 408 370 518 385 481 1203 1198 1112 1001 1384 38.3 4742 4897 3.3

Personal, cultural, and recreational services 9 2 -5 4 3 . 17 -13 -12 1 -3 -1 6 8 -9 -7 -2 65.3 43 3 -92.8

Exports 17 11 19 11 13 12 30 23 10 12 10 22 47 36 63 42 44 5.4 169 191 12.9

Imports 8 9 23 7 10 11 13 36 23 11 13 23 40 29 72 49 47 -4.4 126 188 48.8

Audiovisual and related services 2 1 2 . 2 3 -4 -7 -6 . -2 -2 5 5 -16 2 -4 -264.7 14 -10 -172.4

Exports 4 4 4 3 5 6 4 7 5 4 3 6 12 15 16 15 13 -9.8 63 56 -11.8

Imports 2 2 3 3 4 3 8 13 11 4 5 8 7 10 32 12 17 41.1 50 66 32.1

Other personal, cultural, and

recreational services 7 1 -6 4 1 -3 21 -7 -7 1 -1 2 1 2 8 -9 2 118.7 29 13 -56.0

Exports 13 7 14 8 8 6 25 17 6 8 7 16 35 22 48 27 31 13.6 106 135 27.6

Imports 6 7 21 4 7 8 4 23 12 7 8 15 34 19 40 37 29 -19.7 76 122 59.7

Government goods and services n.i.e. -23 -23 -23 -23 -23 -23 -23 -23 -23 -22 -23 -23 -69 -69 -68 -82 -68 17.3 -339 -275 19.1

Exports 2 2 2 2 2 2 2 2 2 2 2 2 5 5 5 4 5 10.5 17 19 9.8

Imports 25 25 25 25 25 25 24 24 24 24 24 24 74 74 73 87 73 -15.9 357 294 -17.7


p Preliminary

r Revised to reflect post-audit adjustments


Page 5 of 17

4 PRIMARY INCOME





Primary Income 268 210 203 408 193 327 131 268 301 300 382 103 681 928 700 710 785 10.5 2579 3094 20.0

Receipts 738 798 905 850 864 973 860 911 874 888 896 954 2441 2686 2646 2369 2738 15.6 9556 10511 10.0

Payments 470 588 701 442 671 645 729 644 573 589 514 851 1760 1758 1946 1659 1953 17.7 6977 7417 6.3

Compensation of employees 543 611 695 638 610 700 628 683 655 645 648 713 1849 1948 1966 1808 2006 10.9 7386 7769 5.2

Receipts 554 622 711 650 624 715 640 696 667 656 659 731 1886 1990 2003 1844 2046 11.0 7518 7926 5.4

Payments 11 11 16 13 15 15 13 13 12 12 11 18 37 42 37 35 41 15.6 131 157 20.0

Investment income -275 -401 -492 -230 -417 -373 -497 -415 -354 -345 -266 -610 -1168 -1020 -1266 -1098 -1221 -11.1 -4807 -4675 2.8

Receipts 184 177 194 199 239 258 220 215 207 232 237 223 554 696 643 525 692 31.6 2038 2585 26.8

Payments 459 578 686 429 656 631 717 631 561 577 503 833 1723 1716 1909 1624 1912 17.8 6846 7260 6.0

Direct investment -105 -129 -220 -186 -285 -315 -345 -232 -317 -306 -223 -506 -454 -787 -893 -815 -1035 -27.1 -2929 -3169 -8.2

Receipts 60 63 56 63 65 67 73 75 59 68 92 75 180 195 208 196 236 20.5 782 818 4.6

Payments 165 192 276 250 349 383 419 307 376 374 316 581 634 982 1102 1010 1271 25.8 3711 3988 7.5

Income on equity and investment fund shares -137 -165 -248 -220 -307 -347 -369 -266 -360 -357 -283 -525 -551 -873 -995 -910 -1166 -28.2 -3353 -3585 -6.9

Receipts 3 7 -1 6 7 10 16 18 1 1 22 13 9 23 35 28 35 25.1 133 102 -23.5

Payments 140 172 248 225 314 357 385 284 361 358 306 538 560 896 1030 938 1201 28.1 3486 3687 5.7

Dividends and withdrawals from

income of quasi-corporations -65 -99 -191 -138 -236 -275 -300 -206 -301 -299 -224 -465 -355 -649 -807 -745 -988 -32.5 -2627 -2799 -6.5

Receipts 4 7 1 6 7 10 14 19 2 2 26 14 12 24 34 30 42 38.9 149 111 -25.3

Payments 69 106 191 144 243 285 314 225 303 300 250 479 367 673 842 775 1030 32.8 2776 2911 4.8

Direct investor in direct investment

enterprises -65 -99 -191 -138 -236 -275 -300 -206 -301 -299 -224 -465 -355 -649 -807 -745 -988 -32.5 -2627 -2799 -6.5

Receipts 4 7 1 6 7 10 14 19 2 2 26 14 12 24 34 30 42 38.9 149 111 -25.3

Payments 69 106 191 144 243 285 314 225 303 300 250 479 367 673 842 775 1030 32.8 2776 2911 4.8

Reinvested earnings -72 -66 -58 -81 -71 -72 -69 -60 -59 -58 -60 -60 -195 -224 -188 -164 -178 -8.4 -726 -785 -8.2

Receipts -1 . -1 . . . 2 -1 . -1 -4 -1 -2 -1 . -2 -6 -263.7 -16 -9 41.1

Payments 71 66 56 81 71 72 71 59 59 57 56 59 193 223 188 163 172 5.7 710 776 9.3

Interest 32 37 28 33 22 32 24 34 43 51 60 20 97 87 101 95 131 37.4 424 415 -2.2

Receipts 57 57 57 58 57 57 58 58 58 68 70 62 170 173 173 167 200 19.7 649 716 10.4

Payments 25 20 28 24 36 26 34 23 15 17 10 43 74 86 72 72 70 -3.7 224 301 34.2


enterprises 32 37 28 33 22 32 24 34 43 51 60 20 97 87 101 95 131 37.4 424 415 -2.2

Receipts 57 57 57 58 57 57 58 58 58 68 70 62 170 173 173 167 200 19.7 649 716 10.4

Payments 25 20 28 24 36 26 34 23 15 17 10 43 74 86 72 72 70 -3.7 224 301 34.2

Memorandum: Interest before FISIM 23 36 18 31 10 29 19 34 37 49 53 18 76 70 89 81 120 48.4 349 356 1.7

Receipts 57 57 57 58 57 57 58 58 58 68 70 62 170 173 173 167 200 19.7 649 716 10.4

Payments 34 21 39 27 47 29 39 24 21 18 17 44 94 103 84 86 80 -7.2 299 361 20.6

Jan-DecQ4Q1

2017 pQ2 Q3

Page 6 of 17

4 PRIMARY INCOME





Jan-DecQ4Q1

2017 pQ2 Q3

Portfolio investment -240 -343 -324 -107 -197 -104 -238 -264 -76 -120 -91 -158 -907 -408 -579 -430 -370 14.0 -2458 -2263 7.9

Receipts 28 21 32 28 65 79 30 22 31 31 14 13 80 172 83 35 58 66.3 188 394 109.0

Payments 268 364 355 135 261 183 269 287 106 152 105 171 987 580 662 465 428 -8.0 2646 2656 0.4

Income on equity and investment fund shares -5 -246 -225 -52 -187 -99 -59 -158 -9 -26 -28 -58 -475 -337 -226 -85 -112 -32.1 -910 -1151 -26.5

Receipts . 0 0 . 1 . . 1 . . . . . 1 1 . . 471.5 . 2 3522.7

Payments 5 246 225 52 187 99 59 159 9 26 28 58 475 339 227 85 112 32.4 910 1153 26.8

Dividends on equity excluding

investment fund shares -5 -246 -225 -52 -187 -99 -59 -158 -9 -26 -28 -58 -475 -337 -226 -85 -112 -32.1 -910 -1151 -26.5

Receipts . 0 0 . 1 . . 1 . . . . . 1 1 . . 471.5 . 2 3522.7

Payments 5 246 225 52 187 99 59 159 9 26 28 58 475 339 227 85 112 32.4 910 1153 26.8

Central Bank 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Deposit-taking corporations, except

the central bank 0 -1 -27 -1 -26 -8 -26 . -8 -1 -10 -32 -28 -35 -35 -38 -43 -11.9 -140 -141 -0.4

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Payments 0 1 27 1 26 8 26 . 8 1 10 32 28 35 35 38 43 11.9 140 141 0.4

General Government 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Other Sectors -5 -245 -197 -51 -161 -90 -33 -158 . -25 -19 -26 -447 -302 -192 -47 -69 -48.7 -770 -1010 -31.3

Receipts . 0 0 . 1 . . 1 . . . . . 1 1 . . 471.5 . 2 3522.7

Payments 5 245 197 51 161 91 33 159 1 25 19 26 447 303 193 47 70 49.2 770 1013 31.6

Interest -236 -97 -99 -56 -10 -5 -179 -106 -67 -95 -63 -100 -431 -71 -352 -345 -257 25.4 -1548 -1112 28.2

Receipts 28 21 32 28 64 79 30 22 31 31 14 13 80 171 82 35 58 65.7 188 391 107.8

Payments 264 118 131 83 74 84 209 128 98 125 77 113 512 241 435 380 315 -17.0 1737 1503 -13.4

Short-term -15 -9 -12 -3 -9 -6 . 2 3 3 . 2 -36 -17 4 -34 5 115.7 -157 -44 71.9

Receipts . . 1 2 1 1 1 3 3 3 1 3 2 3 7 1 7 360.2 14 18 35.1

Payments 16 9 14 4 10 7 1 1 . . . 1 38 21 2 36 1 -96.0 170 62 -63.4

Central Bank 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --


the central bank 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Page 7 of 17

4 PRIMARY INCOME





Jan-DecQ4Q1

2017 pQ2 Q3

General Government -14 -9 -12 -4 -9 -7 -1 . . . . . -35 -20 -2 -33 . 99.0 -167 -56 66.5

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Payments 14 9 12 4 9 7 1 . . . . . 35 20 2 33 . -99.0 167 56 -66.5

Other Sectors -2 . . 2 . 1 1 2 3 3 1 2 -2 2 6 -1 6 540.9 11 12 14.8

Receipts . . 1 2 1 1 1 3 3 3 1 3 2 3 7 1 7 360.2 14 18 35.1

Payments 2 . 2 . 1 . . . . . . 1 3 1 1 3 1 -60.7 3 6 106.3

Long-term -220 -88 -87 -53 -1 1 -179 -108 -70 -97 -64 -102 -395 -53 -357 -311 -263 15.5 -1392 -1068 23.3

Receipts 28 21 30 26 63 78 29 19 27 28 13 11 79 167 76 33 51 52.8 175 373 113.4

Payments 248 109 117 79 64 77 208 127 97 125 76 112 474 221 432 344 314 -8.8 1566 1441 -8.0

Central Bank 0 0 0 0 0 -7 0 0 0 0 0 -11 0 -7 0 -11 -11 0.0 -19 -19 0.6

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Payments 0 0 0 0 0 7 0 0 0 0 0 11 0 7 0 11 11 0.0 19 19 -0.6


the central bank -10 -10 -6 -3 -4 0 0 -5 -6 0 -5 0 -26 -7 -11 -4 -5 -11.6 -64 -49 23.5

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Payments 10 10 6 3 4 0 0 5 6 0 5 0 26 7 11 4 5 11.6 64 49 -23.5

General Government -232 -80 -93 -46 -18 -31 -203 -104 -86 -94 -31 -63 -405 -95 -393 -204 -187 8.2 -1135 -1080 4.9

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Payments 232 80 93 46 18 31 203 104 86 94 31 63 405 95 393 204 187 -8.2 1135 1080 -4.9

Other Sectors 21 2 12 -4 21 39 24 . 22 -3 -28 -28 36 56 47 -91 -59 34.9 -174 80 145.8

Receipts 28 21 30 26 63 78 29 19 27 28 13 11 79 167 76 33 51 52.8 175 373 113.4

Payments 6 18 18 30 42 40 5 19 5 31 41 38 43 111 29 125 110 -11.4 348 293 -15.8

Page 8 of 17

4 PRIMARY INCOME





Jan-DecQ4Q1

2017 pQ2 Q3

Other investment . 2 -26 -13 -15 -33 8 . -40 -6 -36 -32 -24 -60 -33 -61 -74 -21.3 -211 -191 9.4

Receipts 25 24 28 31 31 32 37 37 38 45 46 49 78 94 113 88 140 59.4 277 424 53.1

Payments 26 22 54 44 46 65 30 37 79 51 82 81 102 154 145 149 214 43.7 488 615 26.0

Interest . 2 -26 -13 -15 -33 8 . -40 -6 -36 -32 -24 -60 -33 -61 -74 -21.3 -211 -191 9.4

Receipts 25 24 28 31 31 32 37 37 38 45 46 49 78 94 113 88 140 59.4 277 424 53.1

Payments 26 22 54 44 46 65 30 37 79 51 82 81 102 154 145 149 214 43.7 488 615 26.0

Central Bank 0 -1 0 0 -1 0 0 -2 0 0 -2 0 -1 -1 -2 0 -2 -- . -5 -1049.4

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Payments 0 1 0 0 1 0 0 2 0 0 2 0 1 1 2 0 2 -- . 5 1049.4


the central bank 12 12 13 15 14 11 19 19 17 24 22 25 37 40 55 37 71 90.5 121 202 66.8

Receipts 16 15 19 21 21 21 25 25 26 31 32 34 50 63 77 58 97 66.3 186 287 54.7

Payments 5 3 6 6 7 10 7 6 10 8 10 9 14 23 22 21 26 24.1 65 85 32.1

General Government -8 -12 -25 -23 -31 -38 -7 -18 -22 -27 -30 -43 -46 -91 -47 -83 -100 -21.1 -242 -285 -17.7

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Payments 8 12 25 23 31 38 7 18 22 27 30 43 46 91 47 83 100 21.1 242 285 17.7

Other Sectors -4 3 -13 -5 3 -6 -4 1 -35 -3 -26 -13 -14 -8 -38 -15 -43 -177.5 -90 -103 -15.1

Receipts 9 9 9 10 10 10 12 12 12 14 14 15 27 31 36 29 42 45.5 91 137 49.7

Payments 13 6 23 16 7 16 16 11 47 17 40 28 41 39 74 45 85 91.2 181 240 32.5

Memorandum: Interest before FISIM -12 -10 -61 -16 -15 -41 21 21 -33 24 -7 3 -83 -72 9 5 20 331.4 -192 -126 34.5

Receipts 21 20 21 38 36 40 54 62 62 78 82 89 62 114 178 175 249 42.6 440 602 36.9

Payments 34 30 81 54 51 80 33 41 95 54 89 86 145 185 168 170 229 34.7 632 728 15.2

Investment income attributable to policyholders

in insurance, pension schemes, and

standardized guarentee schemes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Reserve assets 71 68 78 77 79 79 79 81 79 88 85 85 217 235 239 207 258 24.6 791 949 20.0

Receipts 71 68 78 77 79 79 79 81 79 88 85 85 217 235 239 207 258 24.6 791 949 20.0

Interest 71 68 78 77 79 79 79 81 79 88 85 85 217 235 239 207 258 24.6 791 949 20.0

Receipts 71 68 78 77 79 79 79 81 79 88 85 85 217 235 239 207 258 24.6 791 949 20.0

Memorandum: Interest before FISIM 71 68 78 77 79 79 79 81 79 88 85 85 217 235 239 207 258 24.6 791 949 20.0

Receipts 71 68 78 77 79 79 79 81 79 88 85 85 217 235 239 207 258 24.6 791 949 20.0

Other primary income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --


p Preliminary




Page 9 of 17

5 SECONDARY INCOME





Secondary Income 2035 1986 2356 1884 2249 2267 2104 2391 2006 2130 2111 2565 6377 6400 6501 6420 6806 6.0 24728 26083 5.5

Receipts 2081 2041 2458 1960 2308 2328 2158 2443 2052 2182 2161 2653 6581 6596 6653 6583 6996 6.3 25411 26826 5.6

Payments 46 56 102 76 59 61 54 53 46 52 50 88 204 196 152 164 190 16.1 684 742 8.6

General government 38 38 21 47 44 37 37 55 42 44 37 56 97 129 134 176 138 -21.6 560 497 -11.2

Receipts 41 39 52 51 47 41 39 57 47 46 41 63 132 139 143 187 150 -19.6 618 565 -8.6

Payments 3 1 31 4 2 5 2 2 5 2 4 7 35 11 9 11 13 10.2 58 67 16.8

Financial corporations, nonfinancial corporations,

households, and NPISHs 1997 1948 2336 1836 2204 2230 2067 2336 1964 2085 2074 2509 6280 6271 6367 6244 6668 6.8 24167 25586 5.9

Receipts 2040 2002 2406 1909 2261 2287 2119 2386 2004 2136 2120 2590 6449 6457 6509 6396 6846 7.0 24793 26261 5.9

Payments 43 55 71 72 57 57 52 50 40 50 47 81 169 186 143 152 178 16.6 626 675 7.9

Personal Transfers 1944 1887 2320 1784 2083 2174 2034 2228 1895 2013 1986 2446 6152 6041 6157 6084 6444 5.9 23559 24795 5.2

Receipts 1949 1895 2340 1791 2083 2174 2041 2238 1902 2021 1994 2454 6184 6049 6181 6106 6469 5.9 23624 24884 5.3

Payments 4 8 20 7 . . 7 10 7 9 8 8 32 8 24 22 25 10.8 65 89 36.9

Of which: Workers' remittances 1909 1855 2267 1738 2006 2104 1963 2155 1836 1942 1926 2388 6032 5848 5954 5979 6256 4.6 23152 24090 4.1

Receipts 1909 1855 2267 1738 2006 2104 1963 2155 1836 1942 1926 2388 6032 5848 5954 5979 6256 4.6 23152 24090 4.1

Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Other current transfers 53 61 15 52 121 56 33 107 69 72 88 63 128 230 209 160 224 39.8 608 791 30.1

Receipts 91 107 66 117 178 113 78 148 102 114 127 136 265 408 328 290 377 29.8 1169 1377 17.8

Payments 39 47 51 65 57 57 45 41 33 42 39 72 136 178 119 130 153 17.6 561 586 4.5


p Preliminary

r Revised to reflect updated data from OECD Report on Grants to the Philippines, Insurance Commission's Report on Foreign Exchange Receipts, and DFA's Monthly Actual Disbursements



Jan-DecQ1

2017 pQ2 Q3

Q4

Page 10 of 17

6 CAPITAL ACCOUNT





Capital Account 1 5 -1 8 7 4 6 5 7 6 3 5 6 18 18 14 14 3.2 62 57 -8.7

Receipts 5 6 7 10 8 7 8 7 9 10 6 8 18 25 24 18 23 29.3 77 90 17.5

Payments 4 1 7 2 2 3 2 2 2 4 2 2 13 7 6 4 9 123.4 15 34 127.7

Gross acquisitions (-) /disposals (+) of

nonproduced nonfinancial assets -3 1 -2 1 2 -1 1 1 2 2 -2 . -5 2 3 -1 . 76.4 -3 1 123.0

Receipts 1 2 2 3 4 2 3 3 3 5 1 2 5 9 9 2 7 299.8 10 30 194.7

Payments 4 1 4 2 2 3 2 2 2 3 2 2 9 7 5 3 8 135.8 13 29 117.7

Capital transfers 5 4 1 7 5 5 5 5 5 4 5 6 11 16 15 15 15 -4.4 65 56 -14.4

Receipts 5 5 5 7 5 5 5 5 5 5 5 6 14 16 15 16 15 -2.7 67 60 -9.7

Payments 0 . 3 . 0 . . 0 . 1 0 . 3 . . 1 1 45.8 1 4 234.4

General government 4 5 5 5 5 5 5 5 5 5 5 5 14 14 14 14 14 0.5 55 55 .

Receipts 4 5 5 5 5 5 5 5 5 5 5 5 14 14 14 14 14 0.5 55 55 .

Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Debt forgiveness 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Other capital transfers 4 5 5 5 5 5 5 5 5 5 5 5 14 14 14 14 14 0.5 55 55 .

Receipts 4 5 5 5 5 5 5 5 5 5 5 5 14 14 14 14 14 0.5 55 55 .

Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Financial corporations, nonfinancial

corporations, households, and NPISHs . . -3 2 0 . . . 1 . . 1 -3 2 1 1 1 -57.7 10 1 -94.6

Receipts . 0 . 2 0 0 . . 1 . . 1 . 2 1 2 1 -27.2 11 5 -57.5

Payments 0 . 3 . 0 . . 0 . 1 0 . 3 . . 1 1 45.8 1 4 234.4

Debt forgiveness 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Other capital transfers . . -3 2 0 . . . 1 . . 1 -3 2 1 1 1 -57.7 10 1 -94.6

Receipts . 0 . 2 0 0 . . 1 . . 1 . 2 1 2 1 -27.2 11 5 -57.5

Payments 0 . 3 . 0 . . 0 . 1 0 . 3 . . 1 1 45.8 1 4 234.4


p Preliminary

r Revised to reflect data updates from Organization for Economic Cooperation and Development's (OECD) Report on Grants to the Philippines



Q4 Jan-Dec2017 pQ2 Q3Q1

Page 11 of 17

7 DIRECT INVESTMENT





Direct Investment -586 -509 -384 -940 -461 -467 -248 -1034 -834 -1822 -246 -578 -1480 -1868 -2117 -1471 -2646 -79.8 -5883 -8110 -37.9

Net Acquisition of Financial Assets 1 -118 153 121 216 294 93 246 -28 97 744 121 36 631 311 754 961 27.5 2397 1939 -19.1

Equity and investment fund shares 120 25 199 -109 36 59 41 219 48 180 724 207 344 -14 307 165 1111 574.4 721 1748 142.5

Equity other than reinvestment of earnings 121 25 200 -108 36 60 39 220 48 181 728 208 346 -13 307 166 1117 571.2 737 1758 138.6


enterprises 121 25 200 -108 36 60 39 220 48 181 728 208 346 -13 307 166 1117 571.2 737 1758 138.6

Placements 155 32 210 34 40 83 41 254 49 182 731 215 397 157 345 192 1128 487.5 848 2027 139.0

Withdrawals 34 7 10 142 4 23 2 34 1 1 3 7 51 170 38 26 11 -56.0 112 270 141.6

Reinvestment of earnings -1 . -1 . . . 2 -1 . -1 -4 -1 -2 -1 . -2 -6 -263.7 -16 -9 41.1

Debt instruments -120 -142 -46 230 181 234 52 27 -75 -84 20 -86 -308 645 3 589 -149 -125.4 1676 191 -88.6


enterprises 9 18 10 5 19 6 -4 -8 -40 10 -19 . 37 30 -52 58 -10 -116.8 332 6 -98.3

Direct investment enterprises in

direct investor -128 -160 -57 225 162 228 55 35 -35 -93 39 -86 -345 615 55 532 -140 -126.3 1344 185 -86.2

Net Incurrence of Liabilities 587 392 537 1062 677 760 341 1280 807 1918 990 699 1516 2499 2427 2226 3607 62.1 8280 10049 21.4

Equity and investment fund shares 129 128 66 151 113 5 205 711 317 1586 266 364 322 269 1232 736 2216 201.1 3302 4039 22.3

Equity other than reinvestment of earnings 58 62 9 70 43 -67 134 652 258 1529 210 305 129 45 1044 573 2044 256.5 2592 3263 25.9


enterprises 58 62 9 70 43 -67 134 652 258 1529 210 305 129 45 1044 573 2044 256.5 2592 3263 25.9

Placements 71 79 51 84 83 113 170 671 270 1595 228 328 201 280 1111 951 2150 126.2 3185 3742 17.5

Withdrawals 13 17 42 14 40 180 36 19 12 66 18 22 72 235 66 377 106 -72.0 593 479 -19.3

Reinvestment of earnings 71 66 56 81 71 72 71 59 59 57 56 59 193 223 188 163 172 5.7 710 776 9.3

Debt instruments 458 264 472 911 564 756 136 569 490 332 724 335 1193 2231 1195 1490 1391 -6.6 4977 6010 20.7


enterprises 461 245 471 902 561 746 134 568 488 322 650 322 1176 2208 1191 1520 1294 -14.9 4956 5870 18.4

Direct investment enterprises in

direct investor -3 19 1 9 3 10 2 . 1 10 74 13 17 22 4 -31 97 415.5 21 140 571.0


p Preliminary



Jan-DecQ1

2017 pQ2 Q3

Q4

Page 12 of 17

8 PORTFOLIO INVESTMENT





Portfolio Investment 1313 1090 855 -224 320 -225 1192 434 -750 1132 -721 -525 3258 -129 875 -279 -114 59.1 1480 3889 162.7

Net Acquisition of Financial Assets 564 20 30 228 -41 269 1025 175 -212 790 659 -414 614 455 988 -389 1035 366.4 1216 3093 154.3

Equity and investment fund shares 20 39 100 133 88 86 25 34 19 12 36 53 160 306 78 -43 101 332.1 20 645 3124.4

Central Bank 2 9 6 2 -1 6 -2 -2 2 0 5 6 16 7 -2 -6 12 289.6 -6 32 661.1


the central bank 2 1 2 38 1 2 . -1 -49 -15 -1 11 5 40 -49 55 -5 -109.4 55 -9 -116.5

Other sectors 16 30 92 93 88 78 27 36 67 27 31 36 139 259 129 -92 94 202.1 -30 621 2200.0

Debt Securities 544 -19 -70 95 -129 182 1001 142 -231 778 624 -467 454 149 911 -345 934 370.8 1196 2448 104.6

Central bank 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- . 0 -100.0


the central bank 504 -116 -203 54 -102 23 855 87 -414 573 -228 -590 185 -25 529 -642 -244 62.0 188 445 136.7

Short-term 341 -193 -239 71 -115 -203 922 -156 -225 618 -121 -775 -91 -248 542 -1058 -279 73.7 -957 -75 92.1

Long-term 163 77 36 -17 14 226 -67 243 -189 -45 -106 186 275 223 -13 417 35 -91.6 1145 520 -54.6

Other sectors 40 96 133 42 -27 159 145 54 182 205 851 122 269 174 382 297 1178 297.0 1008 2003 98.7

Short-term -17 18 45 6 -106 103 8 86 24 29 16 62 47 3 117 -8 107 1429.0 -79 274 449.0

Long-term 57 78 87 36 78 57 137 -31 159 176 835 60 222 171 264 305 1071 251.3 1087 1729 59.1

Net Incurrence of Liabilities -749 -1070 -826 452 -361 494 -166 -258 538 -342 1380 111 -2644 585 114 -109 1149 1152.4 -264 -796 -201.9

Equity and investment fund shares 4 -118 -235 210 182 417 50 40 -62 -4 -44 55 -349 809 28 -653 7 101.1 131 496 279.1


the central bank 26 2 -33 -13 -4 19 8 21 -51 -30 35 21 -6 2 -21 -218 25 111.5 -236 . 100.1

Placements 202 249 299 240 421 230 308 290 236 195 326 253 750 891 834 709 774 9.2 3507 3249 -7.3

Withdrawals 176 247 333 253 426 211 299 269 287 225 292 232 756 889 855 926 749 -19.2 3743 3249 -13.2

Other sectors -21 -120 -202 223 186 398 42 19 -12 27 -79 35 -343 807 49 -435 -18 95.9 367 495 35.1

Placements 991 1072 1611 1066 1612 2195 1066 944 1286 1360 1336 1034 3675 4872 3296 3743 3731 -0.3 17364 15573 -10.3

Withdrawals 1012 1192 1813 842 1426 1797 1024 925 1298 1334 1415 1000 4018 4065 3247 4178 3748 -10.3 16997 15078 -11.3

Debt Securities -753 -952 -591 242 -543 76 -216 -298 600 -338 1425 55 -2295 -225 86 544 1142 110.1 -395 -1292 -227.5

Central bank 0 -3 0 1 0 0 186 -1 -198 0 3 -3 -3 1 -13 -3 0 100.0 0 -15 --

Short-term 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Long-term 0 -3 0 1 0 0 186 -1 -198 0 3 -3 -3 1 -13 -3 0 100.0 0 -15 --


the central bank -255 -200 -17 5 -2 -2 . 1 693 -37 . 26 -472 1 695 271 -11 -104.0 254 214 -15.9

Short-term 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Long-term -255 -200 -17 5 -2 -2 . 1 693 -37 . 26 -472 1 695 271 -11 -104.0 254 214 -15.9

General government -447 -740 -349 275 -507 -24 -333 -543 122 -89 1569 768 -1537 -256 -754 638 2248 252.1 -58 -299 -412.2

Short-term -204 -381 -96 -21 -146 -53 -1666 -93 -64 -8 . 31 -681 -221 -1823 -299 23 107.6 -232 -2702 -1064.7

Long-term -243 -359 -253 296 -361 29 1333 -450 186 -81 1569 737 -855 -36 1069 938 2225 137.3 174 2403 1284.0

Other sectors -51 -9 -224 -39 -34 103 -70 244 -17 -212 -147 -735 -284 30 157 -363 -1095 -201.4 -590 -1192 -101.9

Short-term 13 0 0 3 37 16 0 . 0 1 0 0 13 55 . 0 1 -- 18 70 291.1

Long-term -64 -9 -224 -42 -71 87 -70 244 -17 -213 -147 -735 -297 -26 157 -363 -1096 -201.7 -608 -1262 -107.5


p Preliminary

r Revised to reflect data updates from Coordinated Portfolio Investments Survey (CPIS)



Jan-DecQ1

2017 pQ2 Q3

Q4

Page 13 of 17

9 FINANCIAL DERIVATIVES (OTHER THAN RESERVES) AND EMPLOYEE STOCK OPTIONS





Financial derivatives (other than reserves) and

employee stock options . -89 -43 14 -20 . 37 7 2 7 14 20 -131 -6 45 -78 41 152.7 -32 -51 -57.4

Central bank 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Deposit-taking corporations,

except the central bank -2 -96 -47 16 -21 -3 42 5 4 7 10 18 -146 -8 52 -73 35 147.7 2 -67 -3724.7

General government 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Other sectors 2 8 5 -2 1 3 -6 1 -2 . 4 2 15 2 -7 -5 6 222.4 -34 16 148.0

Net Acquisition of Financial Assets -28 -157 -101 -29 -42 -19 -31 -19 -21 -34 -12 -11 -286 -90 -70 -145 -57 60.7 -701 -503 28.2

Central bank 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --


except the central bank -19 -151 -99 -25 -37 -16 -20 -17 -17 -32 -11 -11 -269 -77 -54 -102 -54 47.0 -460 -454 1.3


Other sectors -9 -6 -3 -5 -5 -3 -10 -2 -4 -2 -1 0 -17 -13 -16 -43 -3 93.1 -240 -49 79.5

Net Incurrence of Liabilities -27 -68 -59 -44 -22 -19 -67 -25 -23 -41 -26 -31 -155 -85 -116 -67 -98 -46.2 -669 -453 32.3

Central bank 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --


except the central bank -17 -55 -52 -41 -15 -13 -63 -22 -21 -39 -21 -29 -123 -69 -106 -29 -89 -202.7 -462 -387 16.2


Other sectors -11 -14 -7 -3 -6 -6 -4 -3 -2 -2 -5 -2 -32 -15 -9 -38 -9 75.3 -206 -66 68.2

Note: Data on employee stock options are not available


p Preliminary




Page 14 of 17

10 OTHER INVESTMENT





Other Investment -200 -194 -924 -10 544 523 -127 1046 719 1035 -541 193 -1318 1058 1638 2918 686 -76.5 4610 2064 -55.2

Other equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Currency and deposits -434 -1031 586 -223 -652 360 272 -297 678 516 88 770 -879 -515 653 1073 1374 28.1 752 634 -15.8

Loans 1092 671 -1054 -450 1560 -156 292 808 664 75 -590 -710 709 954 1764 1119 -1226 -209.6 3605 2201 -38.9

Insurance, pension, and standardized

guarantee schemes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Trade credit and advances -765 198 -498 639 -337 299 -669 490 -608 433 -51 158 -1065 601 -787 720 540 -25.0 234 -712 -404.5

Other accounts receivable/payable -93 -32 42 24 -27 21 -21 45 -16 12 11 -25 -83 18 8 7 -2 -121.4 19 -59 -405.6

Other Investment - SDR Allocation (Net incurrence 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

of Liabilities) 1/

Net Acquisition of Financial Assets 645 -1573 1026 -339 -212 817 -766 407 1160 -665 1132 369 98 266 801 1685 837 -50.3 2746 2001 -27.1

Other Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Currency and Deposits -223 -981 621 -258 -619 485 -24 180 721 140 317 928 -582 -392 877 670 1385 106.7 1014 1287 26.9

Central bank 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --


the central bank -212 -935 592 -287 -691 541 -184 54 585 -198 546 707 -555 -437 454 541 1055 95.0 854 517 -39.4


Other sectors -10 -46 29 30 71 -56 160 126 136 338 -229 221 -27 45 422 129 330 155.9 160 770 380.9

Loans 864 -597 398 -88 421 312 -724 213 429 -840 779 -539 666 645 -82 1022 -600 -158.7 1468 629 -57.2

Central bank 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --


the central bank 864 -597 398 -88 421 312 -724 213 429 -840 779 -539 666 645 -82 1022 -600 -158.7 1468 629 -57.2

Short-term 866 -596 404 -98 411 308 -713 215 432 -839 778 -536 674 621 -66 1039 -597 -157.4 1496 632 -57.8

Long-term -2 0 -5 10 11 3 -10 -2 -3 -1 0 -3 -8 24 -16 -16 -4 77.4 -28 -3 88.5


Other sectors 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --



Trade credit and advances -2 4 3 6 -2 15 2 10 10 19 18 7 5 19 22 8 43 429.2 215 89 -58.5

Other sectors -2 4 3 6 -2 15 2 10 10 19 18 7 5 19 22 8 43 429.2 215 89 -58.5

Short-term -2 4 3 6 -2 15 2 10 10 19 18 7 5 19 22 8 43 429.2 215 89 -58.5

Long-term 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Other accounts receivable - other 6 1 3 1 -12 5 -20 4 -1 17 18 -26 9 -6 -16 -16 9 158.0 49 -4 -108.1


the central bank 6 1 3 1 -12 5 -20 4 -1 17 18 -26 9 -6 -16 -16 9 158.0 49 -4 -108.1

Jan-DecQ1

2017 pQ2 Q3

Q4

Page 15 of 17

10 OTHER INVESTMENT





Jan-DecQ1

2017 pQ2 Q3

Q4

Net Incurrence of Liabilities 846 -1379 1950 -329 -756 294 -639 -639 441 -1700 1674 176 1416 -791 -837 -1233 150 112.2 -1864 -63 96.6

0 0 0

Other Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Currency and Deposits 211 50 36 -35 33 125 -296 476 43 -376 229 157 297 123 224 -403 10 102.6 262 654 149.6


the central bank 211 50 36 -35 33 125 -296 476 43 -376 229 157 297 123 224 -403 10 102.6 262 654 149.6

Loans -228 -1267 1452 362 -1139 468 -1016 -596 -235 -915 1369 171 -43 -309 -1846 -96 626 749.4 -2136 -1572 26.4

Central bank 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --


the central bank -456 -1194 1825 809 -873 146 -1066 -603 272 -945 1725 397 174 82 -1396 1047 1176 12.4 -87 37 142.2

Short-term -456 -1194 1825 809 -873 146 -1066 -603 272 -945 1725 397 174 82 -1396 1047 1176 12.4 -87 37 142.2

Long-term 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Drawings 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Repayments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

General government 357 -50 -29 19 -21 -49 -20 186 2 -50 -113 -87 279 -50 169 -135 -250 -85.4 -20 148 835.5

Credit and loans with the IMF 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 1 0

Other Short-term 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Other Long-term 357 -50 -29 19 -21 -49 -20 186 2 -50 -113 -88 279 -50 169 -136 -251 -84.7 -21 147 795.9

Drawings 401 32 83 101 111 67 18 285 100 36 21 48 517 280 404 194 105 -45.8 1130 1305 15.5

Repayments 44 82 112 82 132 116 38 99 98 86 134 137 238 330 235 330 356 8.0 1151 1158 0.6

Other sectors -129 -24 -344 -466 -245 370 70 -179 -509 80 -243 -138 -496 -341 -619 -1008 -300 70.2 -2029 -1757 13.4

Short-term -2 -3 6 -183 -95 -3 -3 1 0 2 -218 -4 1 -282 -2 408 -220 -153.9 80 -503 -727.9

Long-term -127 -21 -349 -283 -150 374 72 -181 -509 78 -25 -134 -497 -59 -617 -1416 -81 94.3 -2109 -1254 40.6

Drawings 1 1 27 88 165 667 198 26 22 412 63 1 30 920 246 618 476 -23.0 1233 1672 35.7

Repayments 128 22 377 371 315 294 126 206 531 334 88 135 527 979 863 2034 557 -72.6 3342 2926 -12.4



Trade credit and advances 764 -195 502 -633 335 -283 671 -479 618 -414 69 -152 1071 -582 809 -712 -497 30.2 -18 801 4433.8

Other sectors 764 -195 502 -633 335 -283 671 -479 618 -414 69 -152 1071 -582 809 -712 -497 30.2 -18 801 4433.8

Short-term 764 -205 503 -625 365 -280 671 -479 651 -418 69 -148 1062 -540 842 -711 -498 30.0 -117 866 840.5

Long-term 0 11 -2 -9 -30 -3 0 0 -33 4 . -3 9 -42 -33 0 1 435.4 98 -65 -165.9

Other accounts payable - other 99 33 -40 -23 15 -16 1 -40 15 5 7 -1 92 -24 -24 -23 11 146.6 29 55 87.3


the central bank 99 33 -40 -23 15 -16 1 -40 15 5 7 -1 92 -24 -24 -23 11 146.6 29 55 87.3

Special drawing rights 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --


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Page 16 of 17

11 OVERALL BOP POSITION





Change in Net Reserves -9 -436 -550 917 -59 -569 -678 -7 24 -368 -44 917 -994 289 -662 -2068 505 124.4 -420 -863 -105.4

Change in Reserve Assets -5 -433 -546 921 -56 -587 -674 -5 28 -364 -42 900 -983 278 -651 -2079 494 123.8 -420 -862 -105.3

Monetary gold . . . . . . . . . . . . . . . . . -45.9 . 1 26423.6

Gold bullion . . . . . . . . . . . . . . . . . -45.9 . 1 26423.6

Unallocated gold accounts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Special drawing rights . . . . . . 1 -1 1 1 -1 1 . 1 . . 1 109.0 . 2 461.4

Reserve position in the Fund . . . -1 . -3 -5 -7 . -1 -7 -20 . -4 -12 . -28 -126154.0 16 -44 -373.82

Other reserve assets -5 -433 -546 922 -56 -584 -670 3 27 -364 -34 919 -984 281 -640 -2079 521 125.1 -436 -821 -88.3

Currency and deposits 344 -199 -998 -621 30 -820 -1658 1412 1648 -678 220 121 -853 -1411 1403 -758 -337 55.5 4986 -1199 -124.0

Securities -222 -192 662 1432 -61 217 1090 -1452 -1799 411 -143 656 248 1588 -2161 -1392 924 166.4 -5341 600 111.2

Debt Securities -222 -192 662 1432 -61 217 1090 -1452 -1799 411 -143 656 248 1588 -2161 -1493 924 161.9 -5566 600 110.8

Short-term -499 -68 2 108 70 112 -39 -175 47 -62 -15 62 -565 289 -166 806 -15 -101.9 -512 -457 10.7

Long-term 277 -125 661 1325 -130 105 1129 -1277 -1847 474 -128 593 813 1299 -1994 -2300 939 140.8 -5054 1057 120.9

Equity and investment fund shares . 0 . . . . . . . . 0 0 . . . 102 . -100.0 224 . -100.0

Financial Derivatives 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Other Claims -127 -41 -211 110 -25 19 -102 42 178 -98 -110 142 -379 104 118 71 -65 -192.3 -81 -222 -172.8

Change in Reserve Liabilities 4 3 4 4 3 -17 4 2 4 4 3 -17 11 -10 11 -10 -10 0.3 . 1 236.0

Use of Fund Credit and loans 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Short-term 4 3 4 4 3 -17 4 2 4 4 3 -17 11 -10 11 -10 -10 0.3 . 1 236.0


p Preliminary




Page 17 of 17

balance of payments developments balance of payments … · petroleum crude oil increased by 40.4...

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