BALANCE OF PAYMENTS REPORT

BALANCE OF PAYMENTS REPORT

1st Quarter 2021

DEPARTMENT OF ECONOMIC STATISTICS Monetary and Economics Sector

Bangko Sentral ng Pilipinas

HEADLINE FIGURES

OVERALL BOP POSITION

-US$2.8B (deficit)

from –US$68M

CURRENT ACCOUNT

-US$614M (deficit)

from +US$225M

CAPITAL ACCOUNT

+US$17M (surplus)

from +US$12M

FINANCIAL ACCOUNT *

+US$4.1B (net outflows) from +US$3B

DIRECT INVESTMENT

PORTFOLIO INVESTMENT

FINANCIAL DERIVATIVES

OTHER INVESTMENT

-US$1.7B (net inflows)

from -US$883M

+US$7.9B (net outflows)

from +US$793M

GOODS

-US$11.1B (deficit)

from –US$10.2B

+US$2.9B (net receipts) from +US$2.8B

SERVICES

+US$567M (net receipts) from +US$1.1B

PRIMARY INCOME

FINANCIAL ACCOUNT *

-US$111M (net inflows)

from -US$74M

-US$2B (net inflows)

from +US$3.1B

+US$7B (net receipts) from +US$6.6B

SECONDARY INCOME

CURRENT ACCOUNT

* In the Financial Account, a positive (negative) balance indicates an outflow (inflow). For graphical presentation purposes, inflows (outflows) are reflected as positive (negative) bars.

GROSS INTERNATIONAL RESERVES

US$104.5B end-March 2021

+US$15.6B US$88.9B end-March 2020

EXCHANGE RATE

P48.28/US$1 Q1 2021 5.3% appreciation

P50.83/US$1 Q1 2020

BANGKO SENTRAL NG PILIPINAS BALANCE OF PAYMENTS: Q1 2021 (YoY)

+17.6%

-P2.55

Department of Economic Statistics

BALANCE OF PAYMENTS REPORT

First Quarter 2021 Developments

Overall BOP Position

Q1 2021 BOP position posts a

higher deficit.

The country’s balance of payments (BOP) position recorded a deficit of US$2.8 billion in Q1 2021, higher than the US$68 million deficit posted in the same quarter in 2020. The increase in the BOP deficit stemmed from the uptick in net outflows in the financial account, coupled with the reversal of the current account from a surplus to a deficit during the period. The increase in net outflows in the financial account emanated mainly from the portfolio investment account, primarily due to the rise in the Central Bank’s net investments in non-reserve assets as well as the Government’s and Other Sectors’ higher net repayments of maturing bond issuances.1 Meanwhile, the current account reversed to a deficit as the merchandise trade gap widened on account of the growth in imports amid the gradual reopening of the domestic economy due to the easing of COVID-19 containment measures. Lower net receipts of primary income also contributed to the current account deficit.

Figure 1 Main Balance of Payments Accounts, in million US dollars

Q1 2021

1 Other Sectors cover the following economic sectors: (a) other financial corporations, which include private and

public insurance corporations, holding companies, government financial institutions, investment companies, other financial intermediaries except insurance, trust institutions/corporations, financing companies, securities dealers/brokers, lending investor, Authorized Agent Banks (AAB) forex corporations, investment houses, pawnshops, credit card companies, offshore banking units (OBUs); (b) non-financial corporations, which refer to public and private corporations and quasi-corporations, whose principal activity is the production of market goods or non-financial services; and (c) households and non-profit institutions serving households (NPISHs).

Department of Economic Statistics 2

Current Account

Current account reverses to a

deficit.

The current account posted a deficit of US$614 million in Q1 2021, a reversal from the US$225 million surplus recorded in the same quarter in the previous year. This developed on account of the widening of the trade in goods deficit coupled with the drop in net receipts recorded in the primary income account.

v Trade in Goods2

Trade gap widens.

The trade in goods deficit increased by 8.9 percent to US$11.1 billion in the first quarter of 2021 from US$10.2 billion in the same quarter last year. This development reflected the sustained recovery momentum of the trade sector after hitting a trough in Q2 2020, owing to the strict containment measures imposed by the government at the onset of the COVID-19 pandemic in the Philippines.

v Exports of Goods

Exports of goods register

double-digit expansion.

Exports of goods increased by 11.1 percent to US$12.9 billion in the first quarter of 2021, on account mainly of stronger external demand from the Philippines’ largest export markets, most notably China and the United States. During the first quarter of 2021, China posted a double-digit year-on-year domestic output growth, while the US growth rebounded to the positive territory after being in a recession from Q2 2020 to Q4 2020.

Figure 2 Exports by Major Commodity Group

Percent Share Q1 2021

2 Based on the BPM6 concept, trade in goods is computed using data from the Philippine Statistics Authority’s

(PSA) International Merchandise Trade Statistics, excluding the goods that did not involve change in ownership such as 1) consigned goods, 2) returned/replacement goods, and 3) temporarily imported/exported goods.


On a by commodity basis, the improvement in trade in goods exports was buoyed by manufactures, which rose by 20.2 percent to US$10.3 billion in Q1 2021. Electronic products accounted for the bulk of the growth in the exports of manufactured goods, as shipments rose by 19.3 percent, owing mainly to increased external demand for semiconductors and electronic data processing units. Other commodity groups that showed improvement during the period were coconut, forest, other agro-based, and sugar products. Meanwhile, exports of other commodity groups such as fruits and vegetables, petroleum, and mineral products were on the downtrend.

v Imports of Goods

Imports of goods continue

its uptrend.

Imports of goods during the first quarter of 2021 amounted to US$24 billion, 10 percent higher than the US$21.8 billion recorded in the same period in the previous year. This stemmed from stronger domestic demand for raw materials and intermediate goods, and capital goods, which posted double-digit year-on-year growth rates of 17.7 percent and 18.1 perccent, respectively, in the first quarter of 2021. In particular, telecommunications equipment and electrical machineries rose by 50 percent during the quarter, reflecting service providers’ continuous efforts to improve their services in response to the stronger market demand for higher quality internet services. Likewise, manufactured goods, which increased by 19.7 percent to US$3.5 billion, and chemical products, which posted an 18.6 percent growth to US$2.8 billion in the same period, also supported the expansion in total imports. Similarly, consumer goods increased by 10.3 percent to US$4.4 billion on account of the growth recorded in food and live animals (19.5 percent), and other durable miscellaneous manufactures (9.8 percent). Meanwhile, mineral fuels and lubricant dropped by 6.4 percent to US$2.5 billion during the quarter, reflecting subdued demand for such imports.

Figure 3 Imports by Major Commodity Group

Percent Share Q1 2021


v Trade in Services

Trade in services post higher net

receipts.

Net receipts of trade in services increased by 6.2 percent to US$2.9 billion in Q1 2021 from US$2.8 billion in Q1 2020 as services imports posted a larger drop than services exports. Total payments for services imports contracted by 26.6 percent to US$4.6 billion in Q1 2021 from US$6.2 billion in Q1 2020. Meanwhile, total receipts from services exports declined by 16.5 percent to US$7.5 billion from US$9 billion. The downtrend in services imports was due primarily to the declines recorded in travel (61.8 percent), passenger transport (65.9 percent), and charges for the use of intellectual property, n.i.e. (47.8 percent). This was mitigated partly by the improvements registered in telecommunication (63.2 percent), insurance and pension (29.2 percent), computer (37.9 percent), and other personal, cultural, and recreational (674.2 percent) services imports. Meanwhile, the shortfall in services exports was on account of the decreases recorded in travel (90.6 percent), passenger transport (83.5 percent) and computer (6.7 percent) services. It may be noted that the tourism industry is one of the sectors most severely affected by the pandemic following the lockdown measures and travel restrictions, which resulted in the substantial decrease in tourism export revenues. Meanwhile, the drop in services exports was tempered partly by the increase in receipts in technical, trade-related and other business services (7 percent), and manufacturing services on physical inputs owned by others (21.1 percent).3

v Primary Income

Net receipts of primary income

decline.

Net primary income receipts declined by almost half from the year-ago level of US$1.1 billion to US$567 million. This was due mainly to the combined effects of lower income receipts, particularly on direct investments (by 70.1 percent), and higher income payments, particularly on portfolio investments (by 14.9 percent).

v Secondary Income

Net receipts of secondary

income rise.

Net receipts from the secondary income account recorded a modest increase from US$6.6 billion in Q1 2020 to US$7 billion in Q1 2021, leveraging on the steady inflow of remittances from non-resident overseas Filipino (OF) workers, which amounted to US$6.5 billion in the first quarter of 2021, up by 3.2 percent from the US$6.3 billion recorded in the comparable period in the previous year.

Capital Account

Capital account net receipts

increase.

Net receipts in the capital account rose to US$17 million in Q1 2021 from US$12 million in Q1 2020. This resulted from the lower gross acquisition of non-produced non-financial assets (e.g., patents, trademarks, and copyrights).

3 Technical, trade-related and other business services are comprised largely of earnings from business process

outsourcing (BPO) related transactions. Total estimated BPO export revenues, consisting of computer and other busines services, amounted to US$5.5 billion in Q1 2021, 3 percent higher than the US$5.4 billion total revenues registered in Q1 2020.


Financial Account

Financial account records

higher net outflows.

The financial account posted net outflows of US$4.1 billion in Q1 2021, 37.5 percent higher than the US$3 billion net outflows registered in the same quarter last year. This developed mainly on account of the substantial increase in net outflows of portfolio investments to US$7.9 billion from US$793 million. These net outflows were tempered by the reversal of other investments to net inflows and the increase in net inflows of direct investments.

v Direct Investment

Net inflows of direct

investments increase

.

Direct investments posted a 91.4 percent expansion in net inflows to reach US$1.7 billion in the first quarter of 2021 from US$883 million recorded in the comparable period in 2020. This resulted from the marked increase in foreign direct investments (FDI) along with the decline in residents’ net investments in foreign financial assets. FDI grew by 45.1 percent to US$2.4 billion due mainly to the 113.2 percent rise in non-residents’ net investments in debt instruments to US$1.4 billion from US$671 million. Likewise, reinvestment of earnings increased by 5.4 percent to US$225 million from US$213 million. The net inflows were tempered, however, by the 4.3 percent decrease in non-residents’ net investments in equity capital to US$721 million (from US$754 million) as placements dipped to US$828 million (from US$887 million), but was mitigated by the drop in withdrawals to US$107 million (from US$134 million). Equity capital placements during the quarter came mostly from Singapore, Japan, the United States, and the Netherlands. These placements were infused primarily to electricity, gas, steam, and airconditioning; financial and insurance; and manufacturing industries. Meanwhile, residents’ direct investments abroad declined by 9.1 percent to US$686 million from US$755 million. This was brought mainly by the reversal of residents’ net investments in equity and investment fund shares to net withdrawals of US$30 million from US$130 million net placements posted in the same quarter of the previous year.

v Portfolio Investment

Net outflows of portfolio

investments surge

.

Portfolio investments recorded net outflows of US$7.9 billion in Q1 2021, markedly higher than the US$793 million net outflows registered in Q1 2020. This stemmed from the surge in residents’ portfolio investments abroad amounting to US$3.9 billion (from net withdrawals of US$459 million), coupled with the sharp increase in net outflows of foreign portfolio investments (FPI) to US$4 billion (from US$1.3 billion). In particular, residents’ placements in debt securities rose, notably those of the Bangko Sentral ng Pilipinas (BSP) to US$3.3 billion (from US$520 million) and the Other Sectors to US$1.1 billion (from US$409 million). Meanwhile, the net outflows in FPI expanded as the National Government (NG) and local corporates repaid their debt obligations amounting to US$2.3 billion and US$1.1 billion, respectively.


v Other Investment

Other investment account reverses

to net inflows.

The other investment account recorded net inflows of US$2 billion, a turnaround from the US$3.1 billion net outflows in the same quarter last year. This emanated mainly from the residents’ net withdrawals of investments in foreign financial assets to US$2 billion (from net investments of US$2.5 billion). Specifically, residents’ net withdrawals of their currency and deposits abroad amounted to US$1.8 billion (from net placements of US$1.3 billion) while net loan repayments reached US$200 million (from loan availments of US$1.1 billion). In addition, lower net outflows were recorded in the liability side on account of increased inflows arising from trade credits and advances extended by non-residents to local corporates (US$269 million) and non-residents’ net placements of currency and deposits in local banks (US$301 million). These inflows, however, were tempered by residents’ net repayments of loans extended by non-residents, amounting to US$640 million, which was a reversal from their net loan availments of US$463 million in Q1 2020.

v Financial Derivatives

Net gains from trading in

financial derivatives grow.

Net gains from trading in financial derivatives were higher by 49.5 percent at US$111 million in Q1 2021 from US$74 million in the same quarter last year.

Gross International Reserves

Gross international

reserves remain ample.

The country’s gross international reserves (GIR) amounted to US$104.5 billion as of end-March 2021, significantly higher than the US$88.9 billion level registered as of end-March 2020. At this level, the reserves adequately covered 11.9 months’ worth of imports of goods and payments of services and primary income. It was also equivalent to 7.7 times the country’s short-term external debt based on original maturity and 5.3 times based on residual maturity. This year-on-year increase in reserves reflected inflows from the BSP’s foreign exchange operations and income from its investments abroad, and the NG’s net foreign currency deposits with the BSP. Further, an upward adjustment in the value of the BSP’s gold holdings due to the increase in the price of gold in the international market also contributed to the higher GIR level.


Figure 4 Gross International Reserves, in percent

January 2016 – March 2021 as of periods indicated

By asset component, the bulk of international reserves were held in the form of foreign investments (85.9 percent), gold (8.7 percent), and the rest in aggregated holdings of foreign exchange (3.5 percent), Special Drawing Rights (1.2 percent), and reserve position in the Fund (0.8 percent).

Exchange Rate

The peso posts a minimal

depreciation in Q1 2021.

On a quarter-on-quarter basis, the peso was little changed against the US dollar at an average of P48.28/US$1 in Q1 2021 from an average of P48.27/US$1 in Q4 2020. However, on a year-on-year basis, the peso appreciated by 5.28 percent from P50.83/US$1 in Q1 2020, which may be attributed to manageable inflation environment, strong and resilient banking system, a high level of international reserves, and the increase in the level of economic activity.

Figure 5 Average Peso-Dollar Rate and Measure of Volatility

January 2016 – March 2021


Exchange rate volatility

increases in the first quarter of

2021.

The exchange rate volatility increased to P0.26 in Q1 2021 from P0.20 in Q1 2020.4

The peso recorded loss of

external competitiveness

in Q1 2021 against the baskets of

currencies in MTPs, TPI-A and

TPI-D.

For the first quarter of the year, the peso appreciated against the baskets of currencies of major trading partners (MTPs) and trading partners in advanced (TPI-A) and developing (TPI-D) countries in nominal and real terms as seen in the table below, indicating a slight loss in external competitiveness against these trade baskets of currencies for the said period.

Table 1 Exchange Rate Indices, in year-on-year percent change

Q1 2021

MTPs TPI-A TPI-D

NEER 0.7 1.1 0.5

REER 4.6 4.8 4.5

Note: A positive % change indicates that the peso appreciated.

4 Exchange rate volatility is calculated as the standard deviation of the daily Philippine peso per US dollar

exchange rates for the specified quarter. The daily exchange rates for the pertinent quarters may be accessed at https://www.bsp.gov.ph/statistics/external/pesodollar.xls.


EFFECTIVE EXCHANGE RATE INDICES OF THE PESO for periods indicated; 1980 = 100

NEER REER

Trading Partners Trading Partners Overall 1 Advanced 2 Developing 3 Overall 1 Advanced 2 Developing 3

2019 Jan 13.49 10.94 21.59 85.04 81.75 110.36 Feb 13.53 11.06 21.55 83.74 81.23 108.11 Mar 13.51 11.06 21.51 83.15 80.18 107.70 Qtr 1 13.51 11.02 21.55 83.98 81.06 108.72 Apr 13.63 11.16 21.68 84.16 80.79 109.29 May 13.70 11.09 21.95 84.56 79.87 110.83 Jun 13.76 11.09 22.09 84.96 79.95 111.58 Qtr 2 13.70 11.11 21.91 84.56 80.20 110.57 Jul 13.91 11.25 22.28 84.94 80.78 110.90 Aug 13.79 11.03 22.23 83.80 78.48 110.35 Sep 13.80 11.08 22.21 83.60 78.42 110.00 Qtr 3 13.83 11.12 22.24 84.11 79.22 110.42 Oct 13.94 11.23 22.38 84.53 79.60 110.97 Nov 14.09 11.43 22.55 85.63 81.21 111.96 Dec 14.08 11.41 22.53 85.63 81.09 112.07 Qtr 4 14.04 11.36 22.49 85.26 80.63 111.67 Jan-Dec 13.77 11.15 22.04 84.45 80.26 110.30

2020 Jan 13.97 11.40 22.27 88.55 86.34 114.00 Feb 14.15 11.51 22.60 88.03 85.62 113.49 Mar 14.21 11.37 22.91 88.18 83.72 115.23 Qtr 1 14.11 11.43 22.59 88.25 85.23 114.24 Apr 14.37 11.46 23.20 90.08 84.59 118.43 May 14.35 11.46 23.16 90.15 84.19 118.90 Jun 14.32 11.46 23.09 90.15 84.43 118.71 Qtr 2 14.35 11.46 23.15 90.12 84.40 118.68 Jul 14.44 11.52 23.31 90.06 84.46 118.51 Aug 14.49 11.52 23.45 89.60 83.58 118.26 Sep 14.52 11.59 23.45 89.65 83.54 118.38 Qtr 3 14.48 11.54 23.40 89.77 83.86 118.38 Oct 14.44 11.59 23.25 89.65 84.04 118.00 Nov 14.33 11.59 22.98 90.03 85.05 117.99 Dec 14.25 11.52 22.85 89.69 84.72 117.55 Qtr 4 14.34 11.57 23.03 89.79 84.60 117.84 Jan-Dec 14.32 11.50 23.04 89.45 84.49 117.24

2021 Jan 14.19 11.49 22.72 93.36 90.22 120.80 Feb 14.19 11.54 22.66 92.01 89.25 118.81 Mar 14.26 11.63 22.75 91.65 88.47 118.67 Qtr 1 14.21 11.56 22.71 92.34 89.31 119.43

Memo Items: % Change, y-o-y 2019 Qtr 1 1.73 1.38 1.92 4.42 4.12 4.58

Qtr 2 4.14 2.95 4.82 5.60 4.64 6.15 Qtr 3 4.19 3.51 4.58 4.36 4.21 4.46 Qtr 4 4.11 3.85 4.26 3.77 4.22 3.52 Jan-Dec 3.54 2.93 3.89 4.52 4.30 4.65

2020 Qtr 1 4.42 3.70 4.83 5.09 5.14 5.07 Qtr 2 4.75 3.12 5.67 6.58 5.24 7.34 Qtr 3 4.71 3.82 5.22 6.72 5.85 7.21 Qtr 4 2.19 1.84 2.39 5.31 4.92 5.53 Jan-Dec 4.01 3.12 4.52 5.92 5.27 6.29

2021 Qtr 1 0.74 1.12 0.53 4.63 4.79 4.54 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

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1 PHILIPPINES: BALANCE OF PAYMENTSfor periods indicatedin million US dollars

Growth (%)Jan Feb Mar 2020 p 2021 p 2021 p

Current Account -517 282 -380 225 -614 -373.2(Totals as percent of GNI) 0.2 -0.7(Totals as percent of GDP) 0.3 -0.7Export 9522 9630 11238 30564 30390 -0.6Import 10039 9348 11618 30339 31005 2.2

Goods, Services, and Primary Income -2900 -2061 -2671 -6388 -7632 -19.5Export 7049 7210 8841 23716 23100 -2.6Import 9949 9271 11512 30105 30732 2.1

Goods and Services -3173 -2427 -2599 -7463 -8199 -9.9(Totals as percent of GNI) -7.7 -8.9(Totals as percent of GDP) -8.5 -9.1Export 6104 6454 7804 20562 20363 -1.0Import 9277 8881 10404 28024 28562 1.9

Goods -4132 -3421 -3566 -10214 -11119 -8.9(Totals as percent of GNI) -10.6 -12.0(Totals as percent of GDP) -11.7 -12.4Credit: Exports 3625 4016 5245 11602 12885 11.1Debit: Imports 7757 7437 8811 21816 24005 10.0

Services 959 994 967 2751 2921 6.2Credit: Exports 2479 2438 2560 8959 7477 -16.5Debit: Imports 1520 1444 1593 6208 4557 -26.6

Primary Income 273 366 -72 1074 567 -47.2Credit: Receipts 945 755 1037 3155 2737 -13.2Debit: Payments 672 390 1109 2081 2171 4.3

Secondary Income 2383 2343 2291 6613 7018 6.1Credit: Receipts 2473 2421 2397 6848 7290 6.5Debit: Payments 90 77 106 235 273 16.2

Capital Account 5 6 6 12 17 39.3Credit: Receipts 8 8 7 22 22 -0.7Debit: Payments 3 1 1 10 5 -50.0

Financial Account 1117 2945 26 2973 4089 37.5Net Acquisition of Financial Assets -314 2288 338 2490 2312 -7.1Net Incurrence of Liabilities -1432 -656 312 -483 -1776 -267.6

Direct Investment -716 -421 -554 -883 -1691 -91.4Net Acquisition of Financial Assets 245 187 254 -883 686 -9.1Net Incurrence of Liabilities 961 608 808 -883 2377 45.1

Jan-Mar2021 p

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1 PHILIPPINES: BALANCE OF PAYMENTSfor periods indicatedin million US dollars


Jan-Mar2021 p

Portfolio Investment 968 4643 2274 793 7884 894.4Net Acquisition of Financial Assets -487 3628 769 -459 3910 951.3Net Incurrence of Liabilities -1455 -1014 -1504 -1252 -3973 -217.3

Financial Derivatives -26 -42 -43 -74 -111 -49.5Net Acquisition of Financial Assets -71 -76 -104 -271 -251 7.4Net Incurrence of Liabilities -45 -34 -61 -197 -140 28.8

Other Investment 892 -1236 -1651 3137 -1994 -163.6Net Acquisition of Financial Assets -1 -1451 -581 2465 -2033 -182.5Net Incurrence of Liabilities -893 -216 1069 -672 -39 94.1

NET UNCLASSIFIED ITEMS 877 637 327 2668 1841 -31.0

OVERALL BOP POSITION -752 -2019 -73 -68 -2844 -4094.8(Totals as percent of GNI) -0.1 -3.1(Totals as percent of GDP) -0.1 -3.2

Debit: Change in Reserve Assets -748 -2015 -70 -58 -2834 -4802.4Credit: Change in Reserve Liabilities 4 3 4 10 11 6.6

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

corporations, except the central bank -55 2 125 3855 72 -98.1Change in Commercial Banks' (KBs) NFA -77 -2 143 3902 63 -98.4Change in Thrift Banks' (TBs) NFA 15 -10 -11 -32 -6 81.7Change in Offshore Banking Units' (OBUs) NFA 7 14 -7 -15 14 193.1

Personal Remittances 2895 2759 2801 8218 8454 2.9of which: OF Cash Remittances channeled thru the

banking system 2603 2476 2514 7403 7593 2.6

Details may not add up to total due to rounding.2020 data on trade-in-goods are based on the preliminary data sourced from the Philippine Statistics Authority (PSA). Revised 2020 trade-in-goods data based on the final PSA data will be released in September 2021 in accordance with the BSP's revision policy on BOP statistics.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).

Source: Bangko Sentral ng Pilipinas

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2 GOODSfor periods indicatedin million US dollars


Goods -4132 -3421 -3566 -10214 -11119 -8.9Exports 3625 4016 5245 11602 12885 11.1Imports 7757 7437 8811 21816 24005 10.0 General Merchandise on a BOP basis -4199 -3501 -3640 -10798 -11340 -5.0

General Merchandise Exports, fob 3552 3931 5164 11005 12646 14.9

Of which: Re-exports 11 6 8 32 25 -20.4

General Merchandise Imports, fob 7751 7432 8804 21803 23987 10.0

Net exports of goods under merchanting . 3 -2 138 1 -99.2Goods acquired under

merchanting (negative credits) 8 5 9 7 21 191.8Goods sold under merchanting 8 8 7 146 22 -84.6

Nonmonetary Gold 68 77 76 446 220 -50.7Exports 73 82 83 459 238 -48.1Imports 6 6 7 13 18 42.3

Details may not add up to total due to rounding.2020 data on trade-in-goods are based on the preliminary data sourced from the Philippine Statistics Authority (PSA). Revised 2020 trade-in-goods data based on the final PSA data will be released in September 2021 in accordance with the BSP's revision policy on BOP statistics.p Preliminary. Rounds off to zero

Jan-Mar2021 p

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3 SERVICESfor periods indicatedin million US dollars


Services 959 994 967 2751 2921 6.2Exports 2479 2438 2560 8959 7477 -16.5Imports 1520 1444 1593 6208 4557 -26.6

Manufacturing services on physical inputs owned by others 451 359 446 1037 1256 21.1Exports 451 359 446 1037 1256 21.1Imports 0 0 0 0 0 --

Maintenance and repair services n.i.e. . . -3 -16 -3 78.7Exports 3 2 . 21 5 -74.1Imports 4 2 3 37 9 -76.0

Transport -252 -241 -320 -607 -814 -34.0Exports 90 93 110 671 293 -56.3Imports 342 334 430 1278 1107 -13.4

of which: Passenger . 6 3 238 8 -96.4Exports 19 26 24 413 68 -83.5Imports 19 20 21 175 60 -65.9

of which: Freight -268 -259 -334 -850 -861 -1.3Exports 40 44 57 156 142 -9.0Imports 309 303 392 1006 1003 -0.3

of which: Other 16 11 11 5 39 698.5Exports 31 23 29 102 83 -18.4Imports 15 12 18 97 44 -54.5

Travel -238 -210 -243 -581 -691 -18.9Exports 44 51 59 1633 154 -90.6Imports 282 261 302 2214 845 -61.8

Construction 1 4 7 7 12 71.1Exports 6 5 9 16 21 28.5Imports 6 1 2 9 8 -6.0

Jan-Mar2021 p

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Jan-Mar2021 p

Insurance and pension services -122 -122 -139 -302 -382 -26.7Exports 5 8 16 17 29 75.0Imports 127 130 155 319 412 29.2

Financial Services -11 -6 -19 -115 -36 69.0Exports 11 7 9 21 26 23.7Imports 22 13 27 136 62 -54.5

Explicitly charged and other financial services -4 -3 -4 -33 -12 65.0Exports 6 4 5 10 15 47.8Imports 10 7 9 43 27 -38.4

Financial intermediation services indirectly measured (FISIM) -6 -3 -15 -82 -24 70.6Exports 5 3 3 -82 11 1.4Imports 11 6 18 -82 35 -62.0

Charges for the use of intellectual property n.i.e -43 -25 -37 -210 -104 50.6Exports 2 3 1 2 7 329.8Imports 45 28 38 212 111 -47.8

Telecommunications, computer, andinformation services 332 320 259 1197 912 -23.8Exports 478 481 472 1539 1431 -7.1Imports 146 160 213 342 519 51.7

Telecommunication services -43 -59 -84 -70 -186 -164.1Exports 22 28 34 94 83 -12.1Imports 64 87 118 165 269 63.2

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Jan-Mar2021 p

Computer services 387 380 345 1274 1112 -12.7Exports 456 453 438 1444 1347 -6.7Imports 69 73 93 170 235 37.9

Information services -12 -1 -1 -6 -14 -128.9Exports 1 . . 1 1 19.1Imports 13 1 2 7 16 112.5

Other business services 889 960 1064 2456 2913 18.6Exports 1379 1418 1428 3961 4226 6.7Imports 490 458 364 1504 1313 -12.7

Research and development services . -2 -1 5 -3 -154.7Exports 1 2 3 14 6 -52.8Imports 1 4 4 9 9 5.9

Professional and managementconsulting services -37 -32 -36 -74 -105 -42.1Exports 7 6 6 23 19 -13.8Imports 44 39 42 96 124 29.0

Technical, trade-related, and other business services 925 995 1101 2525 3021 19.6

Exports 1371 1410 1419 3924 4200 7.0Imports 446 416 318 1399 1179 -15.7

Personal, cultural, and recreational services -15 -12 -17 13 -44 -430.5Exports 7 9 8 37 25 -33.2Imports 22 21 25 23 68 191.5

Audiovisual and related services -3 2 1 15 -1 -106.6Exports 4 6 4 32 14 -56.2Imports 7 5 3 17 15 -10.1

Other personal, cultural, and recreational services -12 -14 -17 -2 -43 -2207.5

Exports 3 3 4 5 11 111.1Imports 15 17 21 7 54 674.2

Government goods and services n.i.e. -33 -33 -33 -129 -99 23.4Exports 2 2 2 5 5 1.7Imports 35 35 34 134 104 -22.5

Details may not add up to total due to rounding.p Preliminary. Rounds off to zero-- infinite growth rate

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4 PRIMARY INCOMEfor periods indicatedin million US dollars


Primary Income 273 366 -72 1074 567 -47.2Receipts 945 755 1037 3155 2737 -13.2Payments 672 390 1109 2081 2171 4.3

Compensation of employees 748 661 745 2143 2155 0.6Receipts 760 673 764 2176 2198 1.0Payments 12 12 18 34 43 26.3

Investment income -475 -295 -817 -1068 -1588 -48.7Receipts 185 82 273 978 540 -44.8Payments 660 377 1090 2047 2128 4.0

Direct investment -275 -226 -467 -705 -968 -37.4Receipts 28 -40 123 373 112 -70.1Payments 304 186 590 1078 1080 0.2

Income on equity and investment fund shares -314 -256 -502 -867 -1072 -23.7

Receipts -23 -80 74 69 -28 -140.1Payments 291 177 576 936 1044 11.5

Dividends and withdrawals fromincome of quasi-corporations -212 -101 -470 -701 -784 -11.8Receipts 5 3 27 22 35 62.3Payments 217 105 497 723 819 13.3

Direct investor in direct investmententerprises -212 -101 -470 -701 -784 -11.8Receipts 5 3 27 22 35 62.3Payments 217 105 497 723 819 13.3

Reinvested earnings -102 -155 -32 -166 -288 -73.9Receipts -27 -83 47 48 -63 -233.1Payments 74 72 79 213 225 5.4

Interest 38 31 35 162 104 -35.8Receipts 51 40 48 304 140 -54.1Payments 13 9 13 142 35 -75.0

Direct investor in direct investment enterprises 38 31 35 162 104 -35.8Receipts 51 40 48 304 140 -54.1Payments 13 9 13 142 35 -75.0

Memorandum: Interest before FISIM 33 31 29 145 93 -35.7Receipts 51 40 48 304 140 -54.1Payments 18 9 19 159 46 -70.9

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Portfolio investment -266 -134 -427 -692 -827 -19.6Receipts 71 38 29 148 137 -6.8Payments 337 172 455 148 965 14.9

148Income on equity and investment fund -13 -15 -269 -312 -298 4.7

Receipts . . . . . 1.2Payments 13 15 269 312 298 -4.7

Dividends on equity excludinginvestment fund shares -13 -15 -269 -312 -298 4.7Receipts . . . . . 1.2Payments 13 15 269 312 298 -4.7

Central Bank 0 0 0 0 0 --Receipts 0 0 0 0 0 --Payments 0 0 0 0 0 --

Deposit-taking corporations, except the central bank 0 -1 -86 -32 -87 -174.0Receipts 0 0 0 0 0 --Payments 0 1 86 32 87 174.0

General Government 0 0 0 0 0 --Receipts 0 0 0 0 0 --Payments 0 0 0 0 0 --

Other Sectors -13 -14 -183 -280 -210 25.0Receipts . . . . . 1.2Payments 13 14 183 281 210 -25.0

Interest -253 -119 -158 -380 -530 -39.5Receipts 71 38 28 147 137 -6.8Payments 324 157 186 527 667 26.6

Short-term -27 -41 -47 -2 -115 -5725.6Receipts 9 5 9 22 23 5.0Payments 36 46 56 24 139 475.5


Deposit-taking corporations, except the central bank 0 0 0 0 0 --Receipts 0 0 0 0 0 --Payments 0 0 0 0 0 --

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General Government -2 -2 -2 -3 -5 -110.1Receipts 0 0 0 0 0 --Payments 2 2 2 3 5 110.1

Other Sectors -25 -40 -45 1 -110 -18820.7Receipts 9 5 9 22 23 5.0Payments 34 45 54 22 133 519.1

Long-term -226 -78 -111 -378 -414 -9.7Receipts 62 33 19 125 114 -8.9Payments 288 111 130 503 528 5.1


Deposit-taking corporations, except the central bank -10 -5 -18 -58 -33 43.3Receipts 0 0 0 0 0 --Payments 10 5 18 58 33 -43.3

General Government -252 -106 -112 -439 -470 -7.1Receipts 0 0 0 0 0 --Payments 252 106 112 439 470 7.1

Other Sectors 37 33 19 119 89 -25.5Receipts 62 33 19 125 114 -8.9Payments 25 . . 6 26 299.0

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Other investment -5 -5 -31 -10 -41 -295.9Receipts 14 14 14 119 42 -64.4Payments 19 19 45 130 84 -35.4

Interest -5 -5 -31 -10 -41 -295.9Receipts 14 14 14 119 42 -64.4Payments 19 19 45 130 84 -35.4

Central Bank 0 . 0 -2 . 87.5

Receipts 0 0 0 0 0 --Payments 0 . 0 2 . -87.5

Deposit-taking corporations, except the central bank 8 8 5 57 21 -63.6Receipts 13 12 12 82 38 -53.7Payments 5 5 7 25 17 -31.2

General Government -6 -10 -25 -57 -41 28.3Receipts 0 0 0 0 0 --Payments 6 10 25 57 41 -28.3

Other Sectors -7 -3 -11 -8 -21 -164.6Receipts 1 2 2 38 5 -87.6Payments 8 5 12 45 25 -44.1

Memorandum: Interest before FISIM -6 -7 -39 -75 -53 29.5Receipts 16 13 14 92 43 -53.4Payments 22 21 53 168 96 -42.7

Investment income attributable to policyholdersin insurance, pension schemes, and standardized guarentee schemes 0 0 0 0 0 --

Reserve assets 71 70 108 338 248 -26.7Receipts 71 70 108 338 248 -26.7

Interest 71 70 108 338 248 -26.7Receipts 71 70 108 338 248 -26.7

Memorandum: Interest before FISIM 71 70 108 338 248 -26.7Receipts 71 70 108 338 248 -26.7

Other primary income 0 0 0 0 0 --

Details may not add up to total due to rounding.p Preliminary. Rounds off to zero-- Infinite growth rate

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5 SECONDARY INCOMEfor periods indicatedin million US dollars


Secondary Income 2383 2343 2291 6613 7018 6.1Receipts 2473 2421 2397 6848 7290 6.5Payments 90 77 106 235 273 16.2

General government 49 49 45 126 143 13.3Receipts 57 58 50 142 166 16.8Payments 8 9 5 15 22 45.5

Financial corporations, nonfinancial households, and NPISHs 2334 2294 2246 6487 6874 6.0Receipts 2416 2362 2346 6706 7124 6.2Payments 81 68 101 219 250 14.1

Personal Transfers 2277 2217 2196 6444 6690 3.8Receipts 2286 2228 2204 6460 6718 4.0Payments 9 10 8 15 28 78.4

Of which: Workers' remittances 2219 2152 2115 6285 6486 3.2Receipts 2219 2152 2115 6285 6486 3.2Payments 0 0 0 0 0 --

Other current transfers 57 77 50 43 184 333.6Receipts 130 135 143 246 407 65.3Payments 72 58 93 204 223 9.3

Details may not add up to total due to rounding.p Preliminary-- Infinite growth rate

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6 CAPITAL ACCOUNTfor periods indicatedin million US dollars


Capital Account 5 6 6 12 17 39.3Receipts 8 8 7 22 22 -0.7Payments 3 1 1 10 5 -50.0

Gross acquisitions (-) /disposals (+) of nonproduced nonfinancial assets -2 -1 -1 -8 -3 58.0Receipts 1 1 . 2 2 -17.4Payments 3 1 1 10 5 -50.3

Capital transfers 7 7 7 21 21 0.6Receipts 7 7 7 21 21 0.79Payments . 0 0 0 . --

General government 7 7 7 20 20 2.6Receipts 7 7 7 20 20 2.6Payments 0 0 0 0 0 --

Debt forgiveness 0 0 0 0 0 --Receipts 0 0 0 0 0 --Payments 0 0 0 0 0 --

Other capital transfers 7 7 7 20 20 2.6Receipts 7 7 7 20 20 2.6Payments 0 0 0 0 0 --

Financial corporations, nonfinancial corporations, households, and NPISHs . . 0 1 . -55.9Receipts . . 0 1 . -51.5Payments . 0 0 0 . --

Debt forgiveness 0 0 0 0 0 --Receipts 0 0 0 0 0 --Payments 0 0 0 0 0 --

Other capital transfers . . 0 1 . -55.9Receipts . . 0 1 . -51.5Payments . 0 0 0 . --


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7 DIRECT INVESTMENTfor periods indicatedin million US dollars


Direct Investment -716 -421 -554 -883 -1691 -91.4

Net Acquisiton of Financial Assets 245 187 254 755 686 -9.1

Equity and investment fund shares -21 -67 59 130 -30 -122.9

Equity other than reinvestment of earnings 6 16 12 82 34 -59.2Direct investor in direct investment

enterprises 6 16 12 82 34 -59.2Placements 12 19 22 102 53 -48.4Withdrawals 6 3 10 20 19 -3.63

Reinvestment of earnings -27 -83 47 48 -63 -233.1

Debt instruments 266 254 195 625 716 14.6

Direct investor in direct investment enterprises 7 7 -1 21 13 -37.3

Direct investment enterprises in direct investor 259 247 196 604 703 16.4

Net Incurrence of Liabilities 961 608 808 1638 2377 45.1

Equity and investment fund shares 426 92 428 967 946 -2.1

Equity other than reinvestment of earnings 351 20 349 754 721 -4.3Direct investor in direct investment

enterprises 351 20 349 754 721 -4.3Placements 362 89 377 887 828 -6.6Withdrawals 10 69 28 134 107 -19.9

Reinvestment of earnings 74 72 79 213 225 5.4

Debt instruments 535 515 380 671 1431 113.2

Direct investor in direct investment enterprises 531 495 313 673 1338 98.8

Direct investment enterprises in direct investor 5 20 67 -2 92 4736.2

Details may not add up to total due to rounding.p Preliminary

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8 PORTFOLIO INVESTMENTfor periods indicatedin million US dollars


Portfolio Investment 968 4643 2274 793 7884 894.4

Net Acquisiton of Financial Assets -487 3628 769 -459 3910 951.3

Equity and investment fund shares 48 59 57 130 164 25.6

Central Bank 0 0 0 0 0 --Deposit-taking corporations, except

the central bank -2 . -1 -5 -3 31.0Other sectors 50 60 57 135 167 23.5

Debt Securities -535 3569 712 -590 3747 735.4

Central bank 3 3376 -93 520 3286 532.3Deposit-taking corporations, except

the central bank -811 -65 223 -1518 -653 57.0Short-term -726 -33 730 601 -30 -104.9Long-term -85 -31 -507 -2119 -623 70.6

Other sectors 274 258 582 409 1114 172.5Short-term 71 82 107 114 260 128.8Long-term 203 175 475 295 853 189.4

Net Incurrence of Liabilities -1455 -1014 -1504 -1252 -3973 -217.3

Equity and investment fund shares 493 -212 -489 -592 -208 64.8

Deposit-taking corporations, exceptthe central bank 759 -43 -33 -187 682 464.2Placements 982 217 251 676 1451 114.8Withdrawals 224 261 285 863 769 -10.9

Other sectors -266 -169 -455 -405 -890 -120.1Placements 780 766 849 3405 2395 -29.7Withdrawals 1046 935 1304 3809 3285 -13.7

Debt Securities -1947 -802 -1016 -660 -3765 -470.2

Central bank . 0 0 -7 . 101.3Short-term 0 0 0 0 0 --Long-term . 0 0 -7 . 101.3

Deposit-taking corporations, exceptthe central bank -45 -223 -116 -389 -383 1.6Short-term 0 0 0 0 0 --Long-term -45 -223 -116 -389 -383 1.6

General government -1803 -468 -29 -253 -2300 -810.3Short-term 126 97 -104 14 119 725.3Long-term -1929 -565 75 -267 -2419 -805.7

Other sectors -100 -112 -871 -12 -1082 -9183.2Short-term 34 -44 -19 0 -29 --Long-term -134 -68 -852 -12 -1054 -8937.8


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9 FINANCIAL DERIVATIVES (OTHER THAN RESERVES) AND EMPLOYEE STOCK OPTIONSfor periods indicatedin million US dollars


Financial derivatives (other than reserves) andemployee stock options -26 -42 -43 -74 -111 -49.5

Central bank 0 0 0 0 0 --Deposit-taking corporations,

except the central bank -26 -41 -44 -75 -111 -48.5General government 0 0 0 0 0 --Other sectors -1 . 1 1 . -66.7

Net Acquisition of Financial Assets -71 -76 -104 -271 -251 7.4


except the central bank -69 -75 -104 -260 -247 4.9General government 0 0 0 0 0 --Other sectors -3 -1 . -11 -4 66.7

Net Incurrence of Liabilities -45 -34 -61 -197 -140 28.8


except the central bank -43 -34 -60 -185 -136 26.4General government 0 0 0 0 0 --Other sectors -2 . -1 -12 -4 66.7

Note: Data on employee stock options are not availableDetails may not add up to total due to rounding.p Preliminary. Rounds off to zero-- Infinite growth rate

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10 OTHER INVESTMENTfor periods indicatedin million US dollars


Other Investment 892 -1236 -1651 3137 -1994 -163.6

Other equity . . . 0 . --Currency and deposits -993 -309 -845 1704 -2148 -226.1Loans 1706 -590 -676 654 440 -32.6Insurance, pension, and standardized

guarantee schemes 0 0 0 0 0 --Trade credit and advances 201 -317 -122 1107 -238 -121.5Other accounts receivable/payable -22 -19 -8 -327 -49 85.0Other Investment - SDR Allocation (Net incurrence 0 0 0 0 0 --

of Liabilities) 1/

Net Acquisition of Financial Assets -1 -1451 -581 2465 -2033 -182.5

Other Equity . . . 0 . --

Currency and Deposits -285 -836 -726 1325 -1847 -239.3Central bank 0 0 0 0 0 --Deposit-taking corporations, except

the central bank -127 -391 -366 758 -884 -216.7General government 0 0 0 0 0 --Other sectors -158 -445 -360 568 -963 -269.6

Loans 266 -642 176 1116 -200 -117.9Central bank 0 0 0 0 0 --Deposit-taking corporations, except

the central bank 266 -642 176 1116 -200 -117.9Short-term 295 -640 164 1113 -181 -116.3Long-term -29 -1 12 4 -19 -583.9

General government 0 0 0 0 0 --Other sectors 0 0 0 0 0 --

Insurance, pension, and standardizedguarantee schemes 0 0 0 0 0 --

Trade credit and advances 21 10 1 34 31 -7.0Other sectors 21 10 1 34 31 -7.0

Short-term 21 10 1 34 31 -7.0Long-term 0 0 0 0 0 --

Other accounts receivable - other -2 17 -32 -10 -18 -73.8Deposit-taking corporations, except

the central bank -2 17 -32 -10 -18 -73.8

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10 OTHER INVESTMENTfor periods indicatedin million US dollars


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Net Incurrence of Liabilities -893 -216 1069 -672 -39 94.1

Other Equity 0 0 0 0 0 --

Currency and Deposits 708 -526 120 -378 301 179.6Deposit-taking corporations, except -378

the central bank 708 -526 120 -378 301 179.6

Loans -1440 -52 851 463 -640 -238.3Central bank 0 0 0 0 0 --Deposit-taking corporations, except

the central bank -2057 -380 -122 -2961 -2559 13.6Short-term -2057 -380 -122 -2961 -2559 13.6Long-term 0 0 0 0 0 --

Drawings 0 0 0 0 0 --Repayments 0 0 0 0 0 --

General government 586 298 520 1341 1404 4.7Credit and loans with the IMF 0 0 0 0 0 --Other Short-term 0 0 0 0 0 --Other Long-term 586 298 520 1341 1404 4.7

Drawings 619 347 668 1554 1633 5.1Repayments 32 49 148 212 229 7.8

Other sectors 31 30 453 2082 514 -75.3Short-term 43 21 -47 189 17 -91.1Long-term -11 8 500 1893 498 -73.7

Drawings 72 33 579 2151 684 -68.2Repayments 83 25 79 258 186 -27.8

Insurance, pension, and standardizedguarantee schemes 0 0 0 0 0 --

Trade credit and advances -181 327 123 -1073 269 125.1Other sectors -181 327 123 -1073 269 125.1

Short-term -177 325 128 -1072 277 125.8Long-term -4 2 -6 -2 -8 -429.0

Other accounts payable - other 19 36 -24 317 31 -90.2Deposit-taking corporations, except

the central bank 19 36 -24 317 31 -90.2

Special drawing rights 0 0 0 0 0 --

Details may not add up to total due to rounding.1/ - Negative amount indicates allocation of SDR during the periodp Preliminary. Rounds off to zero-- Infinite growth rate

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11 OVERALL BOP POSITIONfor periods indicatedin million US dollars


Change in Net Reserves -752 -2019 -73 -68 -2844 -4094.8

Change in Reserve Assets -748 -2015 -70 -58 -2834 -4802.4

Monetary gold -424 -707 9 . -1122 -414060142.6Gold bullion -424 -707 9 . -1122 -414060142.6Unallocated gold accounts 0 0 0 0 0 --

Special drawing rights . . . . . -47.1

Reserve position in the Fund . . -7 -4 -7 -63.17

Other reserve assets -324 -1309 -72 -54 -1705 -3072.6

Currency and deposits -9965 1548 2906 -2271 -5511 -142.6

Securities 5823 6025 -1116 8156 10732 31.6Debt Securities 5623 6025 -1116 7956 10532 32.4

Short-term -385 2162 265 -1119 2041 282.5Long-term 6008 3863 -1381 9074 8491 -6.4

Equity and investment fund shares 200 0 0 200 200 .Financial Derivatives 0 0 0 0 0 --Other Claims 3818 -8881 -1862 -5938 -6926 -16.6

Change in Reserve Liabilities 4 3 4 10 11 6.6

Use of Fund Credit and loans 0 0 0 0 0 --Short-term 4 3 4 10 11 6.6


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BALANCE OF PAYMENTS REPORT

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