PHILIPPINES

SELECTED ECONOMIC AND FINANCIAL INDICATORS

Item

I. OUTPUT, EMPLOYMENT AND WAGES

31-Aug-16

2008

2009

8:31:32

2010

2011

2012

2013

2014

2015

2015

1st Sem
6988.8
6.1
158.1

6851.1 r
8.2 r
155.0

7058.0 r
3.0 r
159.7 r

7559.5 r
7.1 r
171.1 r

8152.2 r
7.8 r
184.5 r

8633.2
5.9
195.3

9134.7
5.8
206.7

14019.0 r 15306.2

16096.9

7170.4
6.2
162.2

11538.4 r 12645.3
9.3
9.6
271.8 r
284.8

A. Gross National Income (GNI) (Constant 2000 prices, P Billion)

annual % change
(constant 2000 prices, US$ Billion) 2

6590.0
5.0
149.1

B. GNI (Current Prices, P Billion)

9776.2

C. GDP (constant 2000 prices, P Billion)

annual % change
(constant 2000 prices, US$ Billion) 2

5237.1
4.2
118.5

5297.2
1.1
119.9

5701.5
7.6
129.0

5910.2 r
3.7 r
133.7 r

D. GDP (Current Prices, P Billion)

annual % change
(current prices, US$ Billion)

7720.9
12.0
173.6

8026.1
4.0
168.5

9003.5
12.2
199.6

9708.3 r 10561.1 r
7.8 r
8.8 r
224.1 r
250.1 r

E. GDP by Expenditure Shares and Net Primary Income

(constant 2000 prices)
1. Household Final Consumption Expenditure (P Billion)
annual % change
Percent share to total GNI
Percent share to total GDP

3730.9
3.7
56.6
71.2

3817.9
2.3
54.6
72.1

3945.8
3.4
57.6
69.2

4166.4 r
5.6 r
59.0 r
70.5 r

4442.5 r
6.6 r
58.8 r
70.5 r

4692.4
5.6
57.6 r
69.5

4952.2
5.5
57.4
69.1

2. Government Final Consumption Expenditure (P Billion)

annual % change
Percent share to total GNI
Percent share to total GDP

494.4
0.3
7.5
9.4

548.3
10.9
7.8
10.4

570.2
4.0
8.3
10.0

582.1 r
2.1 r
8.2 r
9.8 r

672.2 r
15.5 r
8.9 r
10.7 r

705.8
5.0
8.7 r
10.5 r

728.8
3.3
8.4
10.2

3. Capital Formation (P Billion)

annual % change
(nominal as % of GNI)
Percent share to total GNI
Percent share to total GDP

984.8
23.4
15.2
14.9
18.8

899.3
-8.7
12.5
12.9
17.0

1183.6
31.6
17.0
17.3
20.8

1216.9 r
2.8 r
17.1 r
17.2 r
20.6 r

1164.7 r
-4.3 r
15.1 r
15.4 r
18.5 r

1490.2 r
27.9 r
16.5
18.3 r
22.1 r

1568.4
5.2
17.0
18.2
21.9

4. Exports (P Billion)
annual % change
Percent share to total GNI
Percent share to total GDP

2588.5
-2.7
39.3
49.4

2385.8
-7.8
34.1
45.0

2886.1
21.0
42.1
50.6

2813.0 r
-2.5 r
39.9 r
47.6 r

3054.3 r
8.6 r
40.4 r
48.4 r

3024.6 r
-1.0
37.1 r
44.8

3378.0
11.7
39.1
47.1

5. Imports (P Billion)
annual % change
Percent share to total GNI
Percent share to total GDP
6. Net Primary Income
(P Billion)
annual % change
Percent share to total GNI
Percent share to total GDP

2561.5
1.6
38.9
48.9

2354.1
-8.1
33.7
44.4

2884.3
22.5
42.1
50.6

2868.2 r
-0.6 r
40.6 r
48.5 r

3028.5 r
5.6 r
40.1 r
48.0 r

3162.5 r
4.4
38.8 r
46.8

3456.9
9.3
40.0
48.2

1352.9
8.4
20.5
25.8

1691.5
25.0
24.2
31.9

1149.6 r
.
16.8
20.2

1147.8 r
-0.2 r
16.3 r
19.4 r

1254.3 r
9.3 r
16.6 r
19.9 r

1401.6 r
11.7 r
17.2 r
20.8 r

668.5
3.2
10.1
12.8

663.7
-0.7
9.5
12.5

662.7
-0.2
9.7
11.6

679.8 r
2.6 r
9.6 r
11.5 r

699.0 r
2.8 r
9.2 r
11.1 r

707.0 r
1.1
8.7 r
10.5

2. Industry Sector (In P Billion)

annual % change
Percent share to total GNI
Percent share to total GDP
of which:
Manufacturing (P Billion)
annual % change
Construction (P Billion)
annual % change

1699.2
4.8
25.8
32.4

1666.6
-1.9
23.8
31.5

1859.5
11.6
27.1
32.6

1894.0 r
1.9 r
26.8 r
32.0 r

2031.4 r
7.3 r
26.9 r
32.2 r

2219.1
9.2
27.2
32.9

2391.2
7.8
27.7
33.3

1194.9
4.3
266.8
7.0

1137.5
-4.8
285.0
6.8

1264.5
11.2
325.8
14.3

1324.3 r
4.7 r
294.6 r
-9.6 r

1395.7 r
5.4 r
348.3 r
18.2 r

1538.9
10.3
381.7 r
9.6 r

1666.5
8.3
409.3
7.2

3. Service Sector (In P Billion)

annual % change
Percent share to total GNI
Percent share to total GDP
of which:
Trade (P Billion)
annual % change
Finance and Real Estate (P Billion)
annual % change

2869.4
4.0
43.5
54.8

2966.9
3.4
42.5
56.0

3179.4
7.2
46.4
55.8

3336.4 r
4.9 r
47.3 r
56.5 r

3574.8 r
7.1 r
47.3 r
56.7 r

3824.6 r
7.0 r
46.9 r
56.7 r

4060.4
6.2
47.0
56.6

863.7
1.4
848.8
4.0

875.6
1.4
888.2
4.6

948.7
8.4
963.7
8.5

981.0 r
3.4 r
1032.6 r
7.2 r

1055.7 r
7.6 r
1105.7 r
7.1 r

1121.1
6.2
1219.7 r
10.3

1185.8
5.8
1318.8
8.1

F. GDP by Industrial Origin (constant 2000 prices)

1. Agriculture, Hunting, Forestry and Fishing (In P Billion)
annual % change
Percent share to total GNI
Percent share to total GDP

2016

10652.5 10852.4 r 11629.3 r 12727.2 r

6305.2 r
6.7 r
142.7 r

6750.6 r
7.1
152.8 r

4454.3
4.8
100.8

4770.4
7.1
107.9

7699.4

8314.6

7593.8
5.9
171.8

3709.6
5.5
83.9

3965.8
6.9
89.7

13307.3
5.2
292.4

6354.7
5.4
142.7

6875.7
8.2
146.6

5264.1 r
6.3 r
57.6 r
69.3

2523.2
6.3
56.6
68.0

2704.4
7.2
56.7
68.2

785.3 r
7.8 r
8.6
10.3 r

410.2
1.4
9.2
11.1

462.4
12.7
9.7
11.7

1805.3 r
15.1 r
17.0 r
19.8 r
23.8 r

818.5
16.7
7.6
18.4
22.1

1040.5
27.1
9.1
21.8
26.2

3681.2 r
9.0 r
40.3 r
48.5 r

1839.7
7.7
41.3
49.6

1967.9
7.0
41.3
49.6

3942.2 r
14.0 r
43.2 r
51.9 r

1872.4
12.4
42.0
50.5

2245.5
19.9
47.1
56.6

1462.7 r
4.4 r
16.9 r
20.4 r

1540.9 r
5.3 r
16.9 r
20.3 r

744.7
1.5
16.7
20.1

804.6
8.0
16.9
20.3

718.8
1.7
8.3
10.0

719.7 r
0.1 r
7.9
9.5

348.3
0.5
7.8
9.4

336.8
-3.3
7.1
8.5

2535.8 r
6.0
27.8 r
33.4 r

1243.0
5.7
27.9
33.5

1341.0
7.9
28.1
33.8

1761.0 r
5.7
447.8 r
9.4 r

859.1
5.3
217.7
10.9

920.8
7.2
242.9
11.6

4338.2 r
6.8 r
47.5
57.1 r

2118.3
6.2
47.6
57.1

2287.9
8.0
48.0
57.7

1270.5 r
7.1 r
1408.2 r
6.8 r

577.9
6.3
693.8
6.0

625.6
8.3
754.5
8.8

r
r

r
r

r
r

r
r
r

r
r

r
r
r

r
r
r

r
r

r
r

r
r

r
r

r
r

r
r

PHILIPPINES

SELECTED ECONOMIC AND FINANCIAL INDICATORS

31-Aug-16

page 2

Item

2008

2009

2010

2011

2012

2013

2014

2015

2015

2016

1
I. OUTPUT, EMPLOYMENT AND WAGES cont'd

72852
3.0
108075
11.0

76783
5.4
117034
8.3

73985
.
117194
.

74437 r 78328 r
0.6 r
5.2 r
122648 r 131874 r
4.7 r
7.5 r

83019 r 86435 r 89942

6.0 r
4.1 r
4.1
142765 r 153245 r 158493
8.3 r
7.3
3.4

57896
2.1
85354
9.8

58199
0.5
88180
3.3

61570
.
97227
.

62332 r 65332 r
1.2 r
4.8 r
102389 r 109429 r
5.3 r
6.9 r

68746
71790 r 74770
5.2
4.4 r
4.2
117503 r 126604 r 131026
7.4
7.7
3.5

I. Per Capita GNI (constant 2000 prices; US$)

annual % change
(at current prices)
annual % change

1648
3.0
2430
15.2

1737
5.4
2457
1.1

1674 r
.
2598 r
.

1684 r
0.6 r
2832 r
9.0 r

1772 r
5.2 r
3123 r
10.3 r

1879 r
6.0 r
3363 r
7.7 r

1956 r
4.1 r
3452 r
2.6 r

2035
4.1
3483
0.9

J. Per Capita GDP (constant 2000 prices; US$)

annual % change
(at current prices)
annual % change

1310
2.1
1919
14.0

1317
0.5
1851
-3.5

1393
.
2155
.

1410 r
1.2 r
2364 r
9.7 r

1478 r
4.8 r
2591 r
9.6 r

1556
5.2
2768 r
6.8 r

1624 r
4.4 r
2852 r
3.0

1692
4.2
2880
1.0

K. Per Capita GNI, PPP concept (at current prices, US$)3r

annual % changer
Per Capita GDP, PPP concept (at current prices, US$)3r
annual % changer

6479 r
5.3 r
5117 r
4.1 r

6879 r
6.2 r
5183 r
1.3 r

6690 r
-2.7 r
5550 r
7.1 r

6870 r
2.7 r
5735 r
3.3 r

7377 r
7.4 r
6122 r
6.7 r

7951 r
7.8 r
6544 r
6.9 r

8405 r
5.7 r
6944 r
6.1 r

8841 r
5.2 r
7308 r
5.2 r

34.6

28.2

32.7

31.1

31.1 r

31.8 r

30.3

G. Per Capita GNI (constant 2000 prices; P)

annual % change
(at current prices)
annual % change
H. Per Capita GDP (constant 2000 prices; P)
annual % change
(at current prices)
annual % change

L. Savings Rate

M. Population (in million persons)

annual % change

N. Unemployment Rate (Average percent)

90.5
2.0
6

O. Wage Rates: Legislated Daily Wage Rate of Nonagricultural Workers in Metro Manila (Nominal,P)
Real Wages 7 (end-of-period)
P. Average Capacity Utilization, per MISSI

7.4

91.0
.
7.5

92.6
1.7
7.4

94.8 r
2.4 r
7.0

382.00
347.59

382.00
335.38

404.00
341.50

426.00
349.18

80.4

81.1

83.0

83.0

29.9

96.5 r
1.8 r

98.2
1.7

7.0

7.1

Dec
456.00
466.00
363.64
362.36
Jan - Nov
82.9
83.1

99.9 r
1.7 r
6.8

Annualized
94740
5.3
168341
6.2

r
r
r

78618
5.1
139435
6.4

r
r
r

2144
5.3
3589
3.0

r
r
r

1779
5.1
2973
3.2

r
r
r
r
r
r
r

1st Sem
101.4
103.0
1.7
1.7

101.6
1.7
6.3

9294
5.1
7698
5.3

Apr c
6.4 c

6.1

Jul
466.00
356.54

481.00
363.84

83.4

83.3

481.00
491.00
364.12
368.07
Jan - Jun
83.3
83.4

Jan - Jul
1.9
1.4
3.6
2.0
3.8
5.3
0.5
0.7
1.4
0.6
2.0
1.7
0.71
0.70

II. PRICES
A. Headline Inflation, Philippines (2006=100)
of which: Food and Non-Alcoholic Beverages
Alcoholic Beverages, Tobacco and Narcotics
Non-Food
1. NCR (all items, ave., % change)
2. AONCR (all items, ave., % change)
3. Purchasing Power of the Peso
B. Core Inflation (2006=100)
C. GDP Deflator (% Change)

8.3
13.0
5.2
5.1
6.2
8.8
0.90

4.2
6.2
4.2
2.8
2.8
4.6
0.86

3.8
4.0
3.0
3.7
3.7
3.8
0.83

4.6
5.5
5.3
4.1
4.0
4.9
0.79

3.2
2.4
5.0
3.7
2.9
3.2
0.77

3.0
2.8
29.8
2.1
1.6
3.3
0.75

4.1
6.7
5.2
2.2
3.2
4.5
0.72

1.4
2.5
3.8
0.5
1.0
1.5
0.71

5.8

4.2

3.6

4.3

3.7

2.9

3.0

2.1

7.5

2.8

4.2

4.0

2.0

2.0

3.2

-0.6

2.3

1.7

1st Sem
1.2

III.MONEY AND INTEREST RATES

A. Money (End-of-Period) 8
1. Money Supply (M1, P Billion)
SRF-based 9
(% Change)
2. Domestic Liquidity (M3, P Billion)
SRF-based 9
(% Change)
(as % of GDP)

Dec
1061.1
15.5

1217.7
14.8

1348.5
10.7

1494.7
10.8

1606.5 r
7.5

3711.7
10.1

4077.5
9.9

4483.3
10.0

4802.4
7.1

5252.5 r
9.4

48.1

50.8

49.8

49.5

49.7 r

Dec
2045.2 r 2316.4 r 2667.6 r
27.3
13.3
15.2
6925.0 r 7703.9 r 8429.9 r
31.8
11.2
9.4
60.0 r

60.9 p

63.3 r

Jul
2388.6 p
12.8 p

2799.3
17.2

Feb
p
7748.9 p
8765.9
8.6
13.1
Jun
60.6
63.1 r r

PHILIPPINES

SELECTED ECONOMIC AND FINANCIAL INDICATORS

31-Aug-16

page 3

Item

2008

2009

2010

2011

2012

2013

2014

2015

2015

2016

III. MONEY AND INTEREST RATES (cont'd)

3. Expanded Liquidity (M4, P Billion)

10

SRF-based 9
(% Change)
(as % of GDP)

Jul
4650.4
11.4

5117.4
10.0

5548.3
8.4

5821.5
4.9

6252.7
7.4

8054.2
28.8

60.2

63.8

61.6

60.0

59.2

69.8

9050.8 r
12.4

Dec
2326.9
20.4

SRF-based 9
(% Change)

992.0
12.7

1082.6
9.1

1158.6
7.0

1335.3
15.2

1481.4
10.9

1932.0
30.4

9152.4
10286.8
8.8
12.4
Jun
r
71.3
74.1

74.3 r

71.6

4. Base Money (P Billion)

9888.7 r
9.3

Jul
P

2470.2
6.2

5. Reserve Money (P Billion) 11

SRF-based 9
(% Change)

961.5
13.3

6. Domestic Claims (SRF-based )9

(P Billion)
(% Change)
(as % of GDP)

1047.9
9.0

1120.5
6.9

1323.0
18.1

1475.6
11.5

1926.2
30.5

2323.9
20.6

2189.3
13.7

2473.7
13.0

Jun
2189.3
2470.7 P
16.0
12.9

2467.1 p
6.2

Jul
3794.3
13.7

4112.2
8.4

4476.5
8.9

5046.4
12.7

5414.0
7.3

5988.7
10.6

49.1

51.2

49.7

52.0

51.3

51.9

7053.0 r
17.8

7175.9 p
8362.2
10.6
16.5
Jun
r
55.6
60.1

7861.0 r
11.5
59.1 r

55.8

Jan
a. Net Claims on Central Government
Nominal (P Billion)
(% Change)
Real (P Billion) 12
(% Change)
b. Net Claims on Other Sectors
Nominal (P Billion)
(% Change)
Real (P Billion) 12
(% Change)
7. Foreign Currency Deposits (P Billion; Resident)
SRF-based 9
(% Change)

Jul
969.1
22.2
852.8
13.2

1078.0
11.2
916.3
7.4

1127.6
4.6
924.6
0.9

1161.6
3.0
906.0
-2.0

969.2
-16.6
r
736.6
-18.7

950.8
-1.9
r
694.1
-5.8

1119.1 r
17.7
794.5
14.5

1261.7 r
12.7
883.2 r
11.2

1157.4 p
8.5
821.8 P
8.5

1451.4
25.4
P
1001.5
21.9

2825.3
11.1
2486.2
2.9

3034.2
7.4
2579.1
3.7

3349.0
10.4
2746.2
6.5

3884.9
16.0
3030.2
10.3

4444.8
14.4
r
3378.0
11.5

5037.8
13.3
r
3677.6
8.9

5933.9 r
17.8
4213.1
14.6

6599.3 r
11.2
4619.5 r
9.6

6018.4 p
11.0
4273.1 p
11.0

6910.8
14.8
P
4768.5
11.6

1129.2
12.9

1346.8 r
19.3

1458.8 r
8.3

1403.5
10.2

1520.9
8.4

4822.3 r
19.1
4527.2 r
19.9
Dec
93.1 P
1.8

5435.9 r
12.7 r
5142.7 r
13.6

4896.1
5681.2
14.4
16.0
r
4601.8
5415.3
14.6
17.7
Jun
94.1 p
98.2 P
1.8 p
1.7

938.7
17.0

1039.9
10.8

1064.9
2.4

1019.0
-4.3

1000.1
-1.9

2181.1
17.5
1951.0
20.5

2378.9
9.1
2146.7
10.0

2591.0
8.9
2338.6
8.9

3014.9
16.4
2790.7
19.3

3480.4
15.4
r
3243.8
16.2

88.2
3.5

80.9
3.0

80.2
2.9

71.9
2.2

8. Loan Outstanding (UBs\KBs) (P Billion) 13

a. Total: Gross of RRPs
(% Change)
b. Net of RRPs
(% Change)
9. Non-Performing Loans - UBs & KBS (P Billion) 14
As % of total loans
10. Capital Adequacy Ratio - Ubs & KBS
(based on Circular No. 280
dated 29 March 2001)
11. Total Resources of the Fin'l Syst. (P Billion) 15

100.6
2.8

r
r

4048.1
16.3
3777.0
16.4
90.5
2.1

p
p

91.6
1.6

Mar
15.7

9729.2

16.0

17.3

10768.2

12233.2

3048.3
8.8
4671.8
11.4
65.2

3161.5
3.7
5125.1
9.7
61.7

17.7

13432.4

18.4

14609.4

17.7

16.2

15.8

17017.2 r

18534.1 r 19691.2 r

4897.0
15.8
7608.9
32.2
64.4

5831.0
19.1
8522.3
12.0
68.4

16.1

15.8

Jun
18634.0
20238.0 p

(includes BSP)
12. Total Loans Portfolio, gross-net of amortization
(P Billion)
(% Change)
13. Deposit Liabilities (P Billion)
(% Change)
Loans to Deposit Ratio

2801.3
12.7
4195.1
14.5
66.8

3761.9
19.0
5376.4
4.9
70.0

4228.6
12.4
5753.6
7.0
73.5

P
P
P
P
P

6527.3
11.9
9231.7
8.3
70.7

5868.4
12.7
8597.0
8.9
68.3

6794.9
15.8
9647.4
12.2
70.4

B. Interest Rates (% p.a., average)

Nominal Interest Rates
16

5.39
6.49

4.19
4.59

3.73
4.26

1.37
2.26

1.58
1.97

0.32
0.72

1.24
1.79

1.77
2.08

3. Time Deposits (all maturities)

4. Lending Rates
High
Low

4.06

2.68

2.99

2.84

2.83

1.41

1.08

1.50

9.45
7.54

9.25
7.31

8.70
6.55

7.75
5.62

7.84
5.56

6.93
4.60

6.80
4.38

6.88
4.47

5. Bank Ave. Lending Rates (all maturities)

8.76

8.54

7.67

6.63

5.65

5.76

5.53

5.58

1. T-bills 91 days

2. T-bills 364 days

Real Interest Rates

Jan - Jul
1.80
2.12
Jan - May
1.45
Jan - Jul
6.92
4.52
Jan - Jul
5.49

1.56
1.77
1.55
6.79
4.39
5.64

17

1. T-bills 91 days
2. T-bills 364 days

-2.91
-1.81

0.09
0.49

-0.17
0.36

-3.23
-2.34

-1.62
-1.24

-2.69
-2.28

-2.86
-2.31

0.37
0.68

3. Time Deposits (all maturities)

4. Lending Rates
High
Low

-4.25

-1.42

-0.91

-1.76

-0.37

-1.59

-3.02

0.10

1.15
-0.76

5.15
3.21

4.80
2.65

3.15
1.02

4.64
2.36

3.93
1.60

2.70
0.28

5.48
3.07

5. Bank Ave. Lending Rates (all maturities)

0.46

4.44

3.77

2.03

2.45

2.76

1.43

4.18

Jan - Jul
-0.10
0.22
Jan - May
-0.45
Jan - May
5.02
2.62
Jan - Jul
3.59

0.16
0.37
0.15
5.39
2.99
4.24

PHILIPPINES

SELECTED ECONOMIC AND FINANCIAL INDICATORS

31-Aug-16

page 4

Item

2008

2009

2010

2011

2012

2013

2014

2015

2016

2015

IV. EXTERNAL SECTOR

Jan - Mar

A. Current Account Balance (US$ Million) 18

(as % of GNI)
(as % of GDP)

B. Trade Balance (US$ Million) 18, 19

C. Exports (Goods; US$ Million) 18, 19
(% Change)

144 r
0.1 r
0.1 r

8448 r
3.8 r
5.0 r

-18646 r

-13860 r

34679 r
5.7 r

29143 r
-16.0 r

36772 r
26.2 r

38276 r
4.1 r

46384 r
21.2 r

44512 r
-4.0 r

49824 r
11.9 r

43276 P
-13.1 P

20.0 r

17.3 r

18.4 r

17.1 r

18.5 r

16.4 a

17.5 r

14.8 P

53324 r
14.0 r

43003 r
-19.4 r

53631 r
24.7 r

58705 r
9.5 r

65310 r
11.3 r

62174 r
-4.8 r

67154 r
8.0 r

64974 P
-3.2 P

26.1 r

22.9 r

23.6 r

22.2 P

2165 P
447 P
2.6 p
0.5 p
3.2 p
0.6 p
Jan - Jun
a
-3915 a -11914 a
Jan - Jun
29002 a 26832 a
-4.1 a
-7.5 a
Jan - Mar
Jan - Jun
20.3 a
18.3 a
Jan - Jun
a
32917 a 38746 a
a
4.1 a
17.7 a
Jan - Jun
23.1 a
26.4 a

r
r

(as % of GDP)
D. Imports (Goods; US$ Million) 18, 19
(% Change)

7179
3.0
3.6

5643 r
2.1 r
2.5 r

r
r

6949 r
2.3 r
2.8 r

-16859 r -20428 r

11384 r
3.4 r
4.2 r

10756 r
3.1 r
3.8 r

8396 P
2.4 P
2.9 P

-18926 r -17662 r -17330 r

-21698 P

\
r

(as % of GDP)

30.7 r

E. Cash Remittances (US$Million) (coursed

through banks)
(% Change)

25.5 r

16427
13.7
r

Personal remittances 20
(% Change)

Deployment (in thousand persons)

(% Change)
r

F. Investments, Net (US$ Million) 18, 21

of which: Net Direct Investments
Net Portfolio Investments
Financial Derivatives
Other Investments

r
r
r
r

Memo items:
Net Foreign Direct Investments 22
Net Foreign Portfolio Investments 23

26.9 r

26.2 r

2009
18763
8.2

17348
5.6

H. Overall BOP Position (US$ Million)

2016

20117
7.2

21391
6.3

22984 r
7.4 r

24628 r
7.2 p

25767 r
4.6 p

Jan - Jun
12782 p 13192 p
9.4
3.2

23352
6.5

25369 r
8.6 r

27273 r
7.5 p

28483 r
4.4

14132 p
9.0 p

18064 r
13.9 r

19078
5.6 r

20563
7.8

21922
6.6

1236
14.7

1423
15.1

1471
3.4

1688
14.8

1802 r
6.8 r

1370 r
630 r
1587 r
114 r
-961 r

-896 r
-167 r
-2054 r
-30 r
1356 r

-11491 r
1642 r
-4890
194 r
-8436 r

-5319 r
342 r
-3663
-1005
-993 r

-6748 r
958 r
-3205 r
-14 r
-4487 r

1340 r

2065 r

1070 r

2007 r

3215 r

-3192 r

2288 r

6359 r

3100 r

4169 r

24

89

6421

15243

11400

1836 r
1.9 r

1833 p
-0.2
Jan - Sep
2230 r
9631 r
-90 r
1014 r
-1001 r
2708 r
-88 r
4r
3410 r
5905 r

9236

5740 r

5724 P

363 p

-3 r

-2141 P

5085

-2858

2616

I. Net International Reserves, (MA-NIR)

(end-of-period; in US$ Million)
J. Total Foreign Assets, BSP-GIR (EOP, US$ Million) 25
(in months of imports of goods & payment

79539

80665

80667
10.1

534.3
396.9

36036

44238

62370

75300

83829

83185

37551
6.4

44243
9.2

62373
10.4

75302
11.6

83831
11.5 r

r
83187 79541
11.6 r
9.9

0.0 p
Jan - Mar
152 p
358 p
-459 p
2p
251 p

2523 p
-122 p
4757 p
-33 p
-2079 p

3737

14569 p
3.1 p

959 p
-923 p
522 p
9p
1351 p

Jan - May
1636 p
3860 p
Jan - Mar
1332 p
563 p
Jan - Jul
1684
848 r
end - Jul
80327
85501

80332
10.0

85506
10.5

606.7
470.7

595.0
432.3

for services and income) 26

as a % of short-term debt based on Original Maturity 27, 29
as a % of short-term debt based on Residual Maturity

380.4
264.6

28, 29

K. External Debt (end-of-period; US$ Million) 30

681.7
392.6

r
r

593.4
403.3

624.9
482.5

65228

64738

73594

(as % of GNI)

29.7

29.0

30.6

28.1 r

26.5

(as % of GDP)

37.6

38.4

36.9

33.7

32.0

L. External Debt Service Ratio (in %)

(as % of Exports of Goods and Receipts
from Services and Income) 18
(as % of Current Account Receipts)

75569

509.6
397.9

492.0
r
406.2

79949

78489

489.5
418.9

r
r

end - Mar
75319
77640

77674

77474

23.8 r

22.5

21.9

21.6

21.9

28.9

27.3

26.5

26.1

26.5

Jan - May
6.1 P
7.6

10.5 r

11.0 r

9.9 r

9.9 r

7.3 r

8.2

6.3

5.3

9.9 r

10.3 r

9.3 r

9.3 r

6.9 r

7.7

5.9

5.0

M. External Debt Service Burden (as % of GDP)

4.1 r

4.1 r

3.7 r

3.5 r

2.6 r

2.8

2.2

1.8 p

5.7 P
7.0
Jan - Mar
2.5 P
3.2

N. Foreign Interest Payments (as % of GDP)

1.7 r

1.5 r

1.3 r

1.3 r

1.2 r

1.1

1.0

0.9 p

1.1

1.0

O. Principal Payments (as % of GDP)

2.4

2.6

2.4

2.2

1.4 r

1.7

1.3

0.9 p

1.4

2.2

P. World Real GDP Growth 31

3.0

-0.1 r

5.4

4.2

3.5

3.3 r

3.4

3.1

2.91
3.04
1.41

Q. Foreign Interest Rates

90-day LIBOR
180-day LIBOR
90-day US treasury bills

0.69
1.12
0.15

0.34
0.52
0.13

0.34
0.51
0.05

0.43
0.69
0.08

0.27
0.41
0.05

0.23
0.33
0.03

0.31
0.48
0.05

Jan - Jul
0.27
0.64
0.41
0.91
0.02
0.27

PHILIPPINES

SELECTED ECONOMIC AND FINANCIAL INDICATORS

31-Aug-16

page 5

Item

2008

2009

2010

2011

2012

2013

2014

2015

2015

2016

IV. EXTERNAL SECTOR (cont'd)

R. Peso-Dollar Rate (P/US$)
(Period average)
(% Appreciation(+)/Depreciation(-))
(End-of-Period)
(% Appreciation(+)/Depreciation(-))
Standard Deviation (Volatility)

44.475
3.76
47.485
-12.81
2.9141

S. New Effective Exchange Rate Index of the Peso

Nominal Effective Exchange Rate Index (NEERI)
Overall
Advanced
Developing
Real Effective Exchange Rate Index (REERI)
Overall
Advanced
Developing

47.637 45.110 43.313

-6.64
5.60
4.15
46.356 43.885 43.928
2.44
5.63
-0.10
0.7112 1.1125 0.5243

42.229
2.57
41.192
6.64
0.8150

42.446
-0.51
44.414
-7.25
1.3701

Jan - Jul
44.649 46.926
-0.67
-4.85
45.618 47.085
-4.82
-3.12
0.4001 0.5417

44.395 45.503
-4.39
-2.43
44.617 47.166
-0.45
-5.40
0.5710 1.0807

32

15.07
11.75
24.75
78.99
67.35
111.23

14.25
10.81
23.98

14.52
11.25
24.08

14.42
11.12
23.98

14.92
11.61
24.67

15.26
12.38
24.45

77.68 80.56 81.08

64.84 69.50 70.63
111.54 113.02 112.97

84.60
75.09
116.35

87.44
81.57
115.85

r
r

r
r

Jan - Jul
15.79 r 15.21
13.46 r 12.41
24.41 r 24.28

15.68
13.25
24.39

87.20 92.12
82.50 90.22
114.36 117.81

14.92
12.24
23.72

r
r

93.66
92.76
118.81

r
r
r

90.57
86.46
118.02

V. PUBLIC FINANCE
A. National Government (NG) (P Billion) 33
Revenues, of which:
(as % of GDP)
Tax
(as % of GDP)
Non-Tax
Expenditures, of which:
(as % of GDP)
Surplus/Deficit(-)
(as % of GDP)
B. Sources of Financing the NG Deficit

1202.9

1123.2

1207.9

1359.9

1534.9

15.6

14.0

13.4

14.0

14.5

1049.2

981.6

1093.6

1202.1

1361.1

13.6

12.2

12.1

12.4

12.9

153.7

141.6

114.3

157.9

173.9

1271.0

1421.7

1522.4

1557.7

1777.8

1880.2

16.5

17.7

16.9

16.0

16.8

16.3

-68.1

-298.5

-314.5

-197.8

-242.8

-164.1

-0.9

-3.7

-3.5

-2.0

-2.3

-73.1 -121.7
Jan - Sep Jan - Sep
-1.4
-0.6
-0.9

Jan - NovJan - Nov

319.1
175.2
92.9
402.9
162.7
28.1
245.6
222.6
23.1

14.9

15.1
15.8
Jan - Oct Jan - Oct
1535.3 1719.0 1815.5 r
13.3

13.6
13.6
Jan - AprJan - Apr
180.8
189.5
293.5 r
1981.6 2230.6
15.7

16.8

Jan-Jun
1085.7 1101.0
Jan-Jun
17.1
16.0
Jan-Jun
893.0
982.0
Jan-Jun
14.1
14.3
Jan-Jun
192.7
118.9
1072.0 1221.3
Jan-Jun
16.9
17.8
Jan-Jun
13.7
-120.3
Jan-Jun
0.2
-1.7

34

Borrowings (Net)
Domestic (Net) (P Billion)
(as % to total NG Deficit)
(as % of GDP)
Foreign (Net) (P Billion)
(as % to total NG Deficit)
(as % of GDP)
Change in Cash (Budgetary) (P Billion)
(as % to total NG Deficit)
(as % of GDP)
C. NG Interest Payments as % of GDP

D. Public Sector Borrowing Requirement (P Billion) 34

(as % of GDP)
E. Consolidated Public Sector Financial Position 35
(CPSFP) Total Surplus/(Deficit) (P Billion)
(as % of GDP)

Jan-Nov
1716.1 1908.5 2109.0

160.1
169.3
248.6

229.8
77.4
25.9

351.6
218.6
69.5

115.3
64.1
32.4

538.2
468.1
192.8

2.2

1.0

2.4

0.7

4.4

-9.2
-13.5

152.5
51.1

133.0
42.3

51.2
25.9

70.0
28.8

-0.1

1.9

1.5

0.5

0.7

92.0
135.0

-68.7
-23.0

37.2
11.8

-82.5
-41.7

295.3
121.6

1.2

-0.9

0.4

-0.8

2.8

1.3

0.8

-0.2

3.5

3.5

3.3

2.9

3.0

2.8

2.5

2.3

3.5

1.3
0.2
Jan - NovJan - Nov
-83.8
12.6
64.8
-51.1
17.2
53.2
-0.7

0.1
0.5
Jan - NovJan - Nov
155.1
102.1
-28.8
94.5
139.8
-23.7

-224.0 r

Jan - Sep
-92.7 r -40.9 -113.5

Jan-Jun
15.4
110.3
-35.4
104.1
-257.6
86.5
Jan-Jun
-0.6
1.5
Jan-Jun
50.8
6.2
369.9
5.2
Jan-Jun
0.8
0.1
Jan-Jun
29.2
-10.0
212.3
-8.3
Jan-Jun
0.5
-0.1
2.5

-91.0

-329.8

-379.0

-220.1

-1.2

-4.1

-4.2

-2.3

-2.1

-0.8

-0.3

-0.9

0.0
0.0
0.0

-162.7

44.8 r

121.8

79.5

0.0

-1.5 r

0.4 r

1.0

0.6

0.0

29.2

-240.1

-355.8

-175.1

0.4

-3.0

-4.0

-1.8

2.2

r
r
r

r
r
r

PHILIPPINES

SELECTED ECONOMIC AND FINANCIAL INDICATORS

31-Aug-16

page 6

Item

2008

2009

2010

2011

2012

2013

2014

2015

2016

2014

2015

2016

V. PUBLIC FINANCE (cont'd)

F. Total Outstanding Debt of the
National Government (P Billion)

36

(as % of GDP)
Domestic Debt (P Billion)
(as % of GDP)
Foreign Debt (P Billion)
(as % of GDP)

4220.9

4396.6

4718.2

4951.2

5437.1

5681.2

5735.2

5954.5

54.7

54.8

52.4

51.0

51.5

49.2

45.4

44.7

2414.4

2470.0

2718.2

2873.4

3468.4

3733.4

3820.6

3884.4

31.3

30.8

30.2

29.6

32.8

32.4

30.2

29.2

1806.5

1926.6

2000.0

2077.8

1968.7

1947.7

1914.6

2070.2

23.4

24.0

22.2

21.4

18.6

16.9

15.1

15.6

end - Nov
5716.3
end - Sep
46.4
3789.3
end - Sep
30.5
1927.0
end - Sep
15.9
end - Jun

G. Total Public Sector Debt (P Billion)

37

(as % of GDP)
Domestic (P Billion)
(as % of GDP)
Foreign (P Billion)
(as % of GDP)

H. NG Debt Service Payments (P Billion)

Interest
Principal

end - Jun
5816.2
5948.0
end - Jun
44.8
43.0
end - Jun
3839.3
3828.5
end - Jun
29.6
27.7
end - Jun
1976.9
2119.5
end - Jun
15.2
15.3

end - Sep
7425.9
7306.9

5267.1

5689.7

6569.1

7593.4

7495.6

7654.2 r

7433.8

68.2

70.9

73.0

78.2

71.0

66.3 r

58.8

60.3

55.7

2332.0

2691.7

5219.9

5447.7 r

5302.3

5238.2

5036.2

30.2

33.5

49.4

47.2 r

41.9

42.5

38.4

2935.1

2998.0

2187.7

2270.7

38.0

37.4

17.8

17.3

612.7
272.2
340.5

3727.8
41.4
2841.3
31.6

622.3
278.9
343.4

689.8
294.2
395.6

4773.2
49.2
2820.2
29.0

722.8
279.0
443.8

2275.7
21.5

729.8
312.8
417.0

2206.5

2131.4

19.1

16.9

Jan - Nov
559.0
515.0
323.4
321.2
235.6
193.8

Jan - Jun

Jan - Nov
0.0
534.1
309.4
0.0
0.0
224.8

326.9
156.1
170.8

292.7
153.7
139.0

VI. STOCK MARKET TRANSACTIONS 38

Jan - Jul
308985
282921 p

A. Volume (Total, million shares)

373007

540824

429566 1056596 1043119

515135

815193

493262

B. Value (Total, P Million)

763901

994157 1207384 1422591 1771711

2546183

2130121

2151411

1352320

7433

7693

C. Composite Index (Average)

2622

2475

3526

4188

5178

6471

6793

1122732 p
7206

Jul
D. Stock Market Capitalization (in P Billion)

4069.2

6029.1

8866.1

8697.0

10930.1

11931.3

14251.7

13465

14503

15448

Jun
E. Price-Earning Ratio 39

9.4

12.6

14.0

15.6

18.0

17.5

20.6 r

19.6 r

21.1 r

20.7

VII. SURVEYS 40
(in percent)
A. Business Confidence Index 41

Q1
41.5

Q2
54.9

Q3
42.8

Q4
52.3

Q1
37.8

2014
Q2
50.7

B. Consumer Confidence Index 42

-11.2

-5.7

-7.9

-21.3

-18.8

-17.3

May
57.1

2015
Jun
55.6

Q3
26.9

Q4
25.7

20.2

22.5

C. Philippines' Purchasing Managers' Index

2013

43

Jan
55.7

Feb
58.7

Mar
58.6

Apr
57.1

Q3
34.4

Q4
48.3

-26.3

-21.8

Jul
58.3

Aug
56.0

Q1
45.2

2015
Q2
49.2

Q3
41.4

Q4
51.3

2016
Q1
Q2 Q3
41.9
48.7 45.4

-10.0

-16.2

-11.6

-8.1

-5.7

-6.4

Dec
54.6

Jan
52.8

2016
Feb Mar Apr May Jun
54.0 56.1 55.3 59.5 55.0

Sep
60.4

Oct
58.2

Nov
57.2

Q1
31.6

Q2
33.9

2015
Q3
28.9

Q4
30.2

2016
Q1
Q2
32.7
33.2

28.1

29.9

27.3

27.9

28.7

2015

2016

VIII.(inPOVERTY
AND SAVINGS INDICATOR
percent)
2013
44
A.
Percentage
of
households
with
savings
(in percent)

B. Percentage of households with savings in

banks, cooperatives and associations 44
C. CPI for bottom 30% Income Households
in the Philippines (2000=100) 45
Philippines
(% Change)

Q1
24.5

Q2
22.4

Q3
24.5

Q4
26.2

Q1
28.9

2014
Q2
30.3

19.7

16.4

18.2

19.4

21.5

22.4

Jan - Jun

159.3
13.9

167.5
5.1

173.5
3.6

182.4
5.1

187.6
2.8

194.6
3.7

206.3
6.0

209.0
2.6

209.6
1.6

211.4
1.1

Jan - Jun

160.4
17.0
160.0
7.6

Food
(% Change)
Non-food
(% Change)
NCR
(National Capital Region)
(% Change)

170.6
6.4
163.2
2.0

176.7
3.6
169.7
4.0

185.6
5.0
179.0
5.5

190.1
2.4
185.5
3.6

196.5
3.4
189.4
2.1

211.2
7.5
193.2
2.0

215.6
3.9
190.9
-1.2

216.4
2.5
190.8
-1.2

218.6
1.4
190.7
-0.1

Jan - Jun

157.9
10.7

162.8
3.1

168.2
3.3

175.1
4.1

178.2
1.8

182.1
2.2

191.7
5.3

191.2
0.7

191.2
-0.3

191.1
-0.1

Jan - Jun

148.4
12.9
187.5
6.5

Food
(% Change)
Non-food
(% Change)
AONCR
(Areas Outside of National Capital Region)
(% Change)

156.2
5.3
184.2
-1.8

159.3
2.0
196.7
6.8

164.3
3.1
208.9
6.2

166.7
1.5
213.2
2.1

170.8
2.5
213.0
-0.1

183.1
7.2
215.1
1.0

185.0
3.1
206.9
-4.9

185.9
1.5
204.4
-5.0

188.1
1.7
197.5
-4.5

Jan - Jun

159.3
13.9

167.6
5.2

173.6
3.6

182.6
5.2

187.7
2.8

194.8
3.8

206.5
6.0

209.2
2.6

209.9
1.6

211.6
1.1

Jan - Jun

160.6
17.1
159.6
7.6

Food
(% Change)
Non-food
(% Change)
D. Annual Per Capita Poverty Incidence and
Poverty Threshold (Population)

Poverty Incidence (PI), in percent

170.9
6.4
162.9
2.1

177.0
3.6
169.3
3.9

185.9
5.0
178.5
5.4

190.4
2.4
185.1
3.7

196.9
3.4
189.0
2.1

211.7
7.5
192.8
2.0

216.9
2.5
190.6
-1.1

2012
25.2

2013

2014

2015

46

2009
26.3

24.6

First semester estimates

Per Capita Poverty Threshold, in Pesos

16871

9630

First semester estimates

11780

25.8

26.3 d

10534

10969 d

18935

First semester estimates

Per Capita Food Threshold, in Pesos

216.0
3.8
190.6
-1.2

13232
6712

7350

7638

219.1
1.4
190.6
0

29.0

PHILIPPINES

SELECTED ECONOMIC AND FINANCIAL INDICATORS

31-Aug-16

page 7
FOOTNOTES: (cont'd):
1 Data on Real GDP and its components are based on 2000 prices. The use of the terminology Gross National Income (GNI) in place of Gross National Product (GNP)
has been adopted in the revised/rebased Philippine System of National Accounts (PSNA) in accordance with the 1993/1998 System of National Accounts
prescribed by the United Nations.
2 Derived by dividing the peso GNI and GDP at constant 2000 prices by the peso/US$ rate in 2000 of P44.1938.
3 Data are derived by dividing nominal per capita GDP/GNI in pesos by the implied Purchasing-Power-Parity (PPP) conversion rate of the International Monetary Fund World Economic Outlook
(IMF WEO) as of April 2016. The GDP-PPP weights are based on benchmark surveys of national prices from 2011 released by the World Bank as part of the United Nation's International Comparison Project.
Data on per capita GDP for 2014-2015 in the IMF WEO may differ slightly from the SEFI figures inasmuch as the latter is based on the revised Philippine Statistics Authority (formerly National Statistical
Coordination Board) numbers on national accounts as of August 2016.
The Philippine Statistics Authority (PSA) revision was due to the change in population data from the 2000 Census of Population and Housing (CPH) projections to the 2010 CPH projections.
4 Gross savings (net national savings plus depreciation) in percent of GNI at current prices; per PSA. Depreciation is now termed as consumption of fixed capital.
5 Prior to 2009, population estimates are based on NSCB population projections using the 2000, 1990 and 1980 Census of Population and Housing. Figures for 2009 - 2011 are based on
the computations of the NSCB and the NSO using the results of the 2000 and 2010 CPH as start and end dates of the reference population.
6 Data are averages for January, April, July and October rounds of Labor Force Survey. Starting with the October 2000 Labor Force Survey results, the PSA
has shifted population projection benchmark in the Labor Force Survey (LFS) data from 1980-based Census of Population to 1995-based Census of Population. Population projection
benchmark for household population 15 years old and over are used to estimate the levels (absolute no. of Labor Force, Employed, Underemployed & Unemployed in the LFS).
Beginning April 2005, unemployment is based on the new definition. Starting January 2007, the population projections based on the 2000 Census of Population was adopted
to generate the labor force statistics.
7 Nominal wage rate refers to basic pay and cost of living allowance (COLA). The figures are as of December of each year. Real wages are nominal wage rates deflated by the 2006 CPI.
8 Depository Corporations Survey (DCS) concept for item numbers 1-7. Beginning 15 November 2006, monetary data series based on the Monetary Survey (MS) concept was
discontinued and replaced by the series based on the DCS concept, the expanded version of the MS concept. The DCS is a consolidation of the balance sheets of the
deposit-generating banks namely the Monetary Authorities (MA) or the BSP and Other Depository Corporations (ODCs) [consisting of universal and commercial banks (UBs & KBs),
thrift banks (TBs), rural banks (RBs), non-stock savings and loan associations (NSSLAs) and non-banks with quasi-banking functions (NBQBs)]. In the process, interbank loans,
deposit transactions and other intrasystem accounts between BSP and ODCs are eliminated, whenever possible.
9 Based on the Standardized Report Forms (SRFs), a unified framework for reporting monetary and financial statistics to the International Monetary Fund (IMF).
10 Expanded Liquidity (M4) is calculated by adding Foreign Currency Deposits (FCDs) of residents to Domestic liquidity (M3).
11 This compilation is based on the new definition of reserve money which involves change in the classification of some accounts and enhanced sectorization of accounts.
12 Data from 2001-2005, derived by multiplying the nominal value by the purchasing power of the peso using CPI 2000=100.
Data from 2006 - present, derived by multiplying the nominal value by the purchasing power of the peso using CPI 2006=100.
13 Other Depository Corporations (ODCs) consist of universal and commercial banks, thrift banks and rural banks. Excludes interbank loans and transactions of local banks' foreign offices;
but includes banks under liquidation for monetary and financial compilation purposes. Starting March 2008, the data covered loans of universal/commercial banks. 2007 data were also
revised for consistency with the new series. However, prior to 2007, the data included, apart from universal/commercial banks, thrift banks and rural banks.
14 For 2006 to 2011, NPL data are based on BSP Circular No. 351 which excludes loans classified as loss for both both Universal and Commercial banks.
prescribed under BSP Circular No. 772. Gross NPL represents the actual level of NPL without any adjustment for loans treated as "loss" and fully provisioned.
Starting January 2013, figures are computed as prescribed under BSP Circular No. 772. Gross NPL represents the actual level of NPL without any adjustment for loans treated as "loss" and

15

16
17
18

19
20

21
22
23
24
25

26
27
28

29
30
31

fully provisioned. As a complementary measure to computing gross NPL, banks shall likewise compute their net NPLs, which shall refer to gross NPLs less specific allowance for credit losses
on the total loan portfolio, provided, that such specific allowance for credit losses on the total loan portfolio shall not be deducted from the total loan portfolio. For comparability purposes,
2012 NPL values were computed based on Circular 772.
Data on Universal and Commercial Banks are based on the New Financial Reporting Package that was implemented beginning March 2008, asset is valued gross of amortization, depreciation and allowance for
probable losses; prior to 2008, data were based on Consolidated Statement of Condition which valued asset gross of allowance for probable losses and net of amortization and depreciation.
Starting 10 August 2016, data were revised to incorporate updates/revisions of Rural Banks.
Averages on date of issue.
Real interest rates were derived by deducting CPI inflation rate from the nominal rate. The CPI inflation rate (2006=100) was used.
The conceptual framework of the Balance of Payments, 5th Edition (BPM5) was adopted for the Balance of Payments (BOP) data from 1999 - 2004. Beginning 2005, the BOP is based on
the Balance of Payments and International Investment Position Manual, 6th Edition (BPM6). Following the BOP concept, trade in goods exclude consigned raw materials and exports of
manufactures with consigned imported inputs, articles temporarily imported/exported, replacements and returned goods, and aircrafts and vessels purchased under operational lease
agreements. Trade in goods is also adjusted for undercoverage to include fish caught and traded in high seas, aircrafts and vessels purchased under financial lease agreements,
goods procured in ports by carriers, and remittances in kind by overseas Filipinos. The balance or the difference between consigned exports and consigned imports
is recorded in the trade in services account as manufacturing service.
PSA's import data have been adjusted to include valuation adjustment in raw materials imported on consignment basis for electronics and garment exports.
Personal remittances is computed as the sum of net compensation of employees, (i.e., gross earnings of overseas Filipino (OF) workers with work contracts of less than one year,
including all sea-based workers, less taxes, social contributions and transportation and travel expenditures in their host countries), personal transfers, (i.e., all current transfers in cash
or in kind by OF workers with work contracts of one year or more as well as other household-to-household transfers between Filipinos who have migrated abroad and their families
in the Philippines) and capital transfers between households (i.e., the provision of resources for capital purposes, such as for the construction of residential houses, between resident
and non-resident households without anything of economic value being supplied in return).
Balances in the financial account from 2005 onwards under BPM6 are derived by deducting net incurrence of liabilities from net acquisition of financial assets. Negative balances indicate
net borrowing while positive balances indicate net lending. Prior to 2005, balances are derived by deducting assets from liabilities.
Net FDI flows refer to non-residents' net equity capital (i.e., placements less withdrawals) + reinvestment of earnings + net balance of debt instruments (i.e. borrowings less repayments).
Beginning 2005, FDI data are based on BPM6.
Net foreign portfolio investments (BOP concept) refer to non-residents' net placements in equity and debt securities issued by residents. Beginning 2005, data are based on BPM6.
With the adoption of the Balance of Payments Manual 5th edition (BPM5), the balance of payments (BOP) position corresponds to the change in BSP-NIR that is purely
due to economic transactions, excluding the effects of revaluation of reserve assets and gold monetization. Data for 2010 and 2013 were revised to reflect post-audit adjustments.
Includes Reserve Position in the Fund. Figures from 1994 to 2004 were revised to reflect the reclassification of released collaterals on Brady Bonds from non-IR to
IR-eligible assets of the BSP. This is in line with the treatment of foreign investments under R.A. 7653 (New Central Bank Act), which allows investments in securities
even for maturities over 5 years to be included as part of the GIR.
Starting 2005, computation of GIR import cover is based on the IMF's Balance of Payments and International Investment Position Manual, 6th Edition (BPM6).
Prior to 2005, computation was based on Balance of Payments Manual, 5th Edition (BPM5).
Data reflect revised denominator using end-month outstanding short-term external debt (with a two-month lag), except for months
that are not end of quarter where outstanding short-term external debt by banks are not yet available.
This refers to adequacy of reserves to cover outstanding short-term external debt based on original maturity plus principal payments on medium- and long-term loans of the
public and private sectors falling due in the next 12 months. Figures reflect data based on debt service schedule on debt outstanding as of 31 December 2015;
external debt as of 31 March 2016; debt service burden as of 30 April 2016; and outstanding short-term loan of non-banks as of 30 June 2016.
Starting December 2005, outstanding annual short-term debt were revised to reflect the new reporting framework in line with international standards
under the latest External Debt Statistics Guide and International Monetary Fund's Balance of Payments and International Investment Position Manual, 6th Edition.
Covers BSP approved/registered debt owed to non-residents, with classification by borrower based on primary obligor per covering loan/rescheduling agreement/document.
Based on the April 2016 Update of the World Economic Outook of the International Monetary Fund (IMF).

PHILIPPINES

SELECTED ECONOMIC AND FINANCIAL INDICATORS

31-Aug-16

page 8
FOOTNOTES (cont'd):
32 Using the chained geometric method and a basket of currencies of major trading partners of the Philippines - United States, Euro Area, Japan, Australia, China, Singapore, South Korea,

33
34

35
36
37

38
39
40
41
42
43

44
45
46

Hong Kong, Malaysia, Taiwan, Indonesia, Saudi Arabia, United Arab Emirates, and Thailand, and baskets for Advanced Countries (United States, Euro Area, Japan and Australia)
and Developing Countries (China, Singapore, South Korea, Hong Kong, Malaysia, Taiwan, Indonesia, Saudi Arabia, United Arab Emirates, and Thailand). Reference period is at 1980 = 100.
Breakdown on expenditures not available starting 2002.
Ratio computed based on the absolute value of the NG deficit. Positive ratio of either/both net domestic borrowings or/and foreign borrowings mean contributing to financing the deficit.
Negative ratio of domestic borrowings (foreign borrowings) means either or both foreign loans (domestic loans) and withdrawals from cash balance financed the payments of domestic
borrowings (foreign borrowings).
Based on the compilation by the Department of Finance (DOF).
Based on the compilation by the Bureau of the Treasury; foreign debt refers to foreign currency denominated debt. Data as of end-period.
The consolidated public sector comprises the general government sector, nonfinancial public corporations, and financial public corporations, after elimination of intra-debt
holdings among these sectors. Following international standards, as recommended by the IMF's Government Finance Statistics Manual 2001, the government has made
revisions to the official debt data. Data as of end-period.
All figures are as of end-period, unless otherwise indicated.
Computed as the share-price divided by earnings per share.
The business and consumer Confidence Indices were computed based from the quarterly Business Expectations Survey (BES) and Consumer Expectations Survey (CES)
being conducted by the BSP. Meanwhile, the purchasing managers' index is generated by the Philippine Institute for Supply Management (PISM).
The Business Confidence Index (CI) represents the overall business outlook of firms belonging to the SEC's Top 7000 Corporations of the Philippines. The index
is computed as the percentage of firms with "improving" business outlook less the percentage of firms with "deteriorating" business outlook.
The Consumer Confidence Index (CI) represents the overall economic outlook of consumers across three indicators: economic conditions, family financial situation and family income.
The index is computed as the average percentage of households with "improving" outlook less the percentage of households with "deteriorating" outlook.
The Purchasing Managers' Index Philippines (PMI) is based on monthly interviews of purchasing and supply managers from top manufacturing, services and wholesale and retail trade
firms about the current market conditions. The overall index represents the weighted average of PMI across these sectors. An index above 50 indicates expansion,
and an index below 50 implies a contraction.
Based on the results of the Consumer Expectations Survey.
CPI for the bottom 30% income households measures the composite change over time of the retail prices of goods and services commonly purchased by households in this income
category and provides a more appropriate deflator of income and inflator of food prices and other basic commodities for the lower-income group.
The proportion of families/individuals with per capita income/expenditure less than the per capita poverty threshold to the total number of families/individuals,
i.e., P=(Q/n)*100 where Q=number of families/individuals with per capita annual income/expenditures less than the per capita poverty threshold (the minimum
income/expenditure required for a family/individual to meet the basic food and non-food requirements). The 2013 poverty estimates were revised from those released on 29 April 2014
for consistency with the 2014 poverty estimates which were generated from the 2014 Annual Poverty Indicator Survey (APIS), which does not include sample households
from Batanes and Leyte. The 2014 poverty estimates were generated from the 2014 APIS, which does not include sample households from Batanes and Leyte.

LEGEND
a Per PSA foreign trade statistics.
b Excluding Region VIII; 6.6 percent refers to the average for April, July and October excluding the province of Leyte .
c 2015 annual data and April 2015 data excludes the province of Leyte while April 2016 data is the same with or without the province of Leyte.
d The first semester of Poverty incidence in 2015 is generated using the income data from the first visit of the

Family Income and Expenditure Survey (FIES) conducted in July 2015. Durings the same period in 2012,
poverty incidence was recorded at 27.9 percent.

p Preliminary

Revised to reflect data updates, post-audit adjustments

or change in data source/methodology

Not available

Blank

Rounds off to zero

Not computed

* Based on deployment report from NAIA terminal fee counters consolidated

.. by POEA
No transaction/no
Labor Assistance Center
issue
Note: Annual percent changes were computed based on values in millions.
Sources of Basic Data: Philippine Statistics Authority (PSA), National Wages and Productivity Commission (NWPC), Department of Labor &

Employment (DOLE), Department of Finance (DOF), Bureau of Treasury (BTr), Bangko Sentral ng Pilipinas (BSP) and Philippine Stock Exchange (PSE).