3. TERM PAPER FOR ECONOMIC DEVELOPMENT 2 [ANALYSIS OF INTERNATIONAL TRADE AND FINANCE OF THE PHILIPPINES]
2. HOW THE BALANCE OF PAYMENT HAS CHANGED OVER TIME?
Table 1: Current Account (In millions of pesos)
CURRENT ACCOUNT 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Balance on goods -27581.72 -11338.42 -8968.72 -4117.91 -20917.35 -22887.75 -56471.95 -97728.21 -88233.78 -119781.19 -168739.40 -207375.02 -229990.49 -297343.01 -327920.48 -1145.00 -233634.95 -263871.63 -319468.64 -285367.91 -317143.51 -318530.79 -428179.59 -356890.96
Exports 55619.06 90022.69 86133.19 98707.56 117647.24 149223.91 170002.73 199005.75 242910.82 250634.80 308487.73 356183.11 448640.88 538557.34 743486.82 1206179.93 1338524.63 1650446.09 1596731.28 1775318.65 1915490.42 2174011.88 2217907.49 2368565.46
Imports -83200.78 -101361.11 -95101.91 -102825.47 -138564.59 -172111.66 -226474.68 -296733.96 -331144.61 -370415.99 -477227.12 -563558.13 -678631.37 -835900.35 -1071407.30 -1207324.93 -1572159.58 -1914317.72 -1916199.92 -2060686.56 -2232633.93 -2492542.67 -2646087.08 -2725456.42
Other goods, services,
-8223.40 -13743.03 0.00 14575.78 0.00 -1687.58 6781.85 17965.46 41630.08 77047.75 67989.34 104717.78 122529.59 178269.48 167865.11 46577.13 -104797.61 -83832.60 -119271.69 -125345.14 -121794.82 -103561.74 -90009.71 -62192.93
and income
Credit 34749.41 43850.79 61180.80 77282.19 71040.84 75772.16 99684.51 117711.44 154539.65 189889.54 203317.14 278701.46 369620.22 498263.20 672963.43 569107.88 242000.00 296662.24 337825.98 347498.64 364191.97 435317.94 466133.50 502520.94
Debit -42972.81 -57593.82 -61180.80 -62706.41 -71040.84 -77459.74 -92902.66 -99745.98 -112909.57 -112841.79 -135327.80 -173983.68 -247090.63 -319993.72 -505098.33 -522530.75 -346797.61 -380494.84 -457097.67 -472843.79 -485986.79 -538879.68 -556143.21 -564713.87
Unrequited transfers v 5245.19 6445.70 7052.17 8990.09 11785.29 16348.39 18041.46 17357.70 22724.80 20843.71 18956.74 24726.50 22680.19 15441.28 31828.36 17788.46 226090.78 249376.58 349809.24 396315.65 454548.87 513325.48 627478.93 676784.30
Credit 0.00 0.00 0.00 0.00 0.00 0.00 18084.93 17430.63 22752.28 21073.33 20231.37 27500.31 29494.53 31066.08 49216.07 30996.89 233322.24 261131.71 363016.32 410145.41 467557.67 527895.86 645106.29 693358.82
Debit 0.00 0.00 0.00 0.00 0.00 0.00 -43.47 -72.93 -27.48 -229.61 -1274.63 -2773.81 -6814.34 -15624.80 -17387.71 -13208.44 -7231.47 -11755.13 -13207.08 -13829.76 -13008.79 -14570.37 -17627.36 -16574.52
Table 2. Capital (Financial) Account (In millions of pesos)
CAPITAL (FINANCIAL)
ACCOUNT 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Financial account
Direct investment 2455.91 2037.24 911.76 2976.31 7445.51 20736.09 12150.82 12835.94 14536.18 17220.94 23431.51 34051.77 34997.43 35077.14 32800.89 65101.66 43545.15 93466.50 17082.52 76218.52 10190.22 6108.35 91717.36 115046.66
Portfolio investment -1211.28 -1753.36 -595.43 -122.31 -740.44 63.28 6173.22 5056.58 54.96 75848.66 30699.61 23458.47 34663.15 106568.45 34745.96 -1185.90 129580.04 -24438.29 52369.40 38496.29 30462.25 -95996.35 191422.11 140806.44
Financial derivatives - - - - - - - - - - 312.71 1944.46 -764.89 -1083.68 -3469.01 -1513.08 -2368.68 -7081.37
Other investments -1316.33 -17339.84 -1934.57 461.90 9590.03 16838.25 -4013.73 26470.03 -1440.01 14156.69 14588.00 49276.07 -16221.94 71547.17 -25394.31 -60531.02 -758.85 -896.64 -160188.63 -344113.70
NOTE: (blank) means no data available while ( - ) means value less than the value employed
Table 3. Cash Account (In millions of pesos)
CASH ACCOUNT 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Change in NFA-commercial
- 14659.23 1099.14 7373.11 -8108.82 17805.19 14502.98 110474.65 35011.19 -177761.87 - - - -31168.57 -29378.19 -8518.06 -84335.90 -238919.38
banks
Monetization of gold 2822.08 4112.21 5687.61 7507.21 6623.74 6260.17 5299.69 6732.26 3316.63 3064.54 4068.25 4551.47 5190.79 3094.42 4825.37 - - - - - - - -
NOTE: (blank) means no data available while ( - ) means value less than the value employed
Table 4. Over-all Balance (In millions of pesos)
BALANCE OF
ACCOUNT 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Overall balance -23536.70 4057.78 42815.40 25319.04 5429.87 12509.16 9803.25 -2260.88 57787.50 38064.65 -4501.89 47603.79 16225.85 107669.52 -99109.96 55573.59 140368.60 -22493.83 -10300.51 41798.92 6233.38 -15691.17 132756.06 193403.60
Current account -30559.93 -18635.75 -1916.55 19447.96 -9132.06 -8226.93 -31648.64 -62405.05 -23878.90 -21889.73 -81793.32 -77930.74 -84780.71 -103632.24 -128227.02 63220.58 -112341.79 -98327.65 -88931.09 -14397.40 15610.55 91232.96 109289.63 257700.41
v
0 17149.5649 19649.3088 -1875.4844 4915.6803 -17339.843 24671.1545 43175.448 51604.8108 47198.125 76477.836 120119.0084 87249.2985 290343.3075 194300.3251 7646.991 6371.507 6098.5236 3161.5412 1393.2972 2926.9782 952.6783 2203.42 6978.7448
Capital account
-4057.7841 -42815.3973 -25319.0394 -5429.8728 -12509.157 -9803.2517 2260.8765 -57787.4958 -38064.65 4501.8868 -47603.7944 -16225.8495 -107669.523 99109.9641 -55573.587 -140368.599 22493.8298 10300.5052 -41798.916 -6233.3795 15691.172 -132756.055 -193403.5967
Changes in reserves
The Philippines‟ 1983 to 2006 Balance of Payment, a systematic summary of its economic transactions to the rest of the world, reflects the country‟s ever changing
economic policy experimentations and inconsistencies. It also reflects how various internal and external factors affect its economy, thus reflecting a “boom and bust” trend
as shown in Chart A below. Also, it explains the country‟s quality, or lack thereof, of economic development.
The overall Balance of Payment (BoP) does not show any trend to derive a sound projection as shown by the blue bar in the below-mentioned chart, albeit, it can be
seen that there were more blue bar that can be counted above the zero line. This means more incidences of surplus, as compared to incidence of deficit and balance. From
1983 to 1989, the BoP showed a picture registering either a surplus or a balance amidst a turbulent political crisis and hostile business environment in the country
CYL BRYAN A. BAGADIONG, Philippines | Meiji University Graduate School of Governance Studies 3
4. TERM PAPER FOR ECONOMIC DEVELOPMENT 2 [ANALYSIS OF INTERNATIONAL TRADE AND FINANCE OF THE PHILIPPINES]
highlighted by assassination of Senator Benigno Aquino – a known political opposition – which was blamed to the government in 1983; citizens unrest; and peaceful yet
mass upheaval which later to be known as People Power Revolution in 1986. There are several factors that contributed to this picture of BoP.
From 1987 to present, BoP was marked by a “boom and
Chart A bust” pattern of inflows and outflows. Notable on this pattern is
BALANCE OF PAYMENTS the huge deficit in year 1997. This is attributable to the Asian
400000.00
Financial Crisis that greatly affected the Philippines. BoP showed a
surplus on the next two years only to demonstrate again a deficit
300000.00 on the next two following years. Even the latest data from 2003 to
present cannot establish a permanent trend. This see saw trend in
200000.00 the BoP suggested that the macro-economic fundamentals,
especially monetary policies, of the country were weak that its
In Millions of Pesos
OVERALL BALANCE overall BoP position can be easily affected by various and constant,
100000.00
Current Account sometimes very fluid and volatile, changes of diverse internal and
Capital Account external economic and political developments.
0.00
The current account, represented in Chart A in red line, also
Changes in Cash Balance (Foreign Reserves)
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
showed how it changed overtime and influenced the trade
-100000.00
transactions of the country to the rest of the world. As we can see,
from 1998 -2002, the current account exhibited a constant deficit,
-200000.00 except in 1998, whereas the Capital Account, represented in the
chart in green line, showed the reverse of the former by exhibiting
-300000.00 a constant surplus almost mimicking the reverse of the Current
Account. Many explanations can be attributed to this trend but
generally, it shows that the Philippines‟ excess of payments for its imported items are usually compensated by a surplus of the country‟s receipt of foreign loans, both
private and public, and investments after deducting the amount they pay for interest and repayment of capital of former loans and investments. This is also the era of
“Taiwan‟s money” in form of portfolio investments flooding the country‟s market every now and then to take advantage of the country‟s high exchange rate and interest
rates.
In short, the Philippines resort, almost always, to borrowings to offset the deficiency of its income from its exports after deducting the expenses it incurred from its
import. Abetting this surplus in Capital Account, or helping the Capital account to offset the deficiency of the country‟s inflows is its foreign reserves as showed by the violet
line which shows the changes in the Cash Balance of the country. Exports gives the Philippines dollars while imports uses up the country‟s dollar reserves, and whatever is
left after importing goes to the foreign reserves. This is because BoP transactions in the Philippines are denominated and/or financed in dollars. This will explain the almost
parallel movement of the violet line (Changes in Foreign Reserves) and the red line (current account). This abatement happened in such a way that due to the chronic
deficit of the country‟s current account, it has to use it foreign reserves to pay off its debt and offset the current account deficit. As we can see, the BoP is computed in two
ways, either by the so-called above-the-line items which refers to the sum of the balances of the capital, current and financial accounts; or by the so-called below-the-line-
items which refers to the change of the country‟s foreign reserves as a result of those transactions as mentioned earlier. Ideally, both ways shall yield the same result but
due to the limitations of the data for the above-the-line items, the overall BoP position is determined using the below-the-line items and discrepancies therein falls under
the category of “Net Unclassified Items”.
From 1998 to 1999, however, capital account balance started to become nil and started to decrease. This is so because capital transfers are already virtually non-
existent. The country is generating so much bad news in terms of investment favorability under the Estrada Administration and impending civil and political unrest
exacerbated this situation. Investor confidence is at its lowest at this time. Government debt already reached staggering heights, thus, the government started effecting a
CYL BRYAN A. BAGADIONG, Philippines | Meiji University Graduate School of Governance Studies 4
5. TERM PAPER FOR ECONOMIC DEVELOPMENT 2 [ANALYSIS OF INTERNATIONAL TRADE AND FINANCE OF THE PHILIPPINES]
forced debt management. This forced debt management, according to the Bureau of Treasury of the Philippines, enabled the Philippines to stopped borrowing from World
Bank on commercial terms, re-structure its old loans and rely heavily on Official Development Assistance from various Foreign Government and Institution which offers a
lower interest rates and longer terms.
To further examine the changes that affected this BoP over time,
Chart B explains the changes in the current account of the country. As we Chart B
can see, from 1983, the country‟s balance on goods (blue line) continues to Current Account (83-06)
800000.00
increase in the negative side of the scale until 1997. This paints a clear
picture of the growing deficit of the country from its exports and imports. 600000.00
Factors contributing to this increasing deficit are not mainly attributable to
the local political turmoil that the country was in, but also its trade driven 400000.00
Balance on Goods
economic growth which became a victim of the globalization of tariffs and
trade agreements. The country cannot simply compete with other countries 200000.00
Balance on other goods,
in an unlevel playing field. While the importation trade is so alive, the services and income
0.00
exportation sector is suffering from the protectionist policy of the US such Unrequited Transfer
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
as the exportation ban of shrimps in US simply because the Filipino
-200000.00
Fisherman is using a net that also able to catch a species of fish that is
considered as endangered in America. Added to this is the continuous -400000.00
depreciation of peso to the dollar thus making importation so costly yet
exports income cannot tide over the import expenditures. -600000.00
In 1999, after the Asian Financial Crisis, the World Bank forced the government of the Philippines to adopt fiscal and austerity measures resulting to the sudden
reversal of the Balance on Goods. However, the World Bank intervention made even the country‟s current account look worse. Prior to the World Bank Intervention, the
previous Balance on Other Goods, Services and Income (red line) which traversed the positive side of the scale now finds itself on the deficit side while the sudden reversal
on the Balance on Goods return to its previous decreasing state (or increasing deficit). The Unrequited Goods, the account that refers to the transfer of assets from one
country to another without expecting for recompense such as foreign aid grants, became increasingly bigger and bigger from its previous minimal state. This signals the
increasing dependency of the country to Foreign Grants.
To further understand the increase of deficit on the Balance of Goods, Chart C will
Chart C provide us the clear picture of trends from 1993 to present. It would seems that the Balance
Exports and Imports on Goods only appear from 1989 and became persistent to 1997. This period signals the
3000000.00 transition of the country‟s economic structure to exportation of primary products to
manufacturing sector of which materials are also imported primarily from other countries,
2000000.00
such as Japan. This is also the period where the country was plagued by several coup de „etat
1000000.00
and was suffering from power shortage in form of long power black-outs. The export income
0.00 or output cannot overtake the import inputs. It took the Ramos Administration then three
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
-1000000.00 years to reverse the trend that had been crowned in the Balance of Goods complete
-2000000.00
disappearance in 1998. This year was also marked by massive infrastructure projects and
wide-ranging economic reforms. However in 1999, when the then President Estrada took
-3000000.00
over, whose administration was characterized by mismanagement and corruption, the health
-4000000.00 of export and import industry again suffered resulting to the increasing gap of imports and
Balance on Goods Exports Imports exports, thus, affecting the balance sheet of the country in terms of its trade balance. Only in
CYL BRYAN A. BAGADIONG, Philippines | Meiji University Graduate School of Governance Studies 5
6. TERM PAPER FOR ECONOMIC DEVELOPMENT 2 [ANALYSIS OF INTERNATIONAL TRADE AND FINANCE OF THE PHILIPPINES]
2006 that the government was able to seem to decrease the said gap.
Also contributing to this change of Balance of Payment is the very fluid
Chart D
and volatile movement of the Portfolio Investment (red line) and Other
Capital (Financial ) Account
Investments (green line) as shown in Chart D which comprises the Capital
300000.00
or Financial Account side of the BoP. These however, as had already
200000.00 mentioned in the early paragraphs, are not only attributable to the internal
turbulent atmosphere of the country due to its political instability. Also
In millions of Pesos
100000.00
Direct Investment
0.00 playing a big role in the decision of the investor to give its confidence to the
Portfolio Investment
country are some external factors such as interest rates which is affected by
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
-100000.00 Other Investments
the law of supply and demand, low value of the local currency against the
Fianncial Derivatives
-200000.00 dollar, low real value of the local currency as compared against a basket of
-300000.00 currency based on the Asian 4 (Malaysia, Thailand, Indonesia and
Philippines) currencies, credit ratings issued by foreign Credit Rating
-400000.00
Agencies (CRA) such as Moody‟s, Standards and Poors, Fitch, among others.
Contributing also on these which also affects the volatility of these investments are the also volatile exchange risk rate, interest rate risk, equity and commodity price risk,
etc which are part and parcel of unregulated stock market in the Philippines and liberalized stock trading market in the world due to the globalization and liberalization of
the said market. In this arrangement, almost always, Developing Countries, such as the Philippines is on the losing end.
In summary, the Philippines BoP changes over time can be attributed and linked to several factors. Definitely, it‟s Economic Policy which focuses more on economics
of quantity rather than economics of quality and its failure to utilize fully its comparative advantage played a vital role in advancing its dream of a balance BoP or a Surplus
at the least. Political Instability is a key player in affecting changes in its economic account with the world. Sound macro and micro economic fundamentals also influenced
movement in the BoP of one‟s country, thus, the Philippines has a need for this. In the era of globalization, the soundness and strength of the country‟s economic
fundamentals must be ensured in order for it to be isolated, or be mitigated, from the sudden changes of the global economic developments such as the recent US debt
crunch. Although from 1983 to 2000, it exhibited a dismal performance, recent data shows an improvement in the overall picture. Economic Reforms and Policy Changes
has been taking place since 2003 in the Philippines such as diversification of its foreign reserves in its effort to detached its economy from the US dollar currency; its slow
decoupling from US and Latin America and diversifying its trade relations with Japan and China; practicing debt management and debt risk monitoring; increased in exports
and diversifying its exports to service sector while maintaining its lead in electronics; maintaining its competitive and liberal labor supply to further engage the
manufacturing sector of automobile and ship building; etc. What is needed now is to maintain this trend in its recent BoP data to finally advance its dream of economic
recovery and progress.
3. TRADE BALANCE AND GROSS DOMESTIC EXPENDITURE
Compute the Trade Balance over Gross Domestic Expenditure (Xt – Mt) / Yt
TRADE BALANCE OVER
GROSS DOMESTIC
EXPENDITURES;
MILLIONS OF PESOS
Item 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Exports, fob 55619.06 90022.69 86133.19 98707.56 117647.24 149223.91 170002.73 199005.75 242910.82 250634.80 308487.73 356183.11 448640.88 538557.34 743486.82 1206194.36 1369557.10 1682761.63 1639422.43 1816867.74 1963850.90 2223692.40 2272534.87 2411023.98
MINUS: Imports, cif 88668.23 107339.24 101316.75 109960.47 147820.06 184177.83 242820.68 317057.54 353264.88 394550.81 509120.01 598032.57 732554.68 909724.89 1137009.08 1289351.61 1273056.41 1494024.24 1781640.04 2120493.19 2307745.79 2583559.37 2726039.39 2756650.70
GROSS DOMESTIC EXP
DIVIDE:
(Expenditure on GDP) 369100.00 524500.00 571900.00 608900.00 682800.00 799200.00 925444.00 1077237.00 1248011.00 1351559.00 1474457.00 1692932.00 1906000.00 2171922.00 2426743.00 2665060.00 2976900.00 3354727.00 3631474.00 3963873.00 4316401.77 4871554.00 5437906.00 6032624.00
TRADE
RESULT: -0.090 -0.033 -0.027 -0.018 -0.044 -0.044 -0.079 -0.110 -0.088 -0.106 -0.136 -0.143 -0.149 -0.171 -0.162 -0.031 0.032 0.056 -0.039 -0.077 -0.080 -0.074 -0.083 -0.057
BALANCE/GDE
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7. TERM PAPER FOR ECONOMIC DEVELOPMENT 2 [ANALYSIS OF INTERNATIONAL TRADE AND FINANCE OF THE PHILIPPINES]
4. TRADE DEPENDENCY
Index of Trade Dependency (Xt + Mt) / Yt
INDEX OF TRADE
DEPENDENCY 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Exports, fob 55619.06 90022.69 86133.19 98707.56 117647.24 149223.91 170002.73 199005.75 242910.82 250634.80 308487.73 356183.11 448640.88 538557.34 743486.82 1206194.36 1369557.10 1682761.63 1639422.43 1816867.74 1963850.90 2223692.40 2272534.87 2411023.98
ADD: Imports, cif 88668.23 107339.24 101316.75 109960.47 147820.06 184177.83 242820.68 317057.54 353264.88 394550.81 509120.01 598032.57 732554.68 909724.89 1137009.08 1289351.61 1273056.41 1494024.24 1781640.04 2120493.19 2307745.79 2583559.37 2726039.39 2756650.70
GROSS DOMESTIC
DIVIDE:
EXPENDITURE 369100.00 524500.00 571900.00 608900.00 682800.00 799200.00 925444.00 1077237.00 1248011.00 1351559.00 1474457.00 1692932.00 1906000.00 2171922.00 2426743.00 2665060.00 2976900.00 3354727.00 3631474.00 3963873.00 4316401.77 4871554.00 5437906.00 6032624.00
INDEX OF
RESULT: TRADE 0.391 0.376 0.328 0.343 0.389 0.417 0.446 0.479 0.478 0.477 0.555 0.564 0.620 0.667 0.775 0.936 0.888 0.947 0.942 0.993 0.990 0.987 0.919 0.857
DEPENDENCY
5. COMPARE THE GROWTH INDEX OF (Xt + Mt) AND THAT OF GROSS DOMESTIC EXPENDITURES.
PLOT A SCATTERED DIAGRAM. WHICH HAS GROWN FASTER?
COMPUTE A NEW INDEX IN SUCH A WAY THAT THE GROWTH INDEX OF (Xt + Mt) IS DIVIDED BY THE GROWTH INDEX OF GROSS DOMESTIC
EXPENDITURES. OBSERVE THE CHANGE OF THAT NEW INDEX.
GROWTH INDEX of (Xt +
Mt) and GDE 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Sum of Export and Import 144287.30 197361.94 187449.94 208668.03 265467.30 333401.73 412823.41 516063.29 596175.71 645185.61 817607.73 954215.68 1181195.56 1448282.23 1880495.90 2495545.97 2642613.51 3176785.87 3421062.47 3937360.93 4271596.68 4807251.77 4998574.25 5167674.68
Gross Domestic
369100.00 524500.00 571900.00 608900.00 682800.00 799200.00 925444.00 1077237.00 1248011.00 1351559.00 1474457.00 1692932.00 1906000.00 2171922.00 2426743.00 2665060.00 2976900.00 3354727.00 3631474.00 3963873.00 4316401.77 4871554.00 5437906.00 6032624.00
Expenditure
New Index 0.39 0.38 0.33 0.34 0.39 0.42 0.45 0.48 0.48 0.48 0.55 0.56 0.62 0.67 0.77 0.94 0.89 0.95 0.94 0.99 0.99 0.99 0.92 0.86
GROWTH INDEX OF (Xt+Mt) AND GDE New Index (Index of Trade Dependency)
7000000.00 1.20
6000000.00
1.00
5000000.00
0.80
4000000.00
Axis Title
3000000.00 0.60
New Index
2000000.00
0.40
1000000.00
0.20
0.00
1980 1985 1990 1995 2000 2005 2010 0.00
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Growth Index of (Xt + Mt) Growth Index of GDE
As shown in the scattered diagram above tabbed as GROWTH INDEX OF (Xt + Mt) AND GDE, it demonstrates that the growth pattern of Gross Domestic
Expenditures always far outrace the growth pattern of the sum of export and import except that of the year 2002 to 2003. In general though, the two maintain the same
separate growth trend wherein both have maintained an almost the same growth rate but on a different parallel path – the gross domestic expenditure above the sum of
(Xt + Mt). This would seems to show that the Growth Domestic Expenditures is always more than the sum of the Exports and Imports of the Philippines, thus, almost
always, will generate a deficit result there being the expenditures is always more than the net income it can acquire from its trade transactions of goods and services. Year
2002 to 2004 growth rate seems to accelerate and caught up with the GDE. But this is not the case. Marked by so much political bickering and a government operating in
CYL BRYAN A. BAGADIONG, Philippines | Meiji University Graduate School of Governance Studies 7
8. TERM PAPER FOR ECONOMIC DEVELOPMENT 2 [ANALYSIS OF INTERNATIONAL TRADE AND FINANCE OF THE PHILIPPINES]
re-enacted budget of previous years, it was the GDE that had slowed down on these years. Contributing to this is the sudden restraint of domestic spending in anticipation
of the difficult years ahead resulting to low interest rates and sluggard domestic trading affecting the GDP growth.
After getting the sum of the Exports and Imports and dividing the same by the Gross Domestic Expenditures, a new index had been generated. I plotted the new
index in a scattered diagram (shown in a blue line in NEW INDEX (INDEX OF TRADE DEPENDENCY) chart as shown above) after deriving the values to observe the
pattern. It would give the impression that the trade dependency index mimics the pattern of the sum of (Xt + Mt). As had been noted, whenever the new index decline,
there is also a decline in the sum of (Xt + Mt). This growth trend of the new index exhibits the clear indication that the economy of the Philippines relies heavily on its
export industries imitating the Japan‟s example of relying heavily on “processing trade” or “trade as engine of growth” wherein the country export manufactured or semi-
manufactured goods from imported materials. I think several factors led the country to pursue this trade dependence as an engine of its growth and take the example set
forth by Japan. These factors are the relative small market of the Philippines as compared to other countries, the relative underdeveloped endowments of the country and
the constitutional prohibition to further exploit them, and the abundance of cheap but otherwise semi-skilled labor supply. The slight decline of the new index in 2005 and
2006 does not mean that export and import sector became sluggish on these years. In fact there is a noticeable increase on export and imports in the years mentioned. It
should be attributed however to the sudden increase of share to the GDP of massive inflows of Overseas Filipino Workers‟ dollar income remittances affecting the trade
dependency ratio as it also affects the GDE/GDP variable.
6. EXPORT DEPENDENCY Xt / Yt
1. DRAW A CHART OF EXPORT DEPENDENCY OVER TIME
EXPORT DEPENDENCY
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
EXPORTS (Xt) 55619.06 90022.69 86133.19 98707.56 117647.24 149223.91 170002.73 199005.75 242910.82 250634.80 308487.73 356183.11 448640.88 538557.34 743486.82 1206194.36 1369557.10 1682761.63 1639422.43 1816867.74 1963850.90 2223692.40 2272534.87 2411023.98
GROSS DOMESTIC EXP
(Expenditure on GDP) (Yt) 369100.00 524500.00 571900.00 608900.00 682800.00 799200.00 925444.00 1077237.00 1248011.00 1351559.00 1474457.00 1692932.00 1906000.00 2171922.00 2426743.00 2665060.00 2976900.00 3354727.00 3631474.00 3963873.00 4316401.77 4871554.00 5437906.00 6032624.00
EXPORT DEPENDENCY
0.15 0.17 0.15 0.16 0.17 0.19 0.18 0.18 0.19 0.19 0.21 0.21 0.24 0.25 0.31 0.45 0.46 0.50 0.45 0.46 0.45 0.46 0.42 0.40
(Xt/Yt)
0.60
0.50
0.50 0.45 0.46 0.45 0.46 0.45 0.46
0.42 0.40
0.40
0.31
0.30 0.25
0.24
0.19 0.21 0.21
0.17 0.17 0.19 0.18 0.18 0.19
0.20 0.15 0.15 0.16
0.10
0.00
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
export dependency Linear (export dependency)
2. DRAW A SCATTERED DIAGRAM OF GDP (Horizontal Axis) and EXPORT (Vertical Axis).
GDP vs EXPORT
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
GDP
369100.00 524500.00 571900.00 608900.00 682800.00 799200.00 925444.00 1077237.00 1248011.00 1351559.00 1474457.00 1692932.00 1906000.00 2171922.00 2426743.00 2665060.00 2976900.00 3354727.00 3631474.00 3963873.00 4316401.77 4871554.00 5437906.00 6032624.00
EXPORT 55619.06 90022.69 86133.19 98707.56 117647.24 149223.91 170002.73 199005.75 242910.82 250634.80 308487.73 356183.11 448640.88 538557.34 743486.82 1206194.36 1369557.10 1682761.63 1639422.43 1816867.74 1963850.90 2223692.40 2272534.87 2411023.98
CYL BRYAN A. BAGADIONG, Philippines | Meiji University Graduate School of Governance Studies 8
![TERM PAPER FOR ECONOMIC DEVELOPMENT 2 [ANALYSIS OF INTERNATIONAL TRADE AND FINANCE OF THE PHILIPPINES]
SUBJECT : Economic Development 2
PROFESSOR : PROF. TAKASHI SHIRASU (Ph.D.)
Student : Cyl Bryan A. Bagadiong
TERM REPORT FOR AUTUMN SEMESTER
Analysis of International Trade and Finance of Philippines
1. TRADE DATA ARE SHOWN BY US DOLLARS. USE THE EXCHANGE RATE OF AVERAGE OF PERIOD, AND CONVERT THEM INTO DOMESTIC CURRENCY.
TRADE DATA AS CONVERTED TO Mn Ph Peso
using the EXCHANGE RATE AVERAGE OF
PERIOD
Item 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Exports, fob 55619.06 90022.69 86133.19 98707.56 117647.24 149223.91 170002.73 199005.75 242910.82 250634.80 308487.73 356183.11 448640.88 538557.34 743486.82 1206194.36 1369557.10 1682761.63 1639422.43 1816867.74 1963850.90 2223692.40 2272534.87 2411023.98
Imports, cif 88668.23 107339.24 101316.75 109960.47 147820.06 184177.83 242820.68 317057.54 353264.88 394550.81 509120.01 598032.57 732554.68 909724.89 1137009.08 1289351.61 1273056.41 1494024.24 1781640.04 2120493.19 2307745.79 2583559.37 2726039.39 2756650.70
- - - - - - - -
Trade balance 33049.17 -17316.55 -15183.56 -11252.91 -30172.82 -34953.92 -72817.95 118051.79 110354.06 143916.01 200632.28 241849.47 283913.79 371167.54 -393522.26 -83157.26 96500.69 188737.39 -142217.61 -303625.46 -343894.89 -359866.97 -453504.52 -345626.72
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Exports, by SITC section
Food and live animals 10612.63 15713.48 15332.42 17796.72 18264.12 22276.00 23910.37 26133.79 33743.72 28880.15 36042.21 35214.13 34431.72 36492.81 39196.03 51669.00 45988.57 56717.51 66117.25 71291.47 82057.23 86344.75 88820.88 91586.34
Beverage and tobacco 422.28 567.76 576.83 591.19 575.90 675.03 739.05 1410.01 2363.16 1377.68 1193.27 1188.77 1080.01 1337.02 1591.42 1708.44 2289.30 2093.11 2700.39 2939.41 6169.42 9004.84 10372.75 9264.82
Crude materials excluding fuels 8290.07 9418.07 8931.50 10580.18 11003.72 14956.14 15846.05 13395.09 13244.69 12552.15 10522.48 10857.47 13654.40 11744.81 13792.29 14156.32 14858.03 18767.35 17233.57 17497.26 21563.58 28758.38 31200.89 41143.65
Mineral fuels, etc. 1266.85 1452.79 781.51 1345.46 1995.07 3227.49 2564.93 4400.20 5797.98 6071.98 6210.43 5679.70 6762.91 9070.77 8988.56 4918.37 8188.68 19516.31 11743.86 19607.10 27455.13 22769.94 38882.37 49883.90
Animal, vegetable oil, and fats 5811.94 10119.41 6921.92 7053.45 8165.38 8965.25 8520.79 9116.44 8545.84 12628.69 10034.33 12970.85 21703.04 15441.28 20482.14 29475.40 13847.84 21059.66 22025.21 19422.77 29017.08 34194.00 38247.73 31553.20
Chemicals 955.69 1753.36 2809.70 4953.73 5039.09 5400.24 6064.54 6345.04 8353.49 6862.86 7105.39 8083.66 8820.07 9254.28 11287.28 13918.93 11518.10 14510.80 16238.59 18612.42 21337.36 25082.61 30078.36 38524.31
Basic manufactures 4100.59 6195.22 8708.22 8847.39 9646.25 14492.06 16106.89 18038.39 19344.93 17425.04 21695.84 23088.63 28697.38 29912.57 32800.89 38986.28 41005.73 54024.15 53771.95 51495.56 61470.10 81977.53 82930.07 155809.18
Machines, transport equipment 2822.63 6963.36 5749.66 7991.19 11373.94 14260.02 20432.50 23629.81 33249.11 42631.39 57466.86 76794.80 99489.40 133623.46 222032.25 337473.11 433600.29 620835.61 631172.93 727083.25 832129.82 969729.49 937342.66 1003494.64
Miscellaneous manufactured goods 6800.97 8883.71 9992.12 11966.41 15590.32 20103.25 25997.09 33426.94 39569.18 42274.21 48083.41 52358.89 57729.05 62079.72 71790.63 97690.97 90982.98 117362.16 123977.58 123943.94 130229.91 133513.37 139239.98 154185.70
Unclassified goods 14535.41 28955.55 26329.33 27581.85 35993.48 44868.43 49820.52 63110.06 78698.71 79930.66 110133.51 129972.62 176272.90 229548.17 321525.34 616197.55 707277.57 757874.97 694441.09 764974.56 752421.26 832317.48 875419.18 835578.24
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Exports, by principal commodity
1. Electronic products 0.00 21491.23 18979.45 18530.60 22501.06 27802.81 30170.54 37024.89 48115.03 49978.99 67989.34 93965.98 150018.39 214709.86 326594.30 719818.39 912233.41 1182338.79 1102189.17 1255097.41 1310002.01 1497726.71 1503764.40 1518384.46
2. Garments 0.00 10069.32 11592.35 15330.05 22583.33 27781.72 34235.30 43175.45 51137.67 54596.75 60802.59 62714.43 68374.86 63521.61 69197.20 96362.87 88630.72 113247.66 122542.14 123402.28 122786.83 121681.12 127201.17 134741.18
3. Coconut oil 5734.15 9685.25 6456.73 6788.44 7815.73 8606.64 8194.74 8776.09 8216.10 12271.51 9708.89 12521.75 21240.18 14969.39 19863.25 28856.71 13379.50 20502.51 21291.91 18196.73 27365.09 32379.27 36203.11 29690.62
4. Copper concentrates 2767.06 1920.35 1563.01 1834.71 2241.88 4556.46 5151.60 5032.27 4781.28 3571.75 2956.06 2958.73 3445.74 1363.24 1296.71 1037.91 1664.35 1255.13 527.17 660.10 667.75 799.17 2032.75 4319.48
5. Centrifugal and refined sugar 3322.70 4107.88 3144.63 1773.56 1234.06 1265.68 1934.57 2698.47 3160.04 2245.10 2766.22 1611.45 1697.16 3565.39 2446.07 3271.26 2448.20 2285.40 1160.49 1846.79 3161.97 3743.30 3623.57 4242.66
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Imports, by SITC section
Food and live animals 6600.94 7965.28 8987.33 9357.04 10551.23 16622.62 21714.96 29488.64 24510.91 28446.44 34387.91 39784.30 54206.17 66169.44 75444.99 101150.05 88108.21 99550.70 117926.39 127473.72 125492.07 146061.82 162210.08 163268.99
Beverage and tobacco 844.57 601.15 1469.98 1528.93 2303.58 2046.19 2021.51 2187.95 2995.17 3393.16 3688.29 6260.88 4345.75 3014.85 6041.49 5892.92 6978.70 8261.83 10312.20 12508.88 14648.27 14091.98 14049.87 12942.00
Crude materials excluding fuels 2333.67 2621.70 3126.03 5279.90 6684.50 9619.18 12759.44 14464.75 18300.75 17348.50 21017.85 25809.60 31808.84 35811.19 36278.43 35856.89 44668.22 41888.37 47832.61 45808.08 48853.39 59488.87 58367.99 53684.23
Mineral fuels, etc. 24403.49 28471.28 28134.24 18754.84 26881.98 24490.95 32496.37 47308.23 52786.39 55081.49 58633.01 57087.57 67449.13 83236.12 96487.07 90878.84 100290.32 180203.95 182385.52 175843.09 215592.18 278780.87 359390.02 431182.23
Animal, vegetable oil, and fats 322.27 601.15 279.11 305.79 308.52 421.89 565.15 656.38 659.49 943.96 705.11 1083.11 1080.01 1651.61 1915.60 2639.65 4328.74 3273.74 2622.67 2882.16 3662.46 6273.29 8437.23 8259.93
Chemicals 9512.47 11388.51 11927.28 15860.07 20752.81 23794.82 28627.23 35955.23 39569.18 41279.23 49168.20 57880.09 67269.13 73064.27 92037.00 99680.94 105266.79 127384.95 138061.71 141833.10 168402.19 189605.10 193850.05 198179.43
Basic manufactures 11234.94 10419.99 10215.41 14269.99 21184.73 28077.05 41886.62 46943.58 50423.23 59469.64 76315.12 83029.26 101803.71 114538.14 129140.61 124350.77 135477.72 156007.86 171551.60 174367.32 190149.23 208839.36 223931.60 214637.47
Machines, transport equipment 18702.67 18852.83 14141.55 17103.60 24537.27 36409.45 57884.83 82047.94 88893.27 112816.28 166678.29 200374.46 238013.41 321514.25 442856.21 518146.35 486161.67 576782.15 607582.97 732667.34 859078.91 904663.79 927999.03 924449.33
Miscellaneous manufactured goods 2100.30 1803.46 2084.02 2425.90 3146.86 4240.03 6151.49 7900.91 10139.60 11582.68 16895.64 20499.75 25765.93 31302.02 40315.92 44207.77 46149.69 50427.54 50289.20 50801.92 60839.54 69055.73 66085.78 67989.44
Unclassified goods 12612.91 24613.88 20951.82 25074.41 31468.58 38455.64 38713.06 50103.94 64986.89 64189.45 81630.60 106249.98 140812.60 179449.20 216491.76 266547.44 255626.35 250243.12 453075.17 656307.58 621027.56 706698.56 711717.73 682057.63
CYL BRYAN A. BAGADIONG, Philippines | Meiji University Graduate School of Governance Studies 1](https://image.slidesharecdn.com/ecodev-final-120321111234-phpapp01/85/Eco-dev-final-1-320.jpg)
![TERM PAPER FOR ECONOMIC DEVELOPMENT 2 [ANALYSIS OF INTERNATIONAL TRADE AND FINANCE OF THE PHILIPPINES]
Direction of Trade Mn Ph PESOS;
calendar year
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Exports, total
1. United States 19925.07 33931.76 30850.90 34839.16 42369.46 52989.89 63789.39 75449.82 86595.51 98049.13 117741.70 136795.92 159867.56 182621.35 260993.70 414843.13 410141.33 504042.98 458633.56 448475.02 394318.71 403972.59 409243.95 465259.57
2. Japan 10934.90 17266.46 16281.39 17368.62 20156.35 29849.00 34374.42 39431.39 48672.84 44529.77 49123.45 53357.20 70451.04 96160.65 123611.90 173046.09 182168.42 247859.47 257883.86 273152.82 312647.34 447388.38 396794.08 375521.13
3. Netherlands 2467.02 2805.38 2698.06 4362.54 6375.99 6623.74 7102.18 8680.79 9299.23 10364.38 9705.58 13609.75 20518.71 29230.95 49023.63 94839.45 111974.74 131801.47 151776.41 157644.35 158366.32 200788.16 222093.72 122249.14
4. Hong Kong, China 1755.81 3907.50 3479.57 4484.85 5697.25 7256.58 6565.22 8033.92 10761.17 11826.32 14815.76 17185.55 21147.96 22755.57 34526.10 54221.26 76110.97 84288.67 80556.07 121708.64 167699.59 176279.67 183922.22 232886.87
5. Singapore 1544.67 5360.28 4651.83 3139.40 4031.27 4661.93 4724.36 5825.55 6305.05 6437.06 10255.95 18675.32 25562.45 32088.51 47757.56 74926.61 96421.62 138066.60 117666.44 127550.68 131772.02 147413.52 149056.96 253782.05
6. China, People's Republic of 0.00 0.00 0.00 2060.79 1807.70 1409.13 1087.69 1501.51 3510.91 2903.93 4527.16 4330.84 5372.61 8598.88 7202.99 14054.23 22468.71 29312.24 40424.74 69965.71 116247.11 148676.10 224565.96 750189.41
7. Malaysia 1800.26 2972.37 3237.67 1977.41 2447.56 2446.99 2167.16 3082.64 3392.21 3261.75 4336.32 5825.52 8076.33 18010.46 18863.93 46684.27 57823.97 60868.57 56685.92 85280.63 133479.96 115993.63 135353.34 135240.89
8. Germany 2311.44 2938.97 3237.67 4912.95 5985.20 6265.13 7244.04 10054.99 13805.08 13310.79 15724.74 17546.41 17966.23 22205.04 31247.19 42329.57 48041.94 58714.64 67467.80 71527.75 66051.60 80459.85 74121.40 90344.98
9. Korea, Republic of 1655.79 1653.17 1395.55 2283.20 2015.63 3375.15 3486.48 5579.36 6262.95 4489.36 5978.29 7696.15 11373.93 9726.17 12854.85 20805.21 40320.30 51816.68 53255.14 69086.38 71197.66 62370.17 76627.79 83073.23
10. Thailand 222.25 150.29 1544.41 1365.84 2570.96 2594.65 3364.17 3803.35 6067.69 2511.14 4524.04 #VALUE! 20541.75 20448.56 25226.12 25941.54 32901.76 53317.01 69245.91 55909.40 66884.16 59608.52 64373.47 93372.01
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Imports, total
1. United States 20347.35 28604.87 25008.21 26358.71 31653.69 38455.64 46350.47 61709.77 71707.06 66984.34 95782.25 109950.76 134361.35 163667.11 224691.98 268283.43 248837.06 283397.51 326974.24 376134.51 401497.94 463768.84 501550.17 421251.92
2. Japan 14913.24 14210.59 13936.87 18082.12 23632.29 31705.33 47256.02 58262.30 69163.91 78751.73 109064.45 143898.72 162072.84 181310.55 234447.97 246581.52 239845.02 287746.90 338239.02 373229.75 414122.43 430043.47 444599.48 480920.70
3. Singapore 3222.68 1987.15 2363.13 2588.98 4874.54 7446.43 11295.56 12353.02 13064.70 14053.59 26553.02 39325.70 32869.56 44278.99 67404.21 71170.59 68091.87 102730.96 105701.54 119258.50 137781.54 191710.82 205327.35 274054.28
4. Korea, Republic of 1789.14 2588.30 3981.96 3424.80 4134.11 7340.96 9665.01 12125.79 17548.27 17777.82 24459.70 30906.80 36726.48 43073.05 67629.66 89504.55 106454.59 121725.21 106144.16 142128.18 130129.11 153576.79 126389.27 136591.48
5. China, People's Republic of 889.02 3807.30 5414.72 2466.67 4463.19 5611.19 5261.54 4416.03 6675.49 4687.79 4942.39 8460.82 16981.21 17119.11 28659.67 49027.84 40644.35 34733.04 49718.80 64593.77 97430.43 149030.83 163746.61 310451.00
6. Hong Kong, China 2944.87 4041.09 3888.93 5279.90 6355.42 8205.84 10875.22 14015.81 16880.49 18390.76 23841.12 30272.26 35342.01 35208.22 48225.56 53148.22 47929.76 54916.76 68073.08 81696.76 86803.33 97439.94 106258.83 141747.03
7. Malaysia 1766.92 5928.04 7256.85 4382.93 4812.84 5210.39 6143.47 6991.41 11086.41 10533.32 9696.03 12859.47 15986.27 20763.15 29971.41 37790.65 38254.45 57760.97 55072.52 66732.23 73661.74 111025.69 98009.77 115908.74
8. Saudi Arabia 9345.78 7180.44 5135.61 4749.87 4566.03 2489.17 5840.15 15082.62 18967.71 22287.08 20069.38 26263.43 44196.80 42732.24 32722.50 24807.74 31682.03 46318.73 45232.99 51600.09 64937.18 71422.85 120193.81 147573.77
9. Thailand 0.00 848.13 1033.82 608.72 909.92 1184.05 1961.56 3644.44 2759.70 3525.04 4862.25 5592.52 10848.79 15074.26 25493.42 32460.90 32119.86 38833.76 47148.73 54293.70 73749.55 88122.18 87185.47 140764.87
10. Germany 4222.83 3389.84 2772.49 4423.70 5800.09 7214.39 9481.98 13692.55 13454.04 17091.36 16706.80 21089.27 25097.12 31669.05 36436.98 33614.37 31294.26 34069.89 40405.21 36533.03 50240.23 67006.35 62326.49 83867.58
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
BALANCE OF PAYMENTS t Mn Ph
PESOS; calendar year
- -
Current account 30559.93 -18635.75 -1916.55 19447.96 -9132.06 -8226.93 -31648.64 -62405.05 -23878.90 -21889.73 -81793.32 -77930.74 -84780.71 103632.24 -128227.02 63220.58 -112341.79 -98327.65 -88931.09 -14397.40 15610.55 91232.96 109289.63 257700.41
- - - - - -
Balance on goods u 27581.72 -11338.42 -8968.72 -4117.91 -20917.35 -22887.75 -56471.95 -97728.21 -88233.78 119781.19 168739.40 207375.02 229990.49 297343.01 -327920.48 -1145.00 -233634.95 -263871.63 -319468.64 -285367.91 -317143.51 -318530.79 -428179.59 -356890.96
Exports 55619.06 90022.69 86133.19 98707.56 117647.24 149223.91 170002.73 199005.75 242910.82 250634.80 308487.73 356183.11 448640.88 538557.34 743486.82 1206179.93 1338524.63 1650446.09 1596731.28 1775318.65 1915490.42 2174011.88 2217907.49 2368565.46
- - - - - - - - - - - - - - - - - - - - - - -
Imports 83200.78 101361.11 -95101.91 102825.47 138564.59 172111.66 226474.68 296733.96 331144.61 370415.99 477227.12 563558.13 678631.37 835900.35 1071407.30 1207324.93 1572159.58 1914317.72 1916199.92 2060686.56 2232633.93 2492542.67 2646087.08 2725456.42
Other goods, services, and income -8223.40 -13743.03 0.00 14575.78 0.00 -1687.58 6781.85 17965.46 41630.08 77047.75 67989.34 104717.78 122529.59 178269.48 167865.11 46577.13 -104797.61 -83832.60 -119271.69 -125345.14 -121794.82 -103561.74 -90009.71 -62192.93
Credit 34749.41 43850.79 61180.80 77282.19 71040.84 75772.16 99684.51 117711.44 154539.65 189889.54 203317.14 278701.46 369620.22 498263.20 672963.43 569107.88 242000.00 296662.24 337825.98 347498.64 364191.97 435317.94 466133.50 502520.94
- - - - - - -
Debit 42972.81 -57593.82 -61180.80 -62706.41 -71040.84 -77459.74 -92902.66 -99745.98 112909.57 112841.79 135327.80 173983.68 247090.63 319993.72 -505098.33 -522530.75 -346797.61 -380494.84 -457097.67 -472843.79 -485986.79 -538879.68 -556143.21 -564713.87
Unrequited transfers v 5245.19 6445.70 7052.17 8990.09 11785.29 16348.39 18041.46 17357.70 22724.80 20843.71 18956.74 24726.50 22680.19 15441.28 31828.36 17788.46 226090.78 249376.58 349809.24 396315.65 454548.87 513325.48 627478.93 676784.30
Credit 0.00 0.00 0.00 0.00 0.00 0.00 18084.93 17430.63 22752.28 21073.33 20231.37 27500.31 29494.53 31066.08 49216.07 30996.89 233322.24 261131.71 363016.32 410145.41 467557.67 527895.86 645106.29 693358.82
Debit 0.00 0.00 0.00 0.00 0.00 0.00 -43.47 -72.93 -27.48 -229.61 -1274.63 -2773.81 -6814.34 -15624.80 -17387.71 -13208.44 -7231.47 -11755.13 -13207.08 -13829.76 -13008.79 -14570.37 -17627.36 -16574.52
v
Capital account 0.00 17149.56 19649.31 -1875.48 4915.68 -17339.84 24671.15 43175.45 51604.81 47198.13 76477.84 120119.01 87249.30 290343.31 194300.33 7646.99 6371.51 6098.52 3161.54 1393.30 2926.98 952.68 2203.42 6978.74
Financial account w 157215.96 142519.85 43292.72 53100.10 36424.62 -92297.72 120582.16 -95341.97
Direct investment 2455.91 2037.24 911.76 2976.31 7445.51 20736.09 12150.82 12835.94 14536.18 17220.94 23431.51 34051.77 34997.43 35077.14 32800.89 65101.66 43545.15 93466.50 17082.52 76218.52 10190.22 6108.35 91717.36 115046.66
Portfolio investment -1211.28 -1753.36 -595.43 -122.31 -740.44 63.28 6173.22 5056.58 54.96 75848.66 30699.61 23458.47 34663.15 106568.45 34745.96 -1185.90 129580.04 -24438.29 52369.40 38496.29 30462.25 -95996.35 191422.11 140806.44
Financial derivatives 312.71 1944.46 -764.89 -1083.68 -3469.01 -1513.08 -2368.68 -7081.37
Other investments -1316.33 -17339.84 -1934.57 461.90 9590.03 16838.25 -4013.73 26470.03 -1440.01 14156.69 14588.00 49276.07 -16221.94 71547.17 -25394.31 -60531.02 -758.85 -896.64 -160188.63 -344113.70
Net errors and omissions x -4856.25 2438.01 20654.10 -795.04 -4566.03 10652.82 10520.56 11669.04 23329.33 9439.63 -2250.94 1347.28 9205.79 -84232.33 -168277.70 -20119.36 89122.92 -72784.55 33094.20 1702.92 -48728.77 -15579.09 -99319.16 24066.41
Change in NFA-commercial banks y 14659.23 1099.14 7373.11 -8108.82 17805.19 14502.98 110474.65 35011.19 -177761.87 -31168.57 -29378.19 -8518.06 -84335.90 -238919.38
Monetization of gold 0.00 2822.08 4112.21 5687.61 7507.21 6623.74 6260.17 5299.69 6732.26 3316.63 3064.54 4068.25 4551.47 5190.79 3094.42 4825.37
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Overall balance z 23536.70 4057.78 42815.40 25319.04 5429.87 12509.16 9803.25 -2260.88 57787.50 38064.65 -4501.89 47603.79 16225.85 107669.52 -99109.96 55573.59 140368.60 -22493.83 -10300.51 41798.92 6233.38 -15691.17 132756.06 193403.60
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Changes in reserves 0.00 -4057.78 -42815.40 -25319.04 -5429.87 -12509.16 -9803.25 2260.88 -57787.50 -38064.65 4501.89 -47603.79 -16225.85 107669.52 99109.96 -55573.59 -140368.60 22493.83 10300.51 -41798.92 -6233.38 15691.17 -132756.06 -193403.60
NOTE: Columns with blanks means no data on that available year.
CYL BRYAN A. BAGADIONG, Philippines | Meiji University Graduate School of Governance Studies 2](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)