balance of payments ( in million us$) q3 balance of ... · balance of payments developments...

BALANCE OF PAYMENTS DEVELOPMENTS

12/13/2019 5:16 PM

Department of Economic Statistics

T h i r d Q u a r t e r 2 0 1 9 D e v e l o p m e n t s

Overall BOP Position

Q3 2019 BOP position reverses to

a surplus.

The country’s balance of payments position (BOP) recorded a surplus of US$778 million in Q3 2019, a turnaround from the US$1.9 billion deficit posted in the same quarter last year. This positive outcome was a result primarily of the reversal of the current account to a surplus from a deficit in the same quarter last year, due to the combined impact of narrower trade in goods deficit and higher net receipts in the trade in services, and primary and secondary income accounts during the quarter.

Meanwhile, the financial account registered lower net inflows (i.e., net borrowing by residents from the rest of the world) following the reversal of portfolio investments to net outflows, along with the decline in net inflows of direct investments. This developed even as the other investment account posted increased net inflows during the quarter. Investor sentiment remained subdued due to uncertainties in global economic conditions as trade tensions and geopolitical risks continued to persist among major economies.

Balance of Payments ( in million US$)

2018 2019

Current Account -2081 654

Capital Account 15 17

Financial Account* -1793 -848

Net Unclassified Items -1605 -741

Overall BOP** -1879 778

Q3

*Positive balance in the financial account indicates net outflows while a

negative balance indicates net inflows.

**The overall BOP position, therefore, is equal to the current account plus

the capital account minus the financial account plus net unclassified items.

Details may not add up to total due to rounding.

Current Account

Current account reverses to a

surplus.

The current account recorded a surplus of US$654 million in Q3 2019, a reversal of the US$2.1 billion deficit posted in Q3 2018. This developed mainly from the lower deficit in the trade in goods account. Higher net receipts of trade in services and primary and secondary income also contributed to the rebound of the current account in the third quarter of the year.1

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

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

Balance of Payments T h i r d Q u a r t e r 2 0 1 9

Department of Economic Statistics 2

❖ Trade in Goods

Trade in goods account registers a

lower deficit.

The trade in goods account deficit narrowed to US$11.8 billion in Q3 2019 from US$13.5 billion in Q3 2018. The 12.7 percent reduction in the trade in goods deficit was attributed to the 2.4 percent growth in exports of goods coupled with the 5.1 percent decline in imports of goods.

❖ Exports of Goods2

Exports of goods expand.

Exports of goods grew moderately to US$13.9 billion in Q3 2019 from US$13.5 billion in Q3 2018, driven by increased demand from the country’s trading partners, (i.e., South Korea, Japan, China, Hongkong, and the United States). By commodity, the expansion in exports of goods stemmed largely from higher shipments in exports of manufactures, and fruits and vegetables. The growth in exports of manufactures (by 2.4 percent) was boosted by increased shipments of electronic products (i.e., key electronic products, components/devices of semiconductors, electronic data processing), particularly to China and Hong Kong, on the back of increased global demand for Hong Kong-designed smart chips.3 Exports of fruits and vegetables rose by 39.5 percent spurred by increased shipments of bananas, as export volume increased amid stable international market prices. Also contributing to the growth in exports of goods was the increased export shipments of mineral and forest products. This more than offset the declines posted in exports of petroleum and coconut products, sugar and products, and other agro-based products.

Figure 1

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

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

3 Source: https://www.scmp/tech/policy/article/3025109/demand-hong-kong-designed-semiconductors-seen-increasing-rise-greater



❖ Imports of Goods3

Imports of goods registers a downturn.

Imports of goods contracted by 5.1 percent to US$25.6 billion in Q3 2019, from US$27 billion recorded in Q3 2018. This was due mainly to the decline in imports of raw materials and intermediate goods, particularly iron & steel (42.5 percent), metalliferous ores (79.7 percent), and materials and accessories for the manufacture of electronics (14.1 percent). Imports of mineral fuels and lubricant also dropped (13.7 percent) to US$3.2 billion during the quarter owing to lower import volume and decline in world market price of petroleum crude.4 By contrast, imports of capital goods rose by 11.1 percent to US$7.9 billion attributed primarily to higher purchases of telecommunication equipment and electrical machines (12.6 percent) and office and EDP machines (19.5 percent). Imports of consumer goods totaled US$5 billion in Q3 2019, posting a modest increment of 1.9 percent, due to increased purchases of both durable and non-durable goods.

Figure 2

▪ Trade in Services

Net receipts of trade in services

increase.

Net receipts of trade in services rose by 9.5 percent to reach US$4.2 billion in the third quarter of 2019 from US$3.8 billion in Q3 2018. The expansion was buoyed largely by lower net payments of travel and transport services combined with higher net receipts of manufacturing services. Net payments of travel services decreased by 57.6 percent to US$347 million on account of higher receipts boosted by the growth in visitor arrivals (i.e., Korea, China, US, Japan, among others). Net payments of transport services dropped by 21.3 percent to US$528 million due to lower payments for freight, arising from the decline in imports of goods during the quarter. These gains more than negated the lower net receipts of technical, trade-related, and other

4 Based on data from the Department of Energy, the average price of Dubai crude oil in Q3 2019 decreased to US$61.16/barrel from US$74.29/barrel in Q3 2018.



business services,5 and the reversal of telecommunication services to net payments during the quarter.

▪ Primary Income Net receipts of

primary income rise.

The primary income account registered net receipts of US$1.3 billion in Q3 2019, an upturn of 25.4 percent from US$1 billion net receipts in the same quarter a year ago. This was attributed largely to i) increased compensation inflows from resident overseas Filipino (OF) workers (6.6 percent), which amounted to US$2.2 billion; and ii) lower net payments of investment income (12.2 percent), owing to lower dividends paid to portfolio investors abroad (50.8 percent), increased net interest receipts on intercompany borrowings (85.4 percent), and higher interest receipts on reserve assets (25.2 percent) which totaled US$381 million.

▪ Secondary Income

Net receipts of secondary income

improve.

Net receipts in the secondary income account expanded by 6.2 percent to US$7 billion in Q3 2019, on account mainly of the 6 percent increment in non-resident OF workers' remittances totaling US$6.4 billion in the third quarter of the year.

Capital Account

Capital account net receipts increase.

The capital account’s net receipts rose by 11.6 percent to US$17 million in Q3 2019 from US$15 million registered during the same quarter a year ago. This was attributed to the lower gross acquisition of non-produced non-financial assets (from US$4 million to US$1 million).

Financial Account6

Financial account records lower net

inflows.

The financial account continued to post net inflows (or net borrowing by residents from the rest of the world) of US$848 million in Q3 2019, albeit lower than the US$1.8 billion net inflows in Q3 2018. The decline in net inflows during the period was due primarily to the significant drop in net inflows in the direct investment account and the reversal to net outflows in the portfolio investment account, which tempered the expansion in net inflows in the other investments account.

▪ Direct Investments

Net inflows of direct investments

decline.

The direct investment account recorded lower net inflows amounting to US$748 million in Q3 2019 from US$1.4 billion in Q3 2018. This was on account of the 32.4 percent drop in foreign direct investments (FDI) to US$1.5 billion. The decline in FDI reflected the cautiousness of financial markets due to global uncertainties. In particular, non-residents’ net investments in debt instruments (or intercompany borrowings) went down by 41.2 percent to US$1 billion. Non-residents’ net equity capital

5 Comprised largely of earnings from business process outsourcing (BPO) related transactions. Estimates of export revenues in Q3 2019 amounted to US$6.2 billion or a growth of 2.2 percent. 6 Residents’ investments abroad pertain to acquisition of financial assets, while non-residents’ investments in the Philippines refer to incurrence of liabilities.



investments during the period amounted to US$272 million from US$315 million due to the decrease in gross equity capital placements. The bulk of equity capital placements during the quarter came mostly from Japan, US, Taiwan, Germany, and Singapore. Said infusions were channeled to the 1) financial and insurance, 2) manufacturing, and 3) real estate industries. Meanwhile, residents’ net investments abroad declined by 12 percent to US$784 million in Q3 2019 due to the decrease in residents’ net equity capital investments by 28.8 percent (to US$110 million) and net investments in debt instruments by 3.5 percent (to US$683 million).

▪ Portfolio Investments

Portfolio investments reverse

to net outflows.

The portfolio investments account posted net outflows (or net lending by residents to the rest of the world) of US$895 million in Q3 2019, a reversal of the US$224 million net inflows in Q3 2018. This developed as a result of higher net outflows arising from residents’ investments abroad and lower foreign portfolio investments during the period. The increase in net outflows from residents’ investments abroad stemmed mainly from the expansion in local banks’ net placements in debt securities issued by non-residents amounting to US$1.4 billion. Meanwhile, foreign portfolio investments declined due to lower net palcements by non-residents in debt securities issued by the national government (NG) and local banks.

▪ Other Investments

Net inflows in the other investment account expand.

Net inflows in the other investment account expanded by more than four times to reach US$935 million in Q3 2019, from US$228 million in the same period of the previous year. This was on the back of residents’ withdrawal of their currency and deposits abroad amounting to US$747 million (from net placements of US$633 million) and lower net availments of short-term loans of US$381 million (from US$720 million) extended by local banks to non-residents. In addition, local banks’ net availments of short-term loans from non-residents increased to US$1.2 billion from US$95 million in Q3 2018. Net inflows during the period were partly tempered by outflows stemming from resident corporates’ net repayment of trade credits and advances amounting to US$222 million (from net availments of US$1.1 billion) and net withdrawal of nonresidents’ currency and deposits in local banks amounting to US$116 million during the quarter from net placements of US$96 million in the same quarter last year.

▪ Financial Derivatives

Trading in financial derivatives results

in net gains.

Trading in financial derivatives resulted in a net gain of US$60 million in Q3 2019 from a net loss of US$33 million in Q3 2018.



J a n u a r y – S e p t e m b er 2 0 1 9 D e v e l o p m e n t s

BOP position for the first three quarters of 2019 reverses to

surplus.

The BOP position for the first nine months of 2019 posted a surplus of US$5.6 billion, a turnaround from the US$5.1 billion deficit registered in the same period last year. This developed as a result mainly of the increased net inflows (i.e., net borrowing by residents from the rest of the world) in the financial account and the decreased deficit in the current account. Higher net inflows in the financial account resulted from the reversal of the portfolio investment account to net inflows during the period, which more than offset the lower net inflows in the direct and other investment accounts. Meanwhile, the current account registered a lower deficit emanating from the narrowing of the deficit in the trade in goods account, together with higher net receipts of trade in services, and primary and secondary income.

Balance of Payments ( in million US$)

Jan-Sep

2018 2019

Current Account -5837 -992

Capital Account 44 49

Financial Account* -4328 -4456

Net Unclassified Items -3672 2054

Overall BOP** -5136 5567

*Positive balance in the financial account indicates net outflows while a negative balance indicates net inflows. **The overall BOP position, therefore, is equal to the current account plus the capital account minus the financial account plus net unclassified items.

Current Account

Current account deficit declines.

The current account in the first three quarters of 2019 posted a deficit of US$992 million (0.4 percent of GDP), 83 percent lower than the US$5.8 billion deficit in the same period last year. This positive development emanated largely from the lower trade in goods deficit combined with higher net receipts in the trade in services, and in the primary and secondary income accounts.

▪ The trade in goods deficit for the first nine months of 2019 decreased by 4.1 percent to US$35.3 billion as a result of the contraction in imports of goods along with the marginal increment in exports of goods. Exports of goods increased slightly to US$39.8 billion from US$39.5 billion in the same period last year supported by higher shipments of fruits and vegetables (40.4 percent) and mineral products (7 percent). These more than compensated for the decreases posted in the other commodity groups, particularly petroleum and coconut products, other



agro-based products, and manufactures.

▪ Imports of goods dropped to US$75.1 billion in the first nine months of 2019 from US$76.3 billion in the same period in 2018. The 1.6 percent decline was brought about mainly by the lower importation of raw materials and intermediate goods, particularly manufactured goods and materials and accessories for the manufacture of electronics (which dropped by 13.1 percent and 17.1 percent, respectively). Imports of mineral fuels and lubricant likewise declined by 6.6 percent owing to the lower purchases of petroleum crude (37.3 percent) due to the decline in both its import volume and international market price.7 Import volume of petroleum crude in January-September 2019 dropped by 33.2 percent to 41 million barrels from 61 million barrels in the same period in 2018. The declines registered in these commodity groups were tempered by increments recorded in imports of capital goods (10.1 percent) and consumer goods (4.2 percent) during the period January to September 2019.

▪ Net receipts in the trade in services account totaled US$10.2 billion in the first nine months of the year, higher than the US$8.8 billion net receipts recorded in the same period last year. The 17.1 percent upturn was on account largely of lower net payments of travel and transport services, and charges for the use of intellectual property, along with higher net receipts in technical, trade-related and other business services,8 and manufacturing services. These gains more than negated the i) reversal of the telecommunication services to net payments; ii) increased net payments in financial, and insurance and pension services; and iii) lower net receipts in computer services.

▪ The primary income account recorded net receipts of US$3.8 billion, 52.7 percent higher than the US$2.5 billion net receipts in the first three quarters of 2018. This expansion was on account of the lower net payments of investment income, particularly lower net dividends paid to foreign direct investors (by 25.3 percent) coupled with the 8.5 percent increment in compensation inflows from resident overseas Filipino (OF) workers amounting to US$6.6 billion. Moreover, higher interest receipts on intercompany borrowings and on reserve assets also contributed to the rise in the primary income account in the first nine months of the year.

▪ Net receipts in the secondary income account posted a modest improvement in the first three quarters of 2019 to reach US$20.3 billion, on account mainly to the 3.2 percent growth in

7 Based on data from the Department of Energy, the average price of Dubai crude oil in January-September 2019 decreased to US$64.01/barrel from US$70.09/barrel in the same period in 2018. 8 Estimated earnings from BPO services in January-September 2019 amounted to US$16.4 billion or a growth of 6 percent from the same period

in 2018.



remittances of non-resident OF workers amounting to US$18.8 billion.

Capital Account

Capital account posts higher net

receipts.

The capital account recorded increased net receipts of US$49 million in the first nine months of 2019 from US$44 million in the same period a year ago. This developed on account of the lower gross acquisition of non-produced nonfinancial assets of US$2 million from US$10 million last year.

Financial Account

The financial account’s net

inflows increase.

The financial account registered net inflows of US$4.5 billion during the period January to September 2019, or up by 3 percent from the net inflows recorded in the same period in the previous year. This was mainly on account of the reversal in portfolio investment to net inflows from net outflows, which was partly tempered by lower net inflows in the direct and other investment accounts.

Direct investment account. The direct investment account registered lower net inflows of US$2.5 billion during the period, due mainly to the 36.9 percent drop in FDI percent to US$5.1 billion. In particular, non-residents’ net investments in debt instruments and equity capital declined by 32.6 percent (to US$3.7 billion) and 66.7 percent (to US$632 million), respectively. Net equity capital placements by non-residents decreased during the period as placements dropped by 45.7 percent to US$1.2 billion and as withdrawals increased by 58.7 percent to US$607 million. Gross placements of equity capital were sourced mainly from Japan, US, Singapore, China, and South Korea during the period. These were channelled to 1) financial and insurance, 2) real estate, 3) manufacturing, 4) transportation and storage, 5) administration and support services industries.

Residents’ investments abroad were lower at US$2.6 billion from US$3 billion on account of the 12.7 percent decrease in residents’ investments in debt instruments issued by their foreign affiliates. This was partly mitigated by the 4.2 percent increase in residents’ net equity capital placements in their foreign affiliates.

Portfolio investment account. The portfolio investment account registered net inflows of US$976 million, a reversal from the US$2.4 billion net outflows recorded in the same period last year. This positive development was on account of net inflows of foreign portfolio investments which surged by 490.1 percent to reach US$4.9 billion. In particular, non-residents’ net investments in equity securities issued by resident corporates reached US$2.2 billion, a reversal of the US$966 million net withdrawals recorded in the same period last year. Likewise, non-residents’ net investments in debt securities issued by local corporates reversed to net inflows of US$446 million from net outflows of US$209 million last year, while non-residents’ net investments in



long-term debt securities issued by the NG increased to US$1.5 billion.9 Meanwhile, residents’ investments in portfolio assets increased by 22.3 percent to US$4 billion. This developed mainly on account of the increase in local banks’ net placements in short-term debt securities (by 379 percent to US$1.5 billion) and other sectors’ net investments in equity securities (by 465.3 percent to US$329 million) issued by non-residents.

Other investment account. The other investment account registered a 49 percent drop in net inflows to US$837 million in the first three quarters of 2019. This resulted mainly from the 114.5 percent increase in loans extended by local banks to non-residents to US$2.4 billion and reversal to net repayment of trade credits and advances extended by non-residents amounting to US$625 million from net availment of US$1.2 billion during the period.

Financial derivatives. Trading in financial derivatives posted a higher net gain of US$142 million from US$19 million in the same period last year.

Gross International Reserves

Gross international reserves remain

sufficient.

The country’s gross international reserves (GIR) amounted to US$85.6 billion as of end-September 2019, higher than the US$74.9 billion level registered in end-September 2018. At this level, reserves sufficiently covered 7.5 months’ worth of imports of goods and services and payments of primary income. It was also equivalent to 5.4 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity. The year-on-year increase in reserves reflected the inflows from the BSP’s foreign exchange operations, the NG’s net foreign currency deposits, as well as income from the BSP’s investments abroad, and revaluation adjustments on its foreign currency-denominated reserves. This was partially offset by the NG’s payments for servicing its foreign exchange obligations.

Figure 3

By asset component, the bulk of international reserves was held in the

9 Bond issuances of the National Government include Global bonds due 2029 issued in January 2019; Euro Denominated bonds due 2027 and Panda bonds due 2022 issued in May 2019; and Samurai bonds issued in August 2019.



form of foreign investments (85.3 percent), gold (9.4 percent), and the rest in aggregated holdings of foreign exchange (3.4 percent) and Special Drawing Rights (1.4 percent), and reserve position in the Fund (0.7 percent).

Exchange Rate

The peso shows a minimal

appreciation in Q3 2019.

On a quarter-on-quarter basis, the peso posted a minimal appreciation of 0.56 percent against the US dollar to average P51.77/US$1 in Q3 2019 from an average of P52.06/US$1 in Q2 2019. The peso’s appreciation stemmed from market expectation of a US Federal Reserve rate cut. On a year-on-year basis, the peso also appreciated by 3.44 percent from P53.55/US$1 in Q3 2018.

Exchange rate volatility increases

in the third quarter of 2019.

The exchange rate volatility in Q3 2019 increased with a higher standard deviation of P0.53 compared to P0.34 in Q3 2018.

Figure 4

Peso registers loss of external

competitiveness in Q3 2019 against

baskets of currencies in the MTPs, TPI-D and

TPI-A.

For the third quarter and the first nine months 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 tables below. As such, the peso’s external competitiveness weakened against these trade baskets of currencies for the said periods.

Peso Exchange

Rate Indices

Q3 2019 % Change , y-o-y

Jan - Sep 2019 % Change , y-o-y

MTPs TPI-A TPI-D MTPs TPI-A TPI-D

NEER 4.2 3.6 4.5 3.3 2.7 3.7

REER 4.4 4.3 4.5 4.8 4.4 5.1 Note: A positive % change indicates that the peso appreciated.



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

NEER REER

Overall 1/

Trading Partners Overall 1/

Trading Partners

Advanced 2/ Developing 3/ Advanced 2/ Developing 3/

2017 Jan 14.70 11.99 23.43 88.03 85.16 113.72

Feb 14.48 11.83 23.08 85.70 82.74 110.85

Mar 14.37 11.75 22.87 84.54 81.32 109.62

Qtr 1 14.52 11.86 23.13 86.09 83.07 111.40

April 14.41 11.73 23.01 85.30 81.20 111.30

May 14.39 11.73 22.96 84.90 80.57 111.00

Jun 14.29 11.61 22.83 84.34 79.81 110.46

Qtr 2 14.36 11.69 22.93 84.85 80.53 110.92

Jul 14.04 11.41 22.44 81.93 77.91 106.97

Aug 13.82 11.17 22.17 80.28 75.61 105.43

Sep 13.73 11.15 21.96 79.81 75.22 104.77

Qtr 3 13.86 11.24 22.19 80.67 76.25 105.72

Oct 13.75 11.20 21.94 80.30 75.96 105.19

Nov 13.78 11.28 21.92 80.71 76.72 105.41

Dec 13.89 11.41 22.07 81.09 77.16 105.84

Qtr 4 13.81 11.30 21.97 80.70 76.61 105.48

Jan-Dec 14.13 11.51 22.54 83.05 79.07 108.35

2018 Jan 13.61 11.19 21.62 83.06 80.89 107.01

Feb 13.17 10.77 20.97 79.35 76.98 102.44

Mar 13.06 10.65 20.84 78.86 75.67 102.44

Qtr 1 13.28 10.87 21.15 80.42 r/ 77.85 103.96 r/

April 13.07 10.71 20.80 79.63 76.42 103.43

May 13.25 10.90 21.03 80.41 77.00 104.57

Jun 13.13 10.77 20.88 80.19 76.51 104.50

Qtr 2 13.15 10.80 20.90 80.08 76.64 r/ 104.17

July 13.25 10.74 21.20 80.28 76.15 104.97

Aug 13.36 10.80 21.42 81.06 76.36 106.40

Sep 13.21 10.68 21.19 80.45 75.56 105.75

Qtr 3 13.28 10.74 21.27 80.60 76.02 r/ 105.70

Oct 13.29 10.74 21.30 81.26 76.23 106.88

Nov 13.60 11.04 21.75 83.10 78.34 109.03

Dec 13.56 11.02 21.66 82.13 77.53 107.68

Qtr 4 13.48 10.93 21.57 82.16 77.37 107.86

Jan-Dec 13.29 10.83 21.21 80.80 r/ 76.96 r/ 105.40 r/

2019 Jan 13.49 10.94 21.57 85.04 r/ 81.78 r/ 110.33 r/

Feb 13.53 11.07 21.54 83.78 81.27 r/ 108.19

Mar 13.52 11.06 21.51 83.22 80.23 r/ 107.82 r/

Qtr 1 13.51 11.02 21.54 84.01 81.09 108.78 r/

April 13.63 11.17 21.68 84.22 r/ 80.84 r/ 109.39 r/

May 13.71 11.10 21.95 84.58 r/ 79.92 r/ 110.81 r/

Jun 13.76 11.09 22.08 84.97 80.00 r/ 111.55 r/

Qtr 2 13.70 11.12 21.91 84.59 80.25 110.58

July 13.90 11.26 22.27 85.01 80.82 111.01

Aug 13.78 11.03 22.22 83.86 78.53 110.44

Sep 13.79 11.09 22.18 83.62 78.47 109.97

Qtr 3 13.83 11.13 22.22 84.16 79.27 110.47

Memo Items: % Change, y-o-y

2017 Qtr 1 -5.12 -5.40 -4.88 -3.89 -4.02 -3.66

Qtr 2 -5.50 -5.10 -5.74 -4.17 -3.54 -4.57

Qtr 3 -6.88 -5.86 -7.56 -5.75 -4.52 -6.58

Qtr 4 -5.78 -4.61 -6.50 -4.27 -2.99 -5.11

Jan-Dec -5.82 -5.23 -6.19 -4.53 -3.75 -5.01

2018 Qtr 1 -8.49 -8.32 -8.57 -6.58 -6.29 -6.67

Qtr 2 -8.43 -7.65 -8.86 -5.62 -4.82 -6.08

Qtr 3 -4.24 -4.43 -4.16 -0.09 -0.30 -0.01

Qtr 4 -2.35 -3.21 -1.84 1.81 0.98 2.26

Jan-Dec -5.90 -5.91 -5.90 -2.71 -2.67 -2.72

2019 Qtr 1 1.71 1.41 1.88 4.47 4.17 4.63

Qtr 2 4.16 3.00 4.81 5.64 4.71 6.16

Qtr 3 4.15 3.57 4.48 4.43 4.28 4.51

Jan-Sep 3.34 2.66 3.72 4.84 4.38 5.10

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. r/ Revised

1 PHILIPPINES: BALANCE OF PAYMENTSfor periods indicatedin million U.S. dollars

Growth (%) Growth (%)Jan Feb Mar Apr May Jun Jul Aug Sep 2018 2019 p 2019 p 2018 2019 p 2019 p

Current Account -1305 276 -642 -464 -102 590 72 664 -82 -1671 24 -2081 654 131.4 -5837 -992 83.0(Totals as percent of GNI) -1.7 . -2.2 0.6 -2.0 -0.3(Totals as percent of GDP) -2.1 . -2.6 0.8 -2.5 -0.4Export 10431 10311 11136 10815 11622 11321 12199 11908 11215 31878 33758 33682 35322 4.9 96937 100958 4.1Import 11736 10034 11778 11279 11725 10731 12127 11244 11297 33548 33734 35763 34668 -3.1 102774 101951 -0.8

Goods, Services, and Primary Income -3555 -1806 -2953 -2685 -2526 -1438 -2300 -1730 -2266 -8314 -6648 -8626 -6297 27.0 -25576 -21259 16.9Export 8101 8158 8755 8523 9131 9217 9757 9463 8986 25013 26871 26937 28206 4.7 76620 80091 4.5Import 11656 9964 11708 11208 11656 10655 12058 11193 11252 33327 33520 35563 34503 -3.0 102196 101350 -0.8

Goods and Services -4063 -2401 -3155 -3079 -2965 -1821 -2710 -2140 -2718 -9619 -7865 -9640 -7569 21.5 -28060 -25053 10.7(Totals as percent of GNI) -9.8 -7.4 -10.1 -7.2 -9.8 -8.1(Totals as percent of GDP) -12.0 -8.8 -12.2 -8.7 -11.8 -9.8Export 7041 7112 7674 7385 8040 8140 8648 8384 7926 21827 23565 23748 24958 5.1 67868 70350 3.7Import 11104 9512 10830 10464 11004 9962 11358 10525 10644 31446 31430 33388 32527 -2.6 95928 95403 -0.5

Goods -4817 -3393 -4027 -4231 -4051 -3009 -4352 -3641 -3781 -12238 -11291 -13482 -11774 12.7 -36815 -35302 4.1(Totals as percent of GNI) -12.5 -10.6 -14.1 -11.2 -12.8 -11.4(Totals as percent of GDP) -15.2 -12.7 -17.1 -13.5 -15.5 -13.8Credit: Exports 3798 3948 4451 4142 4743 4855 4587 4698 4576 12197 13740 13534 13861 2.4 39505 39798 0.7Debit: Imports 8615 7342 8478 8373 8794 7865 8939 8338 8357 24434 25031 27015 25635 -5.1 76320 75100 -1.6

Services 755 992 872 1151 1086 1188 1642 1500 1063 2619 3426 3841 4205 9.5 8756 10249 17.1Credit: Exports 3244 3163 3224 3243 3297 3285 4060 3687 3350 9630 9824 10214 11097 8.6 28363 30552 7.7Debit: Imports 2489 2171 2352 2091 2211 2097 2419 2186 2288 7012 6399 6373 6892 8.2 19608 20303 3.5

Primary Income 508 595 202 395 439 383 410 410 452 1305 1217 1014 1272 25.4 2484 3794 52.7Credit: Receipts 1060 1046 1081 1139 1091 1077 1109 1079 1060 3186 3307 3189 3248 1.9 8752 9741 11.3Debit: Payments 552 451 878 744 652 694 700 669 608 1881 2090 2174 1976 -9.1 6268 5948 -5.1

Secondary Income 2250 2083 2311 2221 2424 2028 2372 2395 2184 6643 6672 6545 6951 6.2 19738 20267 2.7Credit: Receipts 2331 2153 2381 2291 2492 2104 2442 2445 2229 6864 6887 6745 7116 5.5 20317 20867 2.7Debit: Payments 81 70 70 71 68 75 69 51 45 221 214 200 165 -17.6 579 600 3.7

Capital Account 7 5 3 6 5 7 5 6 6 15 18 15 17 11.6 44 49 10.4Credit: Receipts 8 6 6 8 7 8 7 6 6 20 22 27 20 -28.8 77 61 -20.7Debit: Payments 1 1 3 1 2 1 1 1 1 6 4 13 3 -76.5 33 12 -62.7

Financial Account -3586 234 72 59 -649 262 -741 191 -298 -3279 -329 -1793 -848 52.7 -4328 -4456 -3.0Net Acquisition of Financial Assets -48 802 938 840 77 1691 112 396 1771 1693 2608 3540 2278 -35.6 5065 6580 29.9Net Incurrence of Liabilities 3538 568 866 781 726 1429 853 205 2069 4972 2937 5333 3126 -41.4 9394 11036 17.5

Direct Investment -308 -507 -260 -707 113 -83 -419 -293 -36 -1075 -677 -1374 -748 45.5 -5076 -2500 50.7Net Acquisition of Financial Assets 276 235 346 256 371 349 132 123 529 858 976 892 784 -12.0 3032 2618 -13.7Net Incurrence of Liabilities 585 742 606 963 258 432 551 416 566 1933 1653 2266 1533 -32.4 8108 5118 -36.9

Jan-SepQ3Q1

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Page 1 of 18

1 PHILIPPINES: BALANCE OF PAYMENTSfor periods indicatedin million U.S. dollars


Jan-SepQ3Q1

2019 pQ2

Portfolio Investment -1300 588 16 148 -253 -1072 1261 -607 242 -695 -1176 -224 895 499.3 2409 -976 -140.5Net Acquisition of Financial Assets 1028 604 -279 200 250 99 1311 168 592 1353 549 1322 2071 56.6 3248 3973 22.3Net Incurrence of Liabilities 2328 16 -295 52 503 1171 50 775 350 2049 1725 1546 1175 -24.0 839 4949 490.1

Financial Derivatives -7 -25 -9 -12 -30 1 -10 -43 -7 -40 -42 33 -60 -280.8 -19 -142 -639.9Net Acquisition of Financial Assets -88 -67 -80 -79 -73 -81 -75 -95 -65 -235 -233 -155 -235 -51.4 -426 -703 -65.0Net Incurrence of Liabilities -81 -43 -71 -67 -44 -81 -65 -52 -58 -195 -192 -189 -175 7.4 -407 -561 -37.9

Other Investment -1971 178 324 630 -480 1416 -1573 1134 -496 -1469 1566 -228 -935 -310.9 -1643 -837 49.0Net Acquisition of Financial Assets -1265 30 952 464 -471 1324 -1256 200 714 -283 1317 1482 -342 -123.1 -789 692 187.7Net Incurrence of Liabilities 707 -148 627 -166 9 -92 317 -934 1210 1186 -250 1709 593 -65.3 854 1529 79.1

NET UNCLASSIFIED ITEMS 416 420 1339 984 376 -740 -571 14 -184 2174 620 -1605 -741 53.9 -3672 2054 155.9

OVERALL BOP POSITION 2704 467 627 467 928 -404 248 493 38 3797 991 -1879 778 141.4 -5136 5567 208.4(Totals as percent of GNI) 3.9 0.9 -2.0 0.7 -1.8 1.8(Totals as percent of GDP) 4.7 1.1 -2.4 0.9 -2.2 2.2

Debit: Change in Reserve Assets 2708 468 632 472 929 -421 252 494 43 3808 980 -1868 789 142.2 -5125 5577 208.8Credit: Change in Reserve Liabilities 5 1 5 5 1 -17 5 1 4 11 -11 11 10 -3.8 11 10 -6.9

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

corporations, except the central bank -508 527 26 689 263 874 260 764 -941 44 1826 352 82 -76.7 1413 1953 38.2Change in Commercial Banks' (KBs) NFA -530 556 39 678 295 858 282 765 -912 65 1831 395 135 -65.7 1395 2032 45.6Change in Thrift Banks' (TBs) NFA 22 -9 -4 -6 -8 20 6 9 -6 9 6 -17 8 145.8 -3 23 765.8Change in Offshore Banking Units' (OBUs) NFA -1 -20 -10 18 -24 -4 -28 -10 -23 -30 -10 -26 -61 -138.3 21 -101 -586.6

Personal Remittances 2745 2557 2796 2713 2896 2545 2867 2875 2648 8098 8154 7926 8391 5.9 23713 24643 3.9of which: OF Cash Remittances channeled thru the

banking system 2484 2301 2514 2441 2609 2290 2581 2589 2379 7299 7340 7114 7549 6.1 21294 22187 4.2

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

Technical Notes:1. Balance of Payments Statistics from 2005 onwards are based on the IMF's Balance of Payments and International Investment Position Manual, 6th Edition.2. Financial Account, including Reserve Assets, is calculated as the sum of net acquisitions of financial assets less net incurrence of liabilities.3. Balances in the current and capital accounts are derived by deducting debit entries from credit entries.4. Balances in the financial account are derived by deducting net incurrence of liabilities from net acquisition of financial assets.5. Negative values of Net Acquisition of Financial Assets indicate withdrawal/disposal of financial assets; negative values of Net

Incurrence of Liabilities indicate repayment of liabilities.6. Overall BOP position is calculated as the change in the country's net international reserves (NIR), less non-economic transactions

(revaluation and gold monetization/demonetization). Alternatively, it can be derived by adding the current and capital account balances less financial account plus net unclassified items.

7. Net unclassified items is an offsetting account to the overstatement or understatement in either receipts or payments of the recorded BOP components vis-à-vis the overall BOP position.

8. Data on Deposit-taking corporations, except the central bank, consist of transactions of commercial and thrift banks and offshore banking units (OBUs).

Page 2 of 18

2 GOODSfor periods indicatedin million U.S. dollars


Goods -4817 -3393 -4027 -4231 -4051 -3009 -4352 -3641 -3781 -12238 -11291 -13482 -11774 12.7 -36815 -35302 4.1Exports 3798 3948 4451 4142 4743 4855 4587 4698 4576 12197 13740 13534 13861 2.4 39505 39798 0.7Imports 8615 7342 8478 8373 8794 7865 8939 8338 8357 24434 25031 27015 25635 -5.1 76320 75100 -1.6 General Merchandise on a BOP basis -4915 -3446 -4203 -4325 -4149 -3075 -4507 -3726 -3850 -12564 -11548 -13750 -12082 12.1 -37663 -36195 3.9

General Merchandise Exports, fob 3700 3896 4274 4048 4645 4790 4433 4612 4507 11871 13483 13266 13552 2.2 38657 38906 0.6

Of which: Re-exports 19 11 15 33 20 13 22 12 14 45 65 62 49 -21.2 196 159 -18.8

General Merchandise Imports, fob 8615 7342 8478 8373 8794 7865 8939 8338 8357 24434 25031 27015 25635 -5.1 76320 75100 -1.6

Net exports of goods under merchanting 49 52 45 52 58 59 43 70 68 147 170 103 181 75.8 373 497 33.1Goods acquired under

merchanting (negative credits) 14 7 14 11 8 5 22 5 9 35 24 36 36 0.2 71 94 32.4Goods sold under merchanting 63 59 60 63 67 64 65 75 77 181 194 138 216 56.3 444 591 33.0

Nonmonetary Gold 48 . 131 42 39 7 112 15 1 179 88 165 128 -22.5 475 395 -16.8Exports 48 . 131 42 39 7 112 15 1 179 88 165 128 -22.5 475 395 -16.8Imports 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

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

Jan-Sep2019 pQ2

Q3Q1

Page 3 of 18

3 SERVICESfor periods indicatedin million U.S. dollars


Services 755 992 872 1151 1086 1188 1642 1500 1063 2619 3426 3841 4205 9.5 8756 10249 17.1Exports 3244 3163 3224 3243 3297 3285 4060 3687 3350 9630 9824 10214 11097 8.6 28363 30552 7.7Imports 2489 2171 2352 2091 2211 2097 2419 2186 2288 7012 6399 6373 6892 8.2 19608 20303 3.5

Manufacturing services on physical inputs owned by others 345 306 341 358 364 390 406 415 357 992 1112 1064 1178 10.7 3221 3282 1.9

Exports 345 306 341 358 364 390 406 415 357 992 1112 1064 1178 10.7 3221 3282 1.9Imports 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Maintenance and repair services n.i.e. -8 -1 -7 -3 -1 -10 -7 -18 4 -16 -14 -13 -21 -64.8 -37 -51 -37.1Exports 10 9 9 9 9 7 8 7 10 27 25 19 26 34.3 59 78 32.1Imports 17 10 16 12 9 18 15 25 7 43 39 32 46 46.4 96 128 34.1

Transport -217 -145 -218 -205 -239 -112 -193 -141 -194 -580 -557 -671 -528 21.3 -1791 -1665 7.0Exports 248 249 231 231 221 235 251 222 198 728 687 643 671 4.5 2036 2086 2.5Imports 466 394 448 436 460 348 445 363 392 1307 1244 1314 1199 -8.7 3826 3751 -2.0

of which: Passenger 75 86 57 67 51 61 79 57 33 218 179 168 169 0.9 647 566 -12.6Exports 155 157 127 140 126 135 151 125 103 439 401 328 379 15.6 1121 1219 8.7Imports 80 71 71 73 75 74 72 68 70 222 222 160 210 31.1 474 653 37.8

of which: Freight -290 -238 -268 -268 -284 -177 -264 -193 -215 -795 -729 -838 -672 19.7 -2396 -2196 8.3Exports 54 55 62 58 62 63 67 66 65 172 183 187 198 5.5 570 553 -3.1Imports 344 293 330 325 346 240 331 259 280 967 912 1025 870 -15.1 2966 2749 -7.3

of which: Other -3 7 -7 -4 -6 3 -8 -5 -12 -2 -7 -1 -25 -2192.8 -42 -35 17.4Exports 39 37 41 33 33 37 33 31 30 116 103 127 95 -25.7 344 314 -8.7Imports 41 30 48 38 39 34 41 36 42 118 110 129 120 -6.9 386 349 -9.7

Travel -342 -8 -180 -112 -117 -139 41 -101 -288 -529 -369 -819 -347 57.6 -2623 -1246 52.5Exports 863 969 832 778 737 769 1091 890 714 2663 2283 1946 2695 38.5 6216 7641 22.9Imports 1205 976 1012 890 854 908 1049 991 1002 3192 2652 2765 3042 10.0 8839 8886 0.5

Construction 3 . 4 -11 . 1 -4 3 1 6 -9 -6 . 98.9 3 -3 -189.6Exports 5 2 6 2 4 3 5 8 3 13 9 6 16 160.5 44 38 -14.3Imports 2 2 2 12 4 3 9 5 2 6 19 12 16 29.1 41 41 0.2

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Page 4 of 18



Jan-SepQ3Q1

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Insurance and pension services -130 -116 -121 -118 -123 -112 -135 -123 -121 -367 -352 -344 -378 -10.1 -1011 -1098 -8.6Exports 5 6 6 10 13 9 9 8 7 17 31 20 23 16.3 65 71 8.8Imports 135 122 128 128 135 120 144 130 128 384 383 364 402 10.4 1076 1169 8.6

Financial Services -24 -20 -53 -24 -20 -50 -34 -29 -62 -96 -94 -103 -125 -21.3 -208 -316 -51.7Exports 22 19 26 30 42 19 24 7 6 67 91 62 37 -40.1 204 194 -4.8Imports 46 38 79 54 62 68 58 36 68 163 185 165 162 -1.6 412 510 23.7

Explicitly charged and other financial services 8 6 -6 -2 13 -14 -7 -13 -27 8 -3 -13 -47 -275.0 53 -42 -179.3Exports 19 15 23 25 38 14 20 4 2 56 77 44 26 -41.7 148 158 6.9Imports 11 8 29 27 25 28 27 16 29 47 80 56 73 28.4 95 200 110.2

Financial intermediation services indirectly measured (FISIM) -32 -26 -47 -23 -33 -36 -27 -17 -35 -105 -91 -91 -78 13.7 -261 -274 -4.9Exports 4 4 4 5 5 5 4 4 4 11 14 18 11 -36.0 56 36 -35.8Imports 35 30 50 27 37 40 31 20 38 116 104 108 90 -17.3 317 310 -2.3

Charges for the use of intellectual property n.i.e -63 -93 -60 -53 -55 -52 -70 -63 -56 -216 -160 -217 -190 12.4 -663 -565 14.8Exports 2 2 10 1 1 2 2 1 1 14 4 26 4 -86.0 39 22 -44.0Imports 65 94 70 53 56 54 72 64 58 230 164 242 193 -20.2 702 587 -16.4

Telecommunications, computer, andinformation services 377 363 314 432 380 422 488 407 381 1055 1233 1384 1276 -7.8 3898 3564 -8.6Exports 462 453 467 517 490 515 600 538 505 1382 1521 1610 1643 2.0 4630 4546 -1.8Imports 84 90 154 85 110 93 111 131 124 327 288 226 367 62.0 732 982 34.1

Telecommunication services 26 3 -44 4 12 -24 7 -44 -24 -16 -7 42 -60 -244.1 225 -83 -136.9Exports 55 32 37 30 55 30 52 31 24 124 115 116 108 -6.9 511 346 -32.2Imports 29 29 82 25 43 54 46 75 48 139 122 74 168 127.7 286 429 50.3

Page 5 of 18



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2019 pQ2

Computer services 355 361 360 426 369 437 482 452 394 1076 1231 1342 1328 -1.0 3692 3635 -1.6Exports 406 419 430 483 434 474 547 507 469 1256 1392 1485 1523 2.5 4093 4170 1.9Imports 52 58 70 58 66 38 65 55 75 180 161 143 195 36.1 401 535 33.6

Information services -3 -1 -2 2 -1 9 -1 -1 10 -6 10 1 9 1452.5 -19 13 165.3Exports . 2 . 4 . 10 . . 12 2 14 10 13 28.7 26 29 11.2Imports 3 3 2 2 1 1 1 1 1 8 5 9 3 -62.1 46 17 -63.2

Other business services 871 749 895 931 950 900 1200 1192 1091 2515 2782 3721 3482 -6.4 8445 8778 3.9Exports 1271 1131 1277 1293 1406 1328 1655 1573 1537 3678 4027 4782 4765 -0.4 11724 12471 6.4Imports 400 382 382 362 456 428 456 381 446 1163 1246 1061 1283 21.0 3279 3692 12.6

Research and development services 6 3 5 4 5 4 3 7 4 13 13 12 14 17.3 32 40 23.1Exports 7 3 6 5 6 4 4 8 5 16 15 14 16 14.5 44 47 7.0Imports 1 1 1 2 1 . 1 1 1 3 2 2 2 1.0 12 8 -35.8

Professional and managementconsulting services -11 -18 -8 -11 -6 -4 -9 -15 -19 -37 -21 -34 -43 -24.7 -125 -101 19.6Exports 18 9 12 13 17 16 16 14 8 39 47 26 38 48.6 64 123 92.2Imports 29 27 20 24 23 20 25 28 28 76 67 60 81 34.9 189 224 18.3

Technical, trade-related, and other business services 877 764 898 939 951 900 1206 1199 1106 2539 2790 3744 3511 -6.2 8538 8839 3.5

Exports 1246 1118 1259 1275 1383 1308 1635 1552 1524 3623 3966 4742 4711 -0.7 11615 12300 5.9Imports 369 354 361 336 432 408 430 353 418 1084 1176 999 1200 20.2 3078 3460 12.4

Personal, cultural, and recreational services -15 -1 -1 -1 -10 -6 -6 2 -7 -17 -17 -32 -11 64.7 -102 -45 56.4Exports 10 17 17 14 9 7 8 16 11 45 29 33 36 8.9 112 110 -2.2Imports 25 18 18 15 19 12 15 15 17 61 46 65 47 -27.6 214 154 -28.0

Audiovisual and related services -3 1 -1 -2 -1 -4 -1 -1 . -2 -7 -7 -2 74.0 -28 -10 62.8Exports 5 7 5 5 4 5 5 6 8 17 15 19 19 -0.5 52 51 -2.4Imports 7 6 6 7 6 9 6 7 8 19 21 26 21 -21.0 80 61 -23.4

Other personal, cultural, and recreational services -13 -2 . 1 -9 -2 -5 3 -7 -15 -10 -25 -9 61.9 -74 -34 54.0

Exports 5 10 12 8 4 1 3 11 3 28 14 14 17 21.7 60 59 -1.9Imports 18 13 12 8 13 4 9 8 10 43 24 39 26 -32.0 135 93 -30.8

Government goods and services n.i.e. -43 -43 -43 -43 -43 -43 -44 -43 -43 -129 -129 -123 -130 -5.9 -376 -388 -3.2Exports 2 2 2 2 2 2 2 2 2 5 5 5 5 1.0 14 14 1.3Imports 44 45 44 45 45 45 45 45 45 133 134 127 135 5.7 390 402 3.2


Page 6 of 18

4 PRIMARY INCOMEfor periods indicatedin million U.S. dollars


Primary Income 508 595 202 395 439 383 410 410 452 1305 1217 1014 1272 25.4 2484 3794 52.7Receipts 1060 1046 1081 1139 1091 1077 1109 1079 1060 3186 3307 3189 3248 1.9 8752 9741 11.3Payments 552 451 878 744 652 694 700 669 608 1881 2090 2174 1976 -9.1 6268 5948 -5.1

Compensation of employees 705 696 702 743 721 723 746 723 711 2102 2187 2048 2180 6.4 5966 6470 8.5Receipts 718 706 713 753 733 733 759 733 723 2137 2219 2078 2215 6.6 6086 6571 8.0Payments 13 10 11 10 11 9 13 10 12 34 31 30 35 16.2 120 101 -15.9

Investment income -197 -102 -499 -348 -283 -340 -336 -313 -259 -798 -971 -1034 -908 12.2 -3482 -2676 23.1Receipts 341 340 368 385 358 344 350 346 337 1050 1088 1110 1033 -6.9 2666 3171 18.9Payments 538 442 867 734 641 684 686 659 596 1847 2058 2144 1941 -9.5 6148 5847 -4.9

Direct investment -121 -77 -350 -237 -158 -295 -257 -265 -245 -548 -690 -836 -767 8.2 -2659 -2006 24.6Receipts 120 132 145 137 132 133 128 142 118 398 402 425 387 -8.9 1048 1187 13.3Payments 241 210 496 374 290 429 385 407 363 946 1092 1261 1155 -8.4 3707 3193 -13.9

fund shares -173 -137 -403 -302 -208 -359 -319 -327 -312 -713 -869 -939 -957 -2.0 -2900 -2539 12.5Receipts -9 3 13 3 1 4 2 26 3 8 8 138 30 -78.1 313 46 -85.2Payments 164 140 416 305 209 363 321 353 314 721 877 1076 988 -8.2 3213 2585 -19.5

Dividends and withdrawals fromincome of quasi-corporations -84 -55 -322 -207 -109 -267 -229 -248 -233 -461 -582 -758 -710 6.3 -2346 -1753 25.3Receipts 5 6 15 6 7 8 4 28 7 26 22 109 39 -64.2 204 86 -57.7Payments 89 61 336 213 116 275 233 276 240 486 604 866 749 -13.5 2550 1840 -27.9

investmententerprises -84 -55 -322 -207 -109 -267 -229 -248 -233 -461 -582 -758 -710 6.3 -2346 -1753 25.3Receipts 5 6 15 6 7 8 4 28 7 26 22 109 39 -64.2 204 86 -57.7Payments 89 61 336 213 116 275 233 276 240 486 604 866 749 -13.5 2550 1840 -27.9

Reinvested earnings -89 -82 -81 -95 -99 -92 -90 -79 -78 -252 -286 -181 -247 -36.6 -554 -786 -41.9Receipts -14 -3 -1 -4 -6 -4 -2 -2 -4 -18 -14 29 -9 -129.9 109 -40 -136.7Payments 76 79 80 92 92 89 87 77 74 234 273 210 238 13.5 663 746 12.5

Interest 52 60 52 65 49 64 61 62 67 164 179 103 190 85.4 240 533 121.8Receipts 128 129 132 134 131 129 126 116 115 390 394 287 357 24.4 735 1141 55.3Payments 76 69 80 69 81 65 64 54 48 225 215 185 167 -9.5 494 608 23.0

investment enterprises 52 60 52 65 49 64 61 62 67 164 179 103 190 85.4 240 533 121.8Receipts 128 129 132 134 131 129 126 116 115 390 394 287 357 24.4 735 1141 55.3Payments 76 69 80 69 81 65 64 54 48 225 215 185 167 -9.5 494 608 23.0

Memorandum: Interest before FISIM 46 59 45 64 38 62 56 61 60 150 164 87 177 102.6 191 491 157.7Receipts 128 129 132 134 131 129 126 116 115 390 394 287 357 24.4 735 1141 55.3Payments 82 70 87 70 93 67 70 55 55 239 230 200 180 -9.8 544 650 19.5

Jan-SepQ3Q1

2019 pQ2

Page 7 of 18



Jan-SepQ3Q1

2019 pQ2

Portfolio investment -228 -163 -262 -227 -236 -125 -225 -185 -100 -653 -588 -530 -511 3.6 -1722 -1752 -1.7Receipts 37 30 31 52 29 19 38 27 46 98 100 228 111 -51.5 321 309 -3.8Payments 265 192 294 279 265 144 263 212 147 751 688 758 622 -18.0 2043 2061 0.9

fund shares -25 -67 -140 -201 -181 -82 -34 -98 -10 -232 -463 -289 -142 50.8 -888 -837 5.7Receipts . . . . . . . . . 1 . 8 . -96.7 9 1 -86.1Payments 25 67 141 201 181 82 34 98 10 233 464 297 142 -52.1 897 839 -6.5

Dividends on equity excludinginvestment fund shares -25 -67 -140 -201 -181 -82 -34 -98 -10 -232 -463 -289 -142 50.8 -888 -837 5.7Receipts . . . . . . . . . 1 . 8 . -96.7 9 1 -86.1Payments 25 67 141 201 181 82 34 98 10 233 464 297 142 -52.1 897 839 -6.5

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

Deposit-taking corporations, except the central bank -25 -23 -8 -10 -42 -10 . 0 -9 -56 -62 -8 -9 -6.4 -96 -126 -32.4Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Payments 25 23 8 10 42 10 . 0 9 56 62 8 9 6.4 96 126 32.4

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

Other Sectors . -43 -133 -191 -139 -72 -34 -98 -1 -176 -402 -280 -133 52.6 -792 -711 10.3Receipts . . . . . . . . . 1 . 8 . -96.7 9 1 -86.1Payments . 44 133 191 139 72 34 98 1 177 402 289 133 -53.9 802 712 -11.2

Interest -204 -96 -122 -26 -55 -44 -191 -87 -90 -421 -125 -241 -369 -53.1 -834 -914 -9.6Receipts 36 29 31 52 29 19 38 27 46 97 100 220 111 -49.7 312 308 -1.3Payments 240 125 153 78 84 63 229 114 137 518 224 461 479 4.0 1146 1222 6.7

Short-term -1 -1 . . 1 . . -1 -1 -2 . -5 -2 54.3 -9 -4 52.7Receipts 1 . . . 1 . . 1 1 2 2 2 2 3.7 6 5 -17.6Payments 2 1 1 1 . . 1 1 2 4 1 7 4 -40.3 15 9 -38.0

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

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

Page 8 of 18



Jan-SepQ3Q1

2019 pQ2

General Government -2 -1 . . . . -1 . -1 -3 -1 -6 -1 77.5 -8 -5 38.5Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Payments 2 1 . . . . 1 . 1 3 1 6 1 -77.5 8 5 -38.5

Other Sectors 1 . . . 1 . . . -1 1 1 . -1 -326.8 -1 1 229.8Receipts 1 . . . 1 . . 1 1 2 2 2 2 3.7 6 5 -17.6Payments . . . . . . . 1 1 1 1 1 3 141.7 7 4 -37.4

Long-term -203 -95 -122 -26 -56 -43 -191 -86 -89 -419 -125 -236 -366 -55.4 -825 -910 -10.3Receipts 35 29 31 52 28 19 37 26 46 95 98 218 109 -50.1 305 302 -1.0Payments 238 124 153 78 83 62 228 112 135 514 223 454 475 4.7 1131 1213 7.3

Central Bank 0 0 0 0 0 -7 0 0 0 0 -7 0 0 -- -7 -7 2.1Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Payments 0 0 0 0 0 7 0 0 0 0 7 0 0 -- 7 7 -2.1

Deposit-taking corporations, except the central bank -4 -8 -47 -3 -12 0 -4 -7 -29 -59 -15 -19 -40 -112.9 -49 -113 -129.2Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Payments 4 8 47 3 12 0 4 7 29 59 15 19 40 112.9 49 113 129.2

General Government -229 -115 -106 -57 -21 -41 -224 -105 -101 -450 -119 -406 -430 -6.0 -927 -999 -7.8Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Payments 229 115 106 57 21 41 224 105 101 450 119 406 430 6.0 927 999 7.8

Other Sectors 30 28 31 35 -23 4 37 26 40 89 16 189 103 -45.2 158 209 32.2Receipts 35 29 31 52 28 19 37 26 46 95 98 218 109 -50.1 305 302 -1.0Payments 5 . . 17 51 15 0 . 5 6 83 30 6 -81.4 147 94 -36.5

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2019 pQ2

Other investment 24 17 -22 -20 -26 -53 15 10 -36 19 -99 27 -11 -141.6 22 -91 -506.1Receipts 57 57 56 61 60 59 53 50 50 169 180 152 153 0.9 420 502 19.5Payments 33 40 78 81 86 111 38 40 87 150 278 125 165 32.1 398 593 49.2

Interest 24 17 -22 -20 -26 -53 15 10 -36 19 -99 27 -11 -141.6 22 -91 -506.1Receipts 57 57 56 61 60 59 53 50 50 169 180 152 153 0.9 420 502 19.5Payments 33 40 78 81 86 111 38 40 87 150 278 125 165 32.1 398 593 49.2

Central Bank 0 -3 0 0 -3 0 0 -3 0 -3 -3 -3 -3 -10.6 -8 -10 -26.7Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Payments 0 3 0 0 3 0 0 3 0 3 3 3 3 10.6 8 10 26.7

Deposit-taking corporations, except the central bank 25 27 24 27 23 22 25 24 22 76 72 72 71 -1.7 196 219 11.4Receipts 35 36 36 40 40 39 36 34 34 107 119 97 103 6.6 265 329 24.2Payments 10 9 12 13 17 17 11 10 12 31 47 25 33 30.5 69 110 60.7

General Government -9 -17 -35 -55 -50 -64 -14 -19 -37 -61 -169 -57 -70 -23.6 -208 -300 -44.1Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Payments 9 17 35 55 50 64 14 19 37 61 169 57 70 23.6 208 300 44.1

Other Sectors 8 10 -11 8 5 -11 4 8 -21 7 1 15 -9 -159.4 42 . -101.0Receipts 21 20 20 21 21 19 17 16 16 62 61 55 50 -9.2 155 173 11.5Payments 13 10 31 13 16 31 13 9 38 55 59 40 59 46.5 113 173 53.0

Memorandum: Interest before FISIM -2 -8 -62 -42 -47 -86 -7 -6 -64 -72 -175 -48 -77 -59.5 -189 -324 -71.5Receipts 39 40 40 46 46 45 40 38 38 119 137 114 116 1.2 321 372 15.9Payments 41 49 101 88 92 132 47 44 102 191 312 163 192 18.4 509 695 36.5

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

Reserve assets 128 121 136 135 137 133 132 127 123 385 406 305 381 25.2 877 1172 33.6Receipts 128 121 136 135 137 133 132 127 123 385 406 305 381 25.2 877 1172 33.6

Interest 128 121 136 135 137 133 132 127 123 385 406 305 381 25.2 877 1172 33.6Receipts 128 121 136 135 137 133 132 127 123 385 406 305 381 25.2 877 1172 33.6

Memorandum: Interest before FISIM 128 121 136 135 137 133 132 127 123 385 406 305 381 25.2 877 1172 33.6Receipts 128 121 136 135 137 133 132 127 123 385 406 305 381 25.2 877 1172 33.6

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


Page 10 of 18

5 SECONDARY INCOMEfor periods indicatedin million U.S. dollars


Secondary Income 2250 2083 2311 2221 2424 2028 2372 2395 2184 6643 6672 6545 6951 6.2 19738 20267 2.7Receipts 2331 2153 2381 2291 2492 2104 2442 2445 2229 6864 6887 6745 7116 5.5 20317 20867 2.7Payments 81 70 70 71 68 75 69 51 45 221 214 200 165 -17.6 579 600 3.7

General government 25 31 37 41 50 40 50 42 43 93 131 132 135 2.6 374 360 -3.6Receipts 42 45 37 45 51 40 52 43 44 124 136 134 138 3.4 405 398 -1.6Payments 17 14 . 3 . . 2 . 1 31 4 2 3 65.6 31 38 22.2

corporations,households, and NPISHs 2225 2051 2274 2179 2373 1988 2322 2352 2141 6550 6541 6413 6816 6.3 19365 19907 2.8Receipts 2289 2108 2343 2247 2441 2063 2390 2402 2185 6740 6751 6611 6977 5.5 19912 20469 2.8Payments 64 57 69 67 68 75 68 50 44 190 210 198 162 -18.4 547 562 2.7

Personal Transfers 2169 1982 2211 2098 2283 1946 2247 2279 2059 6362 6327 6219 6585 5.9 18720 19274 3.0Receipts 2177 1987 2222 2104 2290 1953 2255 2284 2065 6386 6348 6251 6604 5.7 18799 19338 2.9Payments 8 5 10 7 7 7 8 5 6 24 21 32 19 -40.1 80 64 -19.6

Of which: Workers' remittances 2118 1929 2157 2043 2244 1896 2192 2221 2001 6205 6183 6052 6414 6.0 18225 18802 3.2Receipts 2118 1929 2157 2043 2244 1896 2192 2221 2001 6205 6183 6052 6414 6.0 18225 18802 3.2Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Other current transfers 56 70 63 82 90 43 75 73 82 188 214 194 230 18.9 645 633 -1.9Receipts 112 121 122 142 151 111 135 118 120 354 404 360 373 3.7 1113 1131 1.6Payments 56 51 59 61 61 68 60 45 37 166 189 166 142 -14.1 468 498 6.5


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6 CAPITAL ACCOUNTfor periods indicatedin million U.S. dollars


Capital Account 7 5 3 6 5 7 5 6 6 15 18 15 17 11.6 44 49 10.4Receipts 8 6 6 8 7 8 7 6 6 20 22 27 20 -28.8 77 61 -20.7Payments 1 1 3 1 2 1 1 1 1 6 4 13 3 -76.5 33 12 -62.7

Gross acquisitions (-) /disposals (+) of nonproduced nonfinancial assets 2 -1 -3 1 -1 1 . . . -2 1 -4 -1 86.5 -10 -2 84.1Receipts 3 1 . 2 1 2 1 1 1 4 5 8 2 -71.1 22 11 -52.5Payments 1 1 3 1 2 1 1 1 1 6 4 12 3 -76.4 33 12 -62.5

Capital transfers 5 5 6 6 6 6 6 6 6 16 17 19 17 -10.5 55 51 -7.5Receipts 5 5 6 6 6 6 6 6 6 16 17 19 17 -11.0 55 51 -7.7Payments 0 0 0 0 0 0 0 . . 0 0 . . -92.4 . . -95.5

General government 5 5 6 6 6 6 6 6 6 16 17 19 17 -12.9 55 50 -9.4Receipts 5 5 6 6 6 6 6 6 6 16 17 19 17 -12.9 55 50 -9.4Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

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

Other capital transfers 5 5 6 6 6 6 6 6 6 16 17 19 17 -12.9 55 50 -9.4Receipts 5 5 6 6 6 6 6 6 6 16 17 19 17 -12.9 55 50 -9.4Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Financial corporations, nonfinancial NPISHs 0 0 . . 0 . 0 . . . . . . 540.4 . 1 715.2Receipts 0 0 . . 0 . 0 . . . . . . 4153.0 . 1 10185.4Payments 0 0 0 0 0 0 0 . . 0 0 . . -92.4 . . -95.5

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

Other capital transfers 0 0 . . 0 . 0 . . . . . . 540.4 . 1 715.2Receipts 0 0 . . 0 . 0 . . . . . . 4153.0 . 1 10185.4Payments 0 0 0 0 0 0 0 . . 0 0 . . -92.4 . . -95.5


Q3 Jan-Sep2019 pQ2Q1

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7 DIRECT INVESTMENTfor periods indicatedin million U.S. dollars


Direct Investment -308 -507 -260 -707 113 -83 -419 -293 -36 -1075 -677 -1374 -748 45.5 -5076 -2500 50.7

Net Acquisition of Financial Assets 276 235 346 256 371 349 132 123 529 858 976 892 784 -12.0 3032 2618 -13.7

Equity and investment fund shares 221 40 23 56 100 69 3 36 62 285 226 184 101 -44.8 734 612 -16.7

Equity other than reinvestment of earnings 235 43 25 60 107 73 6 38 66 302 239 155 110 -28.8 625 652 4.2investment

enterprises 235 43 25 60 107 73 6 38 66 302 239 155 110 -28.8 625 652 4.2Placements 239 46 25 63 119 118 42 40 71 310 300 178 153 -13.8 704 763 8.4Withdrawals 4 3 1 3 12 46 36 2 5 8 60 23 43 84.5 79 112 42.2

Reinvestment of earnings -14 -3 -1 -4 -6 -4 -2 -2 -4 -18 -14 29 -9 -129.9 109 -40 -136.7

Debt instruments 55 195 323 199 271 280 129 87 467 573 750 708 683 -3.5 2298 2006 -12.7

investment enterprises 11 5 13 18 30 14 28 -7 262 30 62 5 284 5521.1 27 376 1275.3

Direct investment enterprises in direct investor 44 190 309 181 241 266 100 94 204 543 688 703 399 -43.2 2271 1631 -28.2

Net Incurrence of Liabilities 585 742 606 963 258 432 551 416 566 1933 1653 2266 1533 -32.4 8108 5118 -36.9

Equity and investment fund shares 31 312 187 131 93 114 186 153 170 530 338 525 510 -2.9 2562 1378 -46.2

Equity other than reinvestment of earnings -45 233 107 39 1 25 99 77 96 295 65 315 272 -13.8 1900 632 -66.7investment

enterprises -45 233 107 39 1 25 99 77 96 295 65 315 272 -13.8 1900 632 -66.7Placements 185 258 126 144 74 73 168 86 125 568 292 534 379 -29.1 2282 1239 -45.7Withdrawals 229 25 18 104 73 49 69 10 28 273 227 219 107 -51.1 382 607 58.7

Reinvestment of earnings 76 79 80 92 92 89 87 77 74 234 273 210 238 13.5 663 746 12.5

Debt instruments 553 431 419 832 165 318 365 263 395 1403 1315 1741 1023 -41.2 5546 3741 -32.6

investment enterprises 399 422 417 518 306 313 356 253 227 1238 1136 1725 836 -51.5 5214 3210 -38.4

Direct investment enterprises in direct investor 155 9 2 314 -141 5 9 10 168 165 179 16 187 1070.5 332 531 60.2

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

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8 PORTFOLIO INVESTMENTfor periods indicatedin million U.S. dollars


Portfolio Investment -1300 588 16 148 -253 -1072 1261 -607 242 -695 -1176 -224 895 499.3 2409 -976 -140.5

Net Acquisition of Financial Assets 1028 604 -279 200 250 99 1311 168 592 1353 549 1322 2071 56.6 3248 3973 22.3

Equity and investment fund shares 386 -7 -41 -95 15 23 41 20 32 337 -57 143 92 -35.4 16 372 2181.6

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

the central bank . . . . . . 22 -1 23 . . . 44 13074.6 -42 43 203.4Other sectors 386 -7 -41 -95 15 23 18 20 9 338 -57 143 48 -66.3 58 329 465.3

Debt Securities 643 611 -238 295 235 76 1270 148 560 1016 606 1179 1978 67.7 3231 3600 11.4

Central bank 2 2 1 -2 -2 8 -2 -2 7 5 4 5 3 -46.9 -9 12 230.4Deposit-taking corporations, except

the central bank 576 388 -443 130 150 -101 1055 -68 371 522 179 -1 1358 104371.0 1467 2058 40.3Short-term 428 300 -399 214 56 -84 975 -182 214 329 186 -316 1007 418.4 318 1522 379.0Long-term 148 88 -43 -83 93 -17 80 114 156 193 -8 315 351 11.3 1149 536 -53.4

Other sectors 64 221 203 167 87 169 217 218 183 489 423 1175 618 -47.5 1774 1530 -13.7Short-term 26 28 28 -63 -5 -9 32 61 53 82 -77 243 147 -39.5 587 152 -74.1Long-term 39 193 175 230 92 178 185 156 129 407 500 932 471 -49.5 1187 1378 16.1

Net Incurrence of Liabilities 2328 16 -295 52 503 1171 50 775 350 2049 1725 1546 1175 -24.0 839 4949 490.1

Equity and investment fund shares 1150 341 368 518 9 -36 74 -258 -139 1859 491 -355 -323 9.1 -1461 2028 238.7

Deposit-taking corporations, exceptthe central bank 19 -35 -36 -17 -63 -96 59 -7 -31 -52 -176 -170 20 111.9 -495 -208 57.9Placements 338 403 189 171 270 399 355 225 214 931 840 578 793 37.2 2092 2564 22.5Withdrawals 319 438 225 189 333 495 296 232 245 983 1016 748 773 3.3 2588 2772 7.1

Other sectors 1131 377 404 535 72 60 15 -250 -108 1911 668 -185 -343 -85.2 -966 2236 331.4Placements 1887 1289 1339 1251 1441 1255 1137 1183 1207 4515 3947 2633 3527 33.9 9424 11989 27.2Withdrawals 756 912 935 716 1369 1195 1121 1433 1316 2603 3280 2818 3870 37.3 10390 9753 -6.1

Debt Securities 1178 -325 -663 -467 494 1207 -24 1033 490 189 1234 1902 1498 -21.2 2300 2921 27.0

Central bank -3 . -1 -1 . . . 0 -8 -4 -1 -1 -8 -692.1 -1 -13 -1211.1Short-term 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Long-term -3 . -1 -1 . . . 0 -8 -4 -1 -1 -8 -692.1 -1 -13 -1211.1

Deposit-taking corporations, exceptthe central bank -40 38 -70 -212 -27 994 -9 -6 610 -72 755 750 594 -20.7 1549 1277 -17.5Short-term 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Long-term -40 38 -70 -212 -27 994 -9 -6 610 -72 755 750 594 -20.7 1549 1277 -17.5

General government 1270 -356 -568 -158 725 -151 -247 897 -200 346 416 1431 449 -68.6 961 1212 26.0Short-term -18 25 -333 -11 14 11 29 19 -26 -327 13 45 22 -50.0 389 -291 -174.7Long-term 1288 -381 -234 -148 712 -162 -276 878 -174 673 403 1386 427 -69.2 572 1503 162.7

Other sectors -49 -7 -25 -95 -205 364 232 142 88 -81 64 -278 462 266.1 -209 446 313.5Short-term 2 9 10 12 5 116 144 136 84 21 134 19 365 1868.6 19 519 2698.5Long-term -51 -16 -35 -108 -210 248 88 6 4 -101 -70 -297 98 132.9 -227 -73 67.7


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


Financial derivatives (other than reserves) andemployee stock options -7 -25 -9 -12 -30 1 -10 -43 -7 -40 -42 33 -60 -280.8 -19 -142 -639.9

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

except the central bank -2 -20 -20 -13 -28 1 -11 -47 -8 -42 -41 32 -66 -301.7 -20 -148 -630.1General government 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Other sectors -5 -5 11 1 -2 . 1 4 . 2 -1 1 5 449.1 1 6 455.7

Net Acquisition of Financial Assets -88 -67 -80 -79 -73 -81 -75 -95 -65 -235 -233 -155 -235 -51.4 -426 -703 -65.0


except the central bank -70 -59 -79 -78 -68 -50 -61 -80 -57 -208 -196 -155 -199 -28.3 -425 -603 -42.0General government 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Other sectors -18 -8 . -1 -6 -31 -14 -15 -8 -26 -37 -1 -37 -5134.8 -2 -100 -5973.0

Net Incurrence of Liabilities -81 -43 -71 -67 -44 -81 -65 -52 -58 -195 -192 -189 -175 7.4 -407 -561 -37.9


except the central bank -68 -39 -60 -65 -39 -51 -50 -33 -49 -167 -155 -187 -133 28.9 -404 -455 -12.6General government 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Other sectors -13 -4 -12 -1 -4 -31 -15 -19 -8 -28 -36 -2 -42 -2462.5 -3 -106 -3780.2

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

Q3 Jan-Sep2019 pQ2Q1

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10 OTHER INVESTMENTfor periods indicatedin million U.S. dollars


Other Investment -1971 178 324 630 -480 1416 -1573 1134 -496 -1469 1566 -228 -935 -310.9 -1643 -837 49.0

Other equity 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Currency and deposits -760 -407 919 -464 -781 337 -1284 495 158 -247 -908 537 -631 -217.5 -2053 -1786 13.0Loans -1042 689 -531 743 39 1127 -134 -23 -610 -884 1909 152 -768 -605.4 1253 257 -79.4Insurance, pension, and standardized

guarantee schemes 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Trade credit and advances 54 -91 -6 370 222 -28 -208 318 146 -44 564 -1036 256 124.7 -994 777 178.1Other accounts receivable/payable -223 -12 -58 -19 40 -21 53 344 -190 -294 1 119 207 73.6 152 -85 -156.1Other Investment - SDR Allocation (Net incurrence 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

of Liabilities) 1/

Net Acquisition of Financial Assets -1265 30 952 464 -471 1324 -1256 200 714 -283 1317 1482 -342 -123.1 -789 692 187.7

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

Currency and Deposits -828 -415 766 -402 -509 313 -1060 221 92 -478 -599 633 -747 -218.0 -2113 -1824 13.7Central bank 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --except

the central bank -695 -349 643 -127 -461 666 -610 295 264 -401 77 307 -51 -116.6 -1619 -375 76.9General government 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Other sectors -133 -67 123 -275 -48 -353 -449 -74 -173 -77 -676 326 -696 -313.3 -494 -1449 -193.3

Loans -464 409 164 865 28 1001 -213 -194 775 109 1894 739 368 -50.2 1105 2371 114.5Central bank 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --except

the central bank -464 409 164 865 28 1001 -213 -194 775 109 1894 739 368 -50.2 1105 2371 114.5Short-term -519 409 184 882 28 985 -211 -194 786 74 1895 720 381 -47.1 1030 2349 128.1Long-term 54 1 -20 -17 . 16 -2 . -11 35 -1 19 -13 -165.2 76 21 -71.8

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

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

Trade credit and advances 22 34 13 17 10 20 14 1 19 69 48 109 34 -68.4 221 151 -31.4Other sectors 22 34 13 17 10 20 14 1 19 69 48 109 34 -68.4 221 151 -31.4

Short-term 22 34 13 17 10 20 14 1 19 69 48 109 34 -68.4 221 151 -31.4Long-term 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Other accounts receivable - other 6 2 9 -16 . -10 2 172 -172 17 -26 . 3 983.1 -1 -6 -457.0except

the central bank 6 2 9 -16 . -10 2 172 -172 17 -26 . 3 983.1 -1 -6 -457.0

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10 OTHER INVESTMENTfor periods indicatedin million U.S. dollars


Jan-SepQ1

2019 pQ2

Q3

Net Incurrence of Liabilities 707 -148 627 -166 9 -92 317 -934 1210 1186 -250 1709 593 -65.3 854 1529 79.10 0

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

Currency and Deposits -68 -8 -154 61 272 -24 224 -274 -67 -230 309 96 -116 -220.7 -61 -37 38.6except

the central bank -68 -8 -154 61 272 -24 224 -274 -67 -230 309 96 -116 -220.7 -61 -37 38.6

Loans 577 -279 695 122 -11 -126 -78 -171 1385 993 -16 587 1136 93.4 -147 2113 1534.9Central bank 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --except

the central bank -241 -178 522 269 -718 -160 -313 -147 1632 103 -609 95 1172 1137.9 -1685 666 139.5Short-term -241 -178 522 269 -718 -160 -313 -147 1632 103 -609 95 1172 1137.9 -1685 666 139.5Long-term 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

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

General government 696 -55 315 -52 -23 166 12 3 -102 956 91 715 -87 -112.1 930 961 3.4Credit and loans with the IMF 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Other Short-term 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Other Long-term 696 -55 315 -52 -23 166 12 3 -102 956 91 715 -87 -112.1 930 961 3.4

Drawings 714 19 433 35 126 294 43 68 18 1166 455 948 129 -86.4 1753 1751 -0.1Repayments 18 74 118 87 149 128 31 65 120 210 364 233 216 -7.5 823 789 -4.1

Other sectors 122 -46 -142 -95 730 -133 222 -27 -145 -66 502 -222 50 122.7 608 486 -20.1Short-term 150 6 23 -4 -230 -21 -29 -19 -3 179 -255 114 -50 -143.9 146 -126 -186.0Long-term -28 -52 -165 -91 959 -111 250 -8 -142 -246 757 -336 101 129.9 462 612 32.4

Drawings 8 7 16 345 1320 39 292 8 2 31 1703 336 301 -10.5 2323 2036 -12.4Repayments 36 60 181 436 361 150 41 16 144 277 947 672 201 -70.1 1861 1424 -23.5

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

Trade credit and advances -32 125 19 -353 -212 48 222 -317 -126 113 -516 1145 -222 -119.4 1215 -625 -151.5Other sectors -32 125 19 -353 -212 48 222 -317 -126 113 -516 1145 -222 -119.4 1215 -625 -151.5

Short-term -32 116 35 -353 -212 47 222 -320 -99 119 -517 1153 -197 -117.1 1225 -595 -148.6Long-term 0 9 -16 0 . 1 0 3 -27 -6 1 -8 -24 -198.2 -10 -30 -213.6

Other accounts payable - other 229 14 67 3 -40 11 -51 -172 18 310 -27 -119 -205 -71.7 -153 79 151.5except

the central bank 229 14 67 3 -40 11 -51 -172 18 310 -27 -119 -205 -71.7 -153 79 151.5

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


Page 17 of 18

11 OVERALL BOP POSITIONfor periods indicatedin million U.S. dollars

Growth (%) Growth (%)Jan Feb Mar Apr May Jun Jul Aug Sep 2018 2019 2019 2018 2019 2019

Change in Net Reserves 2704 467 627 467 928 -404 248 493 38 3797 991 -1879 778 141.4 -5136 5567 208.4

Change in Reserve Assets 2708 468 632 472 929 -421 252 494 43 3808 980 -1868 789 142.2 -5125 5577 208.8

Monetary gold . . . . . . 0 0 0 . . 61 0 -100.0 61 . -100.0Gold bullion . . . . . . 0 0 0 . . 61 0 -100.0 61 . -100.0Unallocated gold accounts 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --

Special drawing rights 1 -1 1 1 -1 1 1 -1 1 1 1 1 1 -47.2 3 2 -23.9

Reserve position in the Fund . -4 56 . . -2 48 . . 52 -2 -2 48 2534.3 69 98 41.9

Other reserve assets 2707 473 575 471 931 -421 203 495 42 3755 981 -1929 740 138.4 -5259 5477 204.1

Currency and deposits 3390 689 -1489 -2304 -740 -3079 -3246 724 -492 2590 -6123 2528 -3014 -219.2 4222 -6547 -255.1

Securities -1647 981 3505 2729 3374 2331 2848 -496 183 2839 8435 -5576 2535 145.5 -10584 13809 230.5Debt Securities -1647 981 3505 2729 3374 2331 2848 -496 183 2839 8435 -5576 2535 145.5 -10584 13809 230.5

Short-term -130 81 1167 1519 465 -119 -85 -770 -899 1119 1866 290 -1754 -704.4 230 1231 435.4Long-term -1518 899 2338 1210 2909 2450 2933 274 1082 1720 6569 -5866 4290 173.1 -10814 12578 216.3

Equity and investment fund shares 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Financial Derivatives 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Other Claims 964 -1197 -1441 46 -1703 327 601 267 350 -1673 -1331 1119 1218 8.9 1103 -1786 -261.9

Change in Reserve Liabilities 5 1 5 5 1 -17 5 1 4 11 -11 11 10 -3.8 11 10 -6.9

Use of Fund Credit and loans 0 0 0 0 0 0 0 0 0 0 0 0 0 -- 0 0 --Short-term 5 1 5 5 1 -17 5 1 4 11 -11 11 10 -3.8 11 10 -6.9


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balance of payments ( in million us$) q3 balance of ... · balance of payments developments...

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