BALANCE OF PAYMENTS DEVELOPMENTS 12/19/2014 4:14 PM Department of Economic Statistics T h i r d Q u a r t e r 2 0 1 4 D e v e l o p m e n t s Overall BOP Position Q3 2014 BOP position registers lower surplus. The country’s balance of payments position yielded a surplus of US$712 million in Q3 2014. This was lower by 42.9 percent than the US$1.2 billion surplus recorded in the same quarter a year ago, mainly on account of the net outflows (or net lending of residents to the rest of the world) in the financial account, a reversal of the net inflows in Q3 2013. Meanwhile, the current account surplus improved, buoyed by the narrowing of the trade-in-goods deficit and the sustained increase in net receipts in the secondary income account (Table 1). Balance of Payments ( in million US$) 2014 2013 Current Account 3037 2647 Capital Account 23 31 Financial Account* 1088 -314 Net Unclassified Items -1259 -1745 Overall BOP 712 1247 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. Global growth prospects remain uneven and sub-par. The outlook for the US economy continues to strengthen while economic conditions in the euro area remain fragile. Meanwhile, growth prospects in major emerging markets, including in Asia, remain challenging, with the Chinese economy slowing and Japan’s economy showing signs of moderation. Current Account Current account surplus rises. The current account recorded a surplus of US$3 billion (equivalent to 4.4 percent of GDP) in Q3 2014, from US$2.6 billion (4.1 percent of GDP) in Q3 2013. The higher current account surplus was due to the narrowing of the trade-in-goods deficit and the continued increase in net receipts in secondary income, which more than offset the decrease in net receipts in trade-in-services and primary income. 1 Trade-in-Goods Trade-in-goods deficit narrows. The trade-in-goods posted a lower deficit of US$4.4 billion in Q3 2014 from US$5.2 billion in Q3 2013, as the growth in exports of goods 1 Primary Income account (formerly the Income account) shows the flows for the use of labor and financial resources between resident and non-resident institutional units. Secondary Income account (formerly the Current Transfers account) shows current transfers, in cash or in kind, for nothing in return, between residents and non-residents.
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BALANCE OF PAYMENTS DEVELOPMENTS 12/19/2014 4:14 … · Balance of Payments ( in million US$) 2014 2013 Current Account 3037 2647 Capital Account 23 31 Financial Account* 1088 -314
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BALANCE OF PAYMENTS DEVELOPMENTS 12/19/2014 4:14 PM
Department of Economic Statistics
T h i r d Q u a r t e r 2 0 1 4 D e v e l o p m e n t s
Overall BOP Position
Q3 2014 BOP position registers
lower surplus.
The country’s balance of payments position yielded a surplus of US$712 million in Q3 2014. This was lower by 42.9 percent than the US$1.2 billion surplus recorded in the same quarter a year ago, mainly on account of the net outflows (or net lending of residents to the rest of the world) in the financial account, a reversal of the net inflows in Q3 2013. Meanwhile, the current account surplus improved, buoyed by the narrowing of the trade-in-goods deficit and the sustained increase in net receipts in the secondary income account (Table 1).
Balance of Payments ( in million US$)
2014 2013
Current Account 3037 2647
Capital Account 23 31
Financial Account* 1088 -314
Net Unclassified Items -1259 -1745
Overall BOP 712 1247
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.
Global growth prospects remain uneven and sub-par. The outlook for the US economy continues to strengthen while economic conditions in the euro area remain fragile. Meanwhile, growth prospects in major emerging markets, including in Asia, remain challenging, with the Chinese economy slowing and Japan’s economy showing signs of moderation.
Current Account
Current account surplus rises.
The current account recorded a surplus of US$3 billion (equivalent to 4.4 percent of GDP) in Q3 2014, from US$2.6 billion (4.1 percent of GDP) in Q3 2013. The higher current account surplus was due to the narrowing of the trade-in-goods deficit and the continued increase in net receipts in secondary income, which more than offset the decrease in net receipts in trade-in-services and primary income.1
Trade-in-Goods
Trade-in-goods deficit narrows.
The trade-in-goods posted a lower deficit of US$4.4 billion in Q3 2014 from US$5.2 billion in Q3 2013, as the growth in exports of goods
1 Primary Income account (formerly the Income account) shows the flows for the use of labor and financial resources between resident and
non-resident institutional units. Secondary Income account (formerly the Current Transfers account) shows current transfers, in cash or in kind, for nothing in return, between residents and non-residents.
Balance of Payments T h i r d Q u a r t e r 2 0 1 4
Department of Economic Statistics 2
outpaced that of imports. The narrowing of the trade-in-goods balance during the quarter reflected improving external demand as overall global growth dynamics are seen to remain broadly favorable.
Exports of Goods2
Exports of goods expand.
Exports of goods increased by 15.7 percent to US$13.5 billion in Q3 2014 from US$11.6 billion in Q3 2013, mainly driven by higher shipments of manufactured goods (US$10.8 billion). The continued growth in goods exports was backed by stronger demand from major trading partners such as Japan, U.S., and China. (Table 2.1).
The major commodity groups which contributed to the higher export receipts in Q3 2014 were as follows:
Manufactured products exports, which amounted to US$10.8 billion, increased by 18.7 percent relative to the same quarter in 2013. Manufactured goods exports contributed 14.6 percentage points to the 15.7 percent growth in total goods exports. In particular, machinery and transport equipment grew by 80.8 percent to US$1.7 billion from US$958 million, while shipments of non-consigned electronic products and other electronics increased by 14.8 percent to US$4.3 billion from US$3.7 billion. Exports of chemicals also rose by 43.6 percent to US$1.1 billion.
Coconut products exports expanded by 44.1 percent to US$556 million, due particularly to coconut oil exports which rose by 72 percent, driven by the increase in the world price of coconut oil.
The other major export commodity groups which recorded expansions were other agro-based products (mostly fish) and other mineral products (such as nickel ore, copper ore, and copper concentrates). The improvement in these major commodity exports were partially offset by the declines in the exports of petroleum products by 49.9 percent, due to the decrease in Dubai crude oil price from US$106.20/barrel in Q3 2013 to US$101.50/barrel in Q3 2014.
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. For example, of the total electronics exports, 17 percent are on consignment basis. On 12 September 2013, Republic Act No. 10625 (RA 10625) mandated the reorganization of the Philippine Statistical System (PSS) and the creation of the Philippine Statistics Authority which merged the major statistical agencies engaged in primary data collection and compilation of secondary data, namely: National Statistics Office (NSO), National Statistical Coordination Board (NSCB), Bureau of Agricultural Statistics (BAS), and Bureau of Labor and Employment Statistics (BLES).
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Imports of Goods2
Imports of goods increase.
Imports of goods amounted to US$17.9 billion in Q3 2014, higher by 6.2 percent than the US$16.9 billion posted in Q3 2013. Imports of mineral fuels and lubricants, and consumer goods contributed 3 percentage points and 2.1 percentage points, respectively, to the 6.2 percent growth in total goods imports. Imports of mineral fuels and lubricants rose by 15.2 percent as a result of the increased demand for both coal and petroleum crude, following the decline in world oil prices. Consumer goods imports rose by 17.2 percent to US$2.4 billion in Q3 2014, as both importations of durable and non-durable goods increased (20.3 percent and 14.4 percent, respectively). Durable goods imports were driven by miscellaneous manufactures (US$491 million) and passenger cars and motorized cycles (US$599 million). Meanwhile, rice imports, which increased to US$145 million from US$52 million, contributed largely to the growth in imports of non-durables. Capital goods imports amounting to US$3.4 billion increased across all commodity sub-groups, except for power generating and specialized machines, which slightly declined by 3.8 percent. Meanwhile, raw materials and intermediate goods imports decreased by 13.7 percent. In particular, declines were recorded in unprocessed raw materials (by 40.7 percent) – mainly inedible crude materials (by 62.7 percent) and semi-processed raw materials (9.5 percent) – mainly materials and accessories for the manufacture of non-consigned electronics (by 52.7 percent).
Balance of Payments T h i r d Q u a r t e r 2 0 1 4
The trade-in-services account registered a lower surplus of US$1.5 billion in Q3 2014, compared to the US$2.3 billion surplus in Q3 last year. The lower surplus was attributed largely to increased net payments for transport and travel services. Meanwhile, notable growth in net receipts was recorded in computer services (by 27 percent to US$795 million) and technical, trade-related, and other business services (by 7.5 percent to US$3.5 billion).3, 4
Export revenues in business process outsourcing (BPO) services—which are lodged under telecommunication, computer and information, and technical, trade-related and other business services—totaled US$4.5 billion in Q3 2014, or higher by 5.5 percent than the US$34.3 billion receipts in Q3 2013.
Primary Income
Primary income account continues
to post net receipts.
The primary income account recorded net receipts of US$247 million in Q3 2014, lower by 13.7 percent than the US$287 million in Q3 2013. The 8.3 percent growth in compensation inflows from resident overseas Filipino (OF) workers, which amounted to US$1.9 billion, was partially offset by the 12.5 percent increase in net payments of investment income (US$1.7 billion). The increase in net payments of investment income was mainly due to higher (by 74.9 percent) net dividends paid to foreign direct investors amounting to US$809 million.
Secondary Income
Net receipts of secondary income
increase.
Net receipts in the secondary income account expanded by 8.1 percent to US$5.7 billion in Q3 2014 compared to US$5.3 billion in Q3 2013. The growth was largely due to the 7.6 percent rise in personal transfers amounting to US$5.3 billion. Comprising nearly 98 percent of
3 Include manufacturing services on physical inputs owned by others, mostly electronic products, and business process outsourcing (BPOs).
4 Based on BPM6, financial services consist of: a) explicitly charged and other financial services; and b) financial intermediation services indirectly
measured (FISIM). FISIM refers to margins between interest payable and reference rate on loans and deposits. Government goods and services n.i.e. cover goods and services: a) supplied by and to embassies, military bases and international organizations; b) acquired from the host economy by diplomats, consular staff, and military personnel located abroad and their dependents; and c) services supplied by and to governments and not included in other categories of services.
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personal transfers, OF workers' remittances increased by 6.5 percent to US$5.2 billion. Sustained demand for skilled Filipinos overseas and the continuing efforts of banks and non-bank remittance service providers to expand their international and domestic market coverage and introduce innovations in financial products and services in the remittance market provided support to the remittance inflows (Table 5).
Capital Account
Net receipts in the capital account
decrease.
Net receipts in the capital account fell to US$23 million in Q3 2014 from US$31 million in Q3 2013. The decline was due to lower net receipts of other capital transfers to corporates, households and non-profit institutions serving households (NPISHs) and general government, and higher net payments for the acquisition of nonproduced, nonfinancial assets.
Financial Account
Financial account reverses to net
outflows in Q3 2014
The financial account yielded net outflows (or net lending of residents to the rest of the world) of US$1.1 billion in Q3 2014, a reversal of the US$314 million net inflows (or net borrowing by residents from the rest of the world) in Q3 2013. This was largely due to the substantial growth in net outflows in the other investment account and the reversal to net outflows in the direct investment account. Meanwhile, the higher net inflows in the portfolio investment account partially offset these outflows.
Direct Investments
Direct investments reverse to net
outflows.
The direct investments account recorded net outflows (or net lending of residents to the rest of the world) amounting to US$190 million in Q3 2014, a reversal of the net inflows of US$295 million in Q3 2013.
The turnaround stemmed from the significant rise in residents’ net acquisition of financial assets which more than offset the increase in the net incurrence of liabilities (foreign direct investments in the Philippines or FDI). Residents’ net acquisition of financial assets more than doubled to US$1.6 billion from US$710 million in Q3 2013 due to the significant increase in lending by resident direct investors to their foreign affiliates (from US$417 to US$1 billion) and in net equity capital placements abroad (to US$427 million from US$207). Meanwhile, FDI increased to US$1.4 billion (by 42.2 percent) from US$1 billion. The sustained increase in net FDI inflows during the quarter reflected the continued investor confidence in the country’s solid macroeconomic fundamentals. In particular, non-residents’ net equity capital investments during the period amounted to US$446 million from US$60 million due to the expansion in gross equity capital placements coupled with the decline in equity capital withdrawals. The bulk of equity capital placements came mostly from the United States, Singapore, Taiwan, Japan and Germany and were channeled to the following sectors: manufacturing, real estate, wholesale and retail trade, financial and insurance, and transportation
Balance of Payments T h i r d Q u a r t e r 2 0 1 4
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and storage.
Portfolio Investments
Net inflows of portfolio
investments increase.
The portfolio investments account posted net inflows (or net borrowing of residents from the rest of the world) of US$1.5 billion in Q3 2014, 71 percent higher than the net inflows in Q3 2013. Higher net inflows arising from residents’ net disposal of financial assets and net incurrence of liabilities were recorded during the period, at US$781 million (from US$354 million) and US$683 million (from US$502 million), respectively. The increase in net disposal of financial assets was largely due to non-residents’ higher net redemption of long-term debt securities held by residents.
Meanwhile, the higher net incurrence of liabilities was attributed to increases in non-residents’ net placements in resident-issued debt and equity securities, particularly investments in long-term debt securities issued by the NG and equity securities issued by resident non-bank corporations.
Other Investments
Net outflows of other investments
grow considerably.
The other investment account recorded net outflows (or net lending by residents to the rest of the world) amounting to US$2.4 billion in Q3 2014, more than twice that of the previous period. This is on the back of the increase in residents’ deposits abroad of US$1.2 billion, combined with resident banks’ net repayment of loans to non-resident creditors of US$850 million and non-residents’ withdrawal of deposits in resident banks amounting to US$652 million.
Financial Derivatives
Trading in financial derivatives results in
net loss.
The financial derivatives account recorded a net loss of US$9 million in Q3 2014, a reversal of the US$66 million net gain in Q3 2013. (Table 9).
J a n u a r y – S e p t e m b e r 2 0 1 4 D e v e l o p m e n t s
BOP position for the first nine months of the year reverses to
a deficit.
The BOP position for the first nine months of 2014 registered a deficit of US$3.4 billion, a reversal of the US$3.8 billion surplus recorded in 2013. The deficit reflected the marked increase in net outflows in the financial account and the lower current account surplus during the period. The net outflows in the financial account were due to the large net outflows in other investments and the reversal of portfolio investments to net outflows. Meanwhile, the lower surplus in the current account was due mainly to the narrowing of trade-in-services surplus. (Table 1).
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Balance of Payments ( in million US$)
2014 2013
Current Account 6805 7017
Capital Account 75 88
Financial Account 5592 395
Net Unclassified Items -4720 -2886
Overall BOP -3432 3824
Jan-Sep
Current Account
The current account surplus declines.
The current account posted a slightly lower surplus in the first nine months of 2014 to US$6.8 billion from US$7 billion in 2013. This was due mainly to the lower trade-in-services surplus.
The trade-in-goods deficit slightly widened from US$12.8 billion to US$13 billion (by 1.1 percent). This developed as the increment in imports was higher than that in exports during the comparable period. Exports grew by 11.9 percent to US$37.3 billion in the first three quarters of 2014 from US$33.3 billion last year.
The expansion in exports of goods was mainly due to higher
shipments of manufactured products, which grew by 11.9 percent to US$29.8 billion. The growth in manufactures, which contributed 9.5 percentage points to the 11.9 percent improvement in total goods exports, was mostly due to the increase in shipments of machinery and transport equipment (by 42 percent), and non-consigned electronics and other electronics (by 10.1 percent). Mineral products exports, which rose by 23.2 percent contributed 1.8 percentage points to total exports growth. Exports of fruits and vegetables, and coconut products also posted modest gains.
Meanwhile, goods imports grew by 8.9 percent to US$50.2 billion, on account of the higher purchases of capital goods (by 9.3 percent), consumer goods (by 12.6 percent) and mineral fuels and lubricants (by 6.1 percent). These were partially offset by the decline in raw materials and intermediate goods, particularly materials and accessories for the manufacture of non-consigned electronics (by 29.2 percent) and unprocessed raw materials (by 33 percent).
The trade-in-services surplus was down by 30.3 percent to US$3.1 billion for the first three quarters of 2014, from US$4.4 billion in 2013. The narrowing of the trade-in-services surplus was due primarily to increased net payments for travel services by 67.6 percent. Higher net payments were also recorded for transport services. These were offset by the decrease in net payments for maintenance and repair, insurance and pension services, financial
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Department of Economic Statistics 8
services and charges for the use of intellectual property, combined with the increased net receipts for telecommunications, computer, and information services, other business services and personal, cultural and recreational services.5
The primary income account registered net receipts of US$485 million in January-September 2014, slightly higher than the US$479 million during the same period last year. This was mainly due to the 8.9 percent increase to US$5.5 billion in receipts from compensation of resident OF workers. However, said improvement was partially offset by the increase in net payments of investment income (by 9.7 percent), which was largely due to the rise in payments for dividends and reinvested earnings to foreign direct investors.
Net receipts in the secondary income account increased by 8.4 percent to US$16.2 billion, the bulk of which consisted of non-resident workers' remittances which amounted to US$14.6 billion or a growth of 5.4 percent during the period. Higher net receipts of other current transfers to corporations, households and NPISHs also contributed to the growth in secondary income surplus.
Capital Account
Capital account net receipts decline.
The capital account posted net receipts of US$75 million in the first nine months of the year, 15.2 percent lower than the US$88 million recorded in the same period last year. This was due mainly to the decline in capital transfers to the NG, corporates, households and NPISHs.
Financial Account
Net outflows in the financial account rise significantly.
The financial account registered significantly higher net outflows of US$5.6 billion in the first nine months of 2014. This was considerably higher than the US$395 million net outflows posted in the same period last year. The substantial increase in net outflows was due primarily to the net outflows in other investments, which more than doubled the previous year’s level and the reversal in portfolio investments from net inflows to net outflows.
Direct investment account. The direct investment accounted yielded net inflows of US$934 million, more than threefold the US$252 million net inflows recorded a year ago. The increase was due to the 61.3 percent expansion in residents’ net incurrence of liabilities (or FDI) to US$4.9 billion from US$3 billion. Residents’ borrowings from their non-resident direct investors increased to US$3.1 billion while non-residents’ net placements in domestic equity capital also rose to US$1.1 billion. The equity capital placements mostly came from the United States, Hong Kong, Japan, Singapore, and Taiwan. These were
5 Total BPO receipts for January-September 2014 amounted to US$11.1 billion, 10.9 percent higher than the US$10 billion recorded in the same
period in 2013.
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Department of Economic Statistics 9
channeled mainly to the financial and insurance, manufacturing, real estate, wholesale and retail trade, and transportation and storage sectors.
Meanwhile, residents’ net acquisition of financial assets increased to US$3.9 billion from US$2.8 billion on account mainly of domestic corporations’ higher lending to their foreign affiliates amounting to US$3.1 billion or an increase of 47.7 percent.
Portfolio investment account. The portfolio investment account reversed to net outflows of US$368 million from US$2.1 billion net inflows. This developed due to residents’ net acquisition of foreign financial assets (particularly resident banks’ net placements in foreign-issued debt securities) from a net disposal of assets recorded during the same period last year. The substantial decline (by 81.3 percent) in non-residents’ net placements in resident-issued equity and debt securities also contributed to the net outflows. The decline in foreign portfolio investments was brought about by the redemption of NG-issued short-term debt securities held by non-residents (a reversal of the NG’s net issuances in 2013).
Other investment account. The net outflows in the other investment account increased by 119.9 percent to US$6.2 billion from US$2.8 billion. This was due to the increase in residents’ net lending of US$4 billion, particularly on account of the higher net placements of deposits abroad and increase in resident banks’ lending to non-residents; coupled with residents’ net repayment of liabilities, particularly on loans to non-resident creditors, and non-residents’ net withdrawal of deposit placements in resident banks.
Reserve Assets
Gross international reserves remain
ample.
The country’s gross international reserves (GIR) reached US$79.6 billion as of end-September 2014, a decline of 4 percent (or US$3.6 billion) compared to the end-December 2013 GIR level of US$83.2 billion. At this level, reserves could sufficiently cover 10.8 months’ worth of imports of goods and payments of services and income. It was also equivalent to 8.3 times the country’s short-term external debt based on original maturity and 6.1 times based on residual maturity.6 The decline in reserves was due mainly to payments by the NG of its maturing foreign exchange obligations, revaluation adjustments, and the BSP’s foreign exchange operations. These outflows were partially offset by NG’s foreign currency deposits and the BSP’s income from investments.
6 Residual maturity refers to outstanding short-term debt based on original maturity plus principal payments on medium- and long-term loans of
the public and private sectors falling due in the next 12 months.
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Department of Economic Statistics 10
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
0
10
20
30
40
50
60
70
80
90
JMMJSNJMMJSNJMMJSNJMMJSNJMMJSNJMMJS
Series2
Series1
US$ billion
Gross International Reserves2009 - September 2014
As of end-periods indicated
Months Imports
2009 2010 2011 2012 2013 2014
In terms of asset component, the bulk of international reserves (or 86.7 percent) was held in the form of foreign investments. Meanwhile, 9.5 percent of total GIR were held in gold and the remaining 3.8 percent were aggregated holdings of Special Drawing Rights (SDRs) (1.6 percent), foreign exchange (1.5 percent), and reserve position in the IMF (0.7 percent).
Exchange Rate
The peso stabilizes against the US
dollar in Q3 but depreciates in the
first nine months of 2014.
The peso strengthened to average P43.77/US$1 in Q3 2014, appreciating by 0.82 percent from the previous quarter’s P44.13/US$1.7 However, for the first nine months in 2014, the peso-dollar exchange rate, which averaged P44.26/US$1 depreciated by 5 percent relative to the P42.06/US$1 average for the same period last year. The peso stabilized against the US dollar in Q3 2014 on account of the economy’s continuing solid growth perfromance and credit rating upgrade by Japan-based Rating and Investment Information, Inc. (R&I). In particular, the peso was supported by the sustained inflows of foreign exchange from overseas Filipino remittances, foreign direct investments, and the ample level of the country’s gross international reserves. Nontheless, concerns about the monetary policy path of the US Federal Reserve and its impact on global liquidiy continued to affect the movements of the peso, along with geopolitical developments.
Exchange rate volatility declines in
Q3 and in the first nine months of
2014.
The exchange rate continued to show lower volatility in Q3 2014, with the standard deviation of the peso’s movements at P0.38 compared with P0.42 in the previous quarter and P0.44 in the same quarter last year. A bigger decline was observed in the year-to-date peso-dollar rate volatility, with the standard deviation at P0.59, less than half the P1.36 year-ago level.
7 Dollar rates or the reciprocal of the peso-dollar (reference) rates were used to compute for the year-on-year percent change.
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Department of Economic Statistics 11
Peso lost external price
competitiveness against the basket
of currencies of MTPs and trading
partners in both advanced countries,
as the peso appreciated both in
real and nominal terms in Q3 2014.
On a year-on-year basis, the peso’s average nominal effective exchange rate (NEER) index appreciated against the baskets of currencies of major trading partners (MTPs) and trading partners in advanced (TPI-A) countries by 0.4 percent and 1.6 percent, respectively.8 Meanwhile, the NEER index depreciated against the basket of currencies of developing (TPI-D) countries by 0.5 percent. On a real trade-weighted basis, the peso slightly lost external price competitiveness against the basket of currencies of MTPs and trading partners in advanced countries, due to the combined effects of the nominal appreciation of the peso and the narrowing inflation differential. The real effective exchange rate (REER) index of the peso increased against the basket of currencies in the MTPs and trading partners in advanced countries by 3 percent and 4.3 percent, respectively. Similarly, the peso lost external price competitiveness against the trading partners in developing countries as the nominal depreciation of the peso was offset by the impact of widening inflation differential, which led to the increase in REER by 2 percent.
8 The Trading Partners Index (TPI) measures the average nominal and real effective exchange rates of the peso across the currencies of the
14 major trading partners of the Philippines which includes Australia, Euro Area, U.S., Japan, Hong Kong, Taiwan, Thailand, Indonesia, Malaysia, Singapore, South Korea, China, Saudi Arabia, and the United Arab Emirates. The TPI-Advanced Countries measures the effective exchange rates of the peso across currencies of trading partners in advanced countries comprising of the United States, Japan, Euro Area and Australia. The TPI-Developing Countries measures the effective exchange rates of the peso across 10 currencies of partner developing economies w hich includes China, Singapore, South Korea, Hong Kong, Malaysia, Taiwan, Indonesia, Saudi Arabia, United Arab Emirates, and Thailand.
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NEW EFFECTIVE EXCHANGE RATE INDICES OF THE PESO For periods indicated; December 1980=100
NEER REER
Overall
1/
Trading Partners Overall
1/
Trading Partners
Advanced2/
Developing3/
Advanced2/
Developing3/
2012 Jan 14.43 11.08 24.07 83.64 74.10 115.17
Feb 14.64 11.33 24.30 83.55 74.09 114.98
Mar 14.72 11.51 24.24 83.24 74.33 114.01
Qtr 1 14.59 11.31 24.20 83.48 74.18 114.72
Apr 14.75 11.51 24.35 84.02 74.59 115.53
May 14.76 11.47 24.43 83.84 74.05 115.69
Jun 14.89 11.52 24.71 84.95 74.79 117.50
Qtr 2 14.80 11.50 24.50 84.27 74.48 116.24
Jul 15.17 11.78 25.12 85.95 76.18 118.32
Aug 15.06 11.69 24.93 85.14 75.35 117.32
Sep 15.03 11.66 24.92 84.50 74.41 116.84
Qtr 3 15.09 11.71 24.99 85.19 75.31 117.50
Oct 15.09 11.76 24.94 84.90 75.21 116.92
Nov 15.25 12.00 25.02 85.81 76.96 117.19
Dec 15.31 12.11 25.04 85.65 77.24 116.51
Qtr 4 15.22 11.96 25.00 85.45 76.47 116.87
Jan-Dec 14.92 11.61 24.67 84.60 75.09 116.35
2013 Jan 15.53 12.43 25.14 91.17 84.88 120.98
Feb 15.72 12.65 25.35 90.71 84.77 120.01
Mar 15.82 12.82 25.37 90.76 84.87 120.03
Qtr 1 15.69 12.63 25.29 90.88 84.84 120.34
Apr 15.71 12.81 25.07 90.41 84.80 119.30
May 15.75 12.96 24.97 90.39 85.15 118.89
Jun 15.14 12.27 24.27 87.15 80.87 115.93
Qtr 2 15.53 12.68 24.77 89.32 83.61 118.04
Jul 15.08 12.29 24.09 85.75 80.37 113.22
Aug 14.88 12.02 23.92 84.33 78.11 112.32
Sep 14.89 12.07 23.89 84.35 78.23 112.25
Qtr 3 14.95 12.13 23.97 84.81 78.90 112.59
Oct 14.97 12.11 24.04 85.06 78.90 113.18
Nov 14.94 12.15 23.90 85.09 79.45 112.66
Dec 14.85 12.10 23.72 84.84 79.26 112.29
Qtr 4 14.92 12.12 23.88 85.00 79.20 112.71
Jan-Dec 15.26 12.38 24.45 87.44 81.57 115.85
2014 Jan 14.67 11.94 23.45 87.98 83.80 114.77
Feb 14.63 11.86 23.47 86.45 81.75 113.37
Mar 14.65 11.85 23.53 85.66 80.41 112.96
Qtr 1 14.65 11.88 23.48 86.70 81.99 113.70
Apr 14.67 11.89 23.52 85.87 80.20 113.67
May 14.88 12.07 23.85 87.05 81.03 115.51
Jun 14.94 12.14 23.92 87.71 81.68 116.36
Qtr 2 14.83 12.04 23.76 86.88 80.97 115.18
Jul 15.01 12.23 23.99 87.60 82.15 115.60
Aug 14.96 12.25 23.80 87.15 81.95 114.77
Sep 15.05 12.46 23.74 87.24 82.78 114.11
Qtr 3 15.01 12.31 23.84 87.33 82.29 114.83
Memo Items: % Change, y-o-y
2012 Qtr 1 1.14 1.05 1.22 1.29 2.24 0.65
Qtr 2 2.99 3.25 2.82 3.42 4.81 2.48
Qtr 3 4.63 5.39 4.11 6.10 7.82 4.92
Qtr 4 5.28 8.22 3.28 6.17 10.05 3.57
Jan-Dec 3.49 4.42 2.85 4.34 6.31 3.00
2013 Qtr 1 7.52 11.75 4.47 8.87 14.37 4.90
Qtr 2 4.94 10.27 1.11 5.99 12.26 1.55
Qtr 3 -0.90 3.55 -4.09 -0.45 4.77 -4.17
Qtr 4 -1.98 1.35 -4.46 -0.53 3.58 -3.56
Jan-Dec 2.28 6.62 -0.86 3.36 8.63 -0.43
2014 Qtr 1 -6.64 -5.98 -7.13 -4.60 -3.36 -5.52
Qtr2 -4.51 -5.10 -4.08 -2.74 -3.15 -2.42
Qtr3 0.37 1.55 -0.51 2.97 4.29 1.98
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.
1 PHILIPPINES: BALANCE OF PAYMENTS
for periods indicatedin million U.S. dollars
Growth (%) Growth (%)
Jan Feb Mar Apr May Jun Jul Aug Sep 2014 p 2013 2014 p 2014 p 2013 2014 p
Details may not add up to total due to rounding.p Preliminary
Technical Notes:1. Balance of Payments Statistics from 2005 onwards are based on the IMF's Balance of Payments and International Investment Position Manual, 6th Edition.
2. Financial Account, including Reserve Assets, is calculated as the sum of net acquisitions of financial assets less net incurrence of liabilities.3. Balances in the current and capital accounts are derived by deducting debit entries from credit entries.4. Balances in the financial account are derived by deducting net incurrence of liabilities from net acquisition of financial assets.5. Negative values of Net Acquisition of Financial Assets indicate withdrawal/disposal of financial assets; negative values of Net
Incurrence of Liabilities indicate repayment of liabilities.6. Overall BOP position is calculated as the change in the country's net international reserves (NIR), less non-economic transactions
(revaluation and gold monetization/demonetization). Alternatively, it can be derived by adding the current and capital account balances less financial account plus net unclassified items.
7. Net unclassified items is an offsetting account to the overstatement or understatement in either receipts or payments of the recorded BOP components vis-à-vis the overall BOP position.
8. Data on Deposit-taking corporations, except the central bank, consist of transactions of commercial and thrift banks and offshore banking units (OBUs).
Page 2 of 17
1.1 GOODS
for periods indicatedin million U.S. dollars
Growth (%) Growth (%)Jan Feb Mar Apr May Jun Jul Aug Sep 2014 p 2013 2014 p 2014 p 2013 2014 p