Philippines: Statistical Appendix

International Monetary Fund

doi:10.5089/9781451831269.002.A001

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Philippines

Statistical Appendix

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International Monetary Fund

International Monetary Fund
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Publication Date:: 22 Jun 1998

eISBN:: 9781451831269

ISBN:: 9781451831269

Language:: English

Keywords:: ISCR; CR; bottom; call loan; privatization revenue; narrow money; Philippine authorities; GNP deflator; gross value; land bank; percent of GNP; capital goods; central bank Certificates; consumer goods; net credit; Commercial banks; Public sector; Total expenditures; Middle East; Southeast Asia; Baltics; operating expenses; operations of the SSS

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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Abstract

Table 1.

Philippines: Gross National Product by Expenditure and Industrial Origin at Constant 1985 Prices, 1992-97

(Annual percentage changes)

Source: Data provided by the Philippine authorities.

^{^1/}Contribution to real GNP growth.

Table 1.

Philippines: Gross National Product by Expenditure and Industrial Origin at Constant 1985 Prices, 1992-97

(Annual percentage changes)

			1992	1993	1994	1995	1996	1997
GNP by expenditure
Consumption			2.9	3.3	3.9	3.8	4.7	4.8
	Private		3.3	3.0	3.7	3.8	4.6	5.0
	Government		−0.9	6.2	6.1	3.6	5.2	3.6
Gross domestic investment			7.8	7.9	8.7	3.5	15.6	10.0
	Fixed investment		6.4	8.7	7.5	5.2	12.0	12.2
		Construction	4.6	10.6	3.7	9.2	15.9	15.8
		Durable equipment	8.8	8.1	11.4	2.2	9.6	9.4
		Breeding stock and orchard development	1.0	1.9	2.6	3.9	6.0	8.5
	Change in stocks ^1/		0.3	−0.1	0.3	−0.4	0.9	−0.4
Domestic demand			3.8	4.2	4.9	3.7	7.0	6.0
Net exports ^1/			−1.2	1.2	0.1	−0.6	−2.5	−0.9
	Exports of goods and nonfactor services		4.3	6.2	19.8	12.0	20.3	8.9
	Imports of goods and nonfactor services		8.7	11.5	14.5	16.0	21.1	8.7
GNP by industrial origin
Agriculture, fishery, and forestry			0.4	2.1	2.6	0.9	3.1	2.8
Industry			−0.5	1.6	5.8	7.2	6.3	5.7
	Mining and quarrying		6.7	0.7	−7.0	5.9	−1.5	−3.2
	Manufacturing		−1.7	0.7	5.0	6.8	5.6	4.0
	Construction		2.8	5.7	8.9	6.5	10.9	16.3
	Electricity, gas, and water		0.7	2.9	13.9	13.0	7.5	4.1
Services			1.0	2.5	4.2	4.9	6.5	5.6
	Transportation, communication, and storage		1.4	2.6	4.2	5.8	7.4	7.9
	Trade		1.6	2.5	4.0	5.6	5.5	4.2
	Finance and housing		0.6	2.0	4.0	4.9	8.3	7.7
	Other private and government		0.4	2.8	4.8	3.8	5.7	4.6
		services
Gross domestic product			0.3	2.1	4.4	4.8	5.7	5.1
Net factor income from abroad ^1/			1.2	0.0	0.9	0.3	1.2	0.7
Gross national product			1.6	2.1	5.2	5.0	6.9	5.8

Source: Data provided by the Philippine authorities.

^{^1/}Contribution to real GNP growth.

Table 1.

Philippines: Gross National Product by Expenditure and Industrial Origin at Constant 1985 Prices, 1992-97

(Annual percentage changes)

			1992	1993	1994	1995	1996	1997
GNP by expenditure
Consumption			2.9	3.3	3.9	3.8	4.7	4.8
	Private		3.3	3.0	3.7	3.8	4.6	5.0
	Government		−0.9	6.2	6.1	3.6	5.2	3.6
Gross domestic investment			7.8	7.9	8.7	3.5	15.6	10.0
	Fixed investment		6.4	8.7	7.5	5.2	12.0	12.2
		Construction	4.6	10.6	3.7	9.2	15.9	15.8
		Durable equipment	8.8	8.1	11.4	2.2	9.6	9.4
		Breeding stock and orchard development	1.0	1.9	2.6	3.9	6.0	8.5
	Change in stocks ^1/		0.3	−0.1	0.3	−0.4	0.9	−0.4
Domestic demand			3.8	4.2	4.9	3.7	7.0	6.0
Net exports ^1/			−1.2	1.2	0.1	−0.6	−2.5	−0.9
	Exports of goods and nonfactor services		4.3	6.2	19.8	12.0	20.3	8.9
	Imports of goods and nonfactor services		8.7	11.5	14.5	16.0	21.1	8.7
GNP by industrial origin
Agriculture, fishery, and forestry			0.4	2.1	2.6	0.9	3.1	2.8
Industry			−0.5	1.6	5.8	7.2	6.3	5.7
	Mining and quarrying		6.7	0.7	−7.0	5.9	−1.5	−3.2
	Manufacturing		−1.7	0.7	5.0	6.8	5.6	4.0
	Construction		2.8	5.7	8.9	6.5	10.9	16.3
	Electricity, gas, and water		0.7	2.9	13.9	13.0	7.5	4.1
Services			1.0	2.5	4.2	4.9	6.5	5.6
	Transportation, communication, and storage		1.4	2.6	4.2	5.8	7.4	7.9
	Trade		1.6	2.5	4.0	5.6	5.5	4.2
	Finance and housing		0.6	2.0	4.0	4.9	8.3	7.7
	Other private and government		0.4	2.8	4.8	3.8	5.7	4.6
		services
Gross domestic product			0.3	2.1	4.4	4.8	5.7	5.1
Net factor income from abroad ^1/			1.2	0.0	0.9	0.3	1.2	0.7
Gross national product			1.6	2.1	5.2	5.0	6.9	5.8

Source: Data provided by the Philippine authorities.

^{^1/}Contribution to real GNP growth.

Table 2.

Philippines: Gross National Product by Expenditure and Industrial Origin at Current Market Prices, 1992-97

(In billions of pesos)

Source: Data provided by the Philippine authorities.

^{^1/}GDP by industrial origin minus domestic demand and net exports.

Table 2.

Philippines: Gross National Product by Expenditure and Industrial Origin at Current Market Prices, 1992-97

(In billions of pesos)

			1992	1993	1994	1995	1996	1997
GNP by expenditure
Consumption			1,150	1,272	1,442	1,628	1,853	2,073
	Private		1,019	1,123	1,259	1,412	1,595	1,760
	Government		131	149	183	217	258	313
Gross domestic investment			288	354	407	424	531	613
	Fixed investment		283	351	400	423	508	600
		Construction	132	149	165	184	231	276
		Durable equipment	126	177	208	210	245	286
		Breeding stock and orchard development	24	25	27	30	33	38
	Change in stocks		6	3	7	0	23	13
Domestic demand			1,438	1,625	1,849	2,052	2,384	2,686
Net exports			−66	−125	−107	−149	−215	−227
	Export of goods and nonfactor services		394	462	573	693	922	1,136
	Imports of goods and nonfactor services		460	587	679	842	1,137	1,363
Statistical discrepancy ^1/			−20	−26	−49	3	27	−6
Gross domestic product			1,352	1,475	1,693	1,906	2,197	2,452
Net factor income from abroad			23	26	43	53	87	113
Gross national product			1,375	1,500	1,736	1,959	2,283	2,565
GNP by industrial origin
Agriculture, fishery, and forestry			295	319	373	413	470	487
Industry			444	482	551	613	697	778
	Mining and quarrying		16	17	17	18	17	16
	Manufacturing		327	350	394	438	495	538
	Construction		68	79	96	107	128	159
	Electricity, gas, and water		33	36	45	49	57	65
Services			613	674	770	881	1,029	1,188
	Transportation, communication, and storage		76	78	83	89	101	119
	Trade		194	208	231	262	295	317
	Financing and housing		139	157	182	209	245	282
	Other		204	231	274	321	384	470
Gross domestic product			1,352	1,475	1,693	1,906	2,197	2,452
Net factor income from abroad			23	26	43	53	87	113
Gross national product			1,375	1,500	1,736	1,959	2,283	2,565

Source: Data provided by the Philippine authorities.

^{^1/}GDP by industrial origin minus domestic demand and net exports.

Table 2.

Philippines: Gross National Product by Expenditure and Industrial Origin at Current Market Prices, 1992-97

(In billions of pesos)

			1992	1993	1994	1995	1996	1997
GNP by expenditure
Consumption			1,150	1,272	1,442	1,628	1,853	2,073
	Private		1,019	1,123	1,259	1,412	1,595	1,760
	Government		131	149	183	217	258	313
Gross domestic investment			288	354	407	424	531	613
	Fixed investment		283	351	400	423	508	600
		Construction	132	149	165	184	231	276
		Durable equipment	126	177	208	210	245	286
		Breeding stock and orchard development	24	25	27	30	33	38
	Change in stocks		6	3	7	0	23	13
Domestic demand			1,438	1,625	1,849	2,052	2,384	2,686
Net exports			−66	−125	−107	−149	−215	−227
	Export of goods and nonfactor services		394	462	573	693	922	1,136
	Imports of goods and nonfactor services		460	587	679	842	1,137	1,363
Statistical discrepancy ^1/			−20	−26	−49	3	27	−6
Gross domestic product			1,352	1,475	1,693	1,906	2,197	2,452
Net factor income from abroad			23	26	43	53	87	113
Gross national product			1,375	1,500	1,736	1,959	2,283	2,565
GNP by industrial origin
Agriculture, fishery, and forestry			295	319	373	413	470	487
Industry			444	482	551	613	697	778
	Mining and quarrying		16	17	17	18	17	16
	Manufacturing		327	350	394	438	495	538
	Construction		68	79	96	107	128	159
	Electricity, gas, and water		33	36	45	49	57	65
Services			613	674	770	881	1,029	1,188
	Transportation, communication, and storage		76	78	83	89	101	119
	Trade		194	208	231	262	295	317
	Financing and housing		139	157	182	209	245	282
	Other		204	231	274	321	384	470
Gross domestic product			1,352	1,475	1,693	1,906	2,197	2,452
Net factor income from abroad			23	26	43	53	87	113
Gross national product			1,375	1,500	1,736	1,959	2,283	2,565

Source: Data provided by the Philippine authorities.

^{^1/}GDP by industrial origin minus domestic demand and net exports.

Table 3.

Philippines: Gross Value Added in Manufacturing by Industry Group, 1992-97

Source: Data provided by the Philippine authorities.

Table 3.

Philippines: Gross Value Added in Manufacturing by Industry Group, 1992-97

Industry Group	1992	1993	1994	1995	1996	1997	1992	1993	1994	1995	1996	1997
	(In billions of pesos at current prices)						(Percent change; constant prices)
Food	133.3	140.7	164.2	176.2	209.6	220.2	−2.9	−1.6	5.5	2.8	6.6	0.3
Beverage	15.8	15.7	17.9	20.7	23.3	26.3	−2.3	−6.7	6.0	6.1	7.8	8.1
Tobacco	9.4	9.1	10.1	10.6	11.6	12.9	1.4	−3.6	3.8	−0.7	8.0	6.4
Textiles	10.1	10.5	10.0	11.2	11.2	11.0	−12.0	−0.7	−7.4	6.3	−2.0	−3.6
Footwear and clothing	22.1	25.2	27.1	30.4	29.6	31.2	0.6	7.1	5.5	8.1	−8.8	2.2
Wood and cork products	5.9	6.8	5.6	5.8	5.8	6.3	−17.9	6.7	−19.4	2.5	−3.7	6.9
Furniture and fixtures	4.8	5.2	5.9	6.9	7.1	8.2	−11.2	−3.8	6.9	11.3	2.0	12.9
Paper and paper products	3.0	2.9	3.2	3.9	3.9	3.7	−11.7	−8.4	4.3	19.4	−2.5	−7.3
Publishing and printing	4.3	4.5	5.0	5.5	6.0	6.7	−0.4	−6.2	4.6	6.3	1.3	5.0
Leather and leather products	0.2	0.2	0.2	0.3	0.3	0.4	−5.7	−2.7	1.4	15.0	13.0	16.8
Rubber products	4.2	3.8	3.8	4.4	4.3	4.1	−5.4	−13.7	−4.2	11.8	−8.2	−4.9
Chemicals and chemical products	25.4	28.9	31.2	35.7	39.2	44.2	−8.3	3.3	1.3	8.1	5.8	6.1
Petroleum and coal products	35.5	33.9	34.5	36.9	40.8	42.8	11.5	−0.7	4.7	7.8	8.8	1.2
Nonmetallic mineral products	10.2	11.7	14.1	17.1	19.6	22.3	−5.7	9.8	10.7	14.1	7.5	11.0
Basic metals	8.1	9.2	10.0	13.4	13.6	13.7	−20.8	7.2	3.9	26.8	−3.9	−0.5
Metal products	8.0	8.7	9.0	9.8	11.3	11.0	5.0	1.6	−1.1	5.0	10.8	−4.5
Machinery (except electrical)	3.5	3.9	4.3	5.1	6.0	7.1	5.0	4.0	7.0	17.3	15.3	14.7
Electrical machinery	13.2	16.0	22.7	28.1	33.7	45.6	3.0	14.9	22.7	13.5	14.7	30.8
Transportation equipment	3.9	5.1	6.1	7.2	8.0	7.4	15.2	21.8	7.8	16.6	1.5	−10.7
Miscellaneous manufactures	5.9	7.3	8.9	9.3	10.5	12.5	−19.2	8.9	13.3	2.2	6.4	12.4
Gross value added in manufacturing	326.8	349.6	393.8	438.2	495.4	537.5	−1.7	0.7	5.0	6.8	5.6	4.0

Source: Data provided by the Philippine authorities.

Table 3.

Philippines: Gross Value Added in Manufacturing by Industry Group, 1992-97

Industry Group	1992	1993	1994	1995	1996	1997	1992	1993	1994	1995	1996	1997
	(In billions of pesos at current prices)						(Percent change; constant prices)
Food	133.3	140.7	164.2	176.2	209.6	220.2	−2.9	−1.6	5.5	2.8	6.6	0.3
Beverage	15.8	15.7	17.9	20.7	23.3	26.3	−2.3	−6.7	6.0	6.1	7.8	8.1
Tobacco	9.4	9.1	10.1	10.6	11.6	12.9	1.4	−3.6	3.8	−0.7	8.0	6.4
Textiles	10.1	10.5	10.0	11.2	11.2	11.0	−12.0	−0.7	−7.4	6.3	−2.0	−3.6
Footwear and clothing	22.1	25.2	27.1	30.4	29.6	31.2	0.6	7.1	5.5	8.1	−8.8	2.2
Wood and cork products	5.9	6.8	5.6	5.8	5.8	6.3	−17.9	6.7	−19.4	2.5	−3.7	6.9
Furniture and fixtures	4.8	5.2	5.9	6.9	7.1	8.2	−11.2	−3.8	6.9	11.3	2.0	12.9
Paper and paper products	3.0	2.9	3.2	3.9	3.9	3.7	−11.7	−8.4	4.3	19.4	−2.5	−7.3
Publishing and printing	4.3	4.5	5.0	5.5	6.0	6.7	−0.4	−6.2	4.6	6.3	1.3	5.0
Leather and leather products	0.2	0.2	0.2	0.3	0.3	0.4	−5.7	−2.7	1.4	15.0	13.0	16.8
Rubber products	4.2	3.8	3.8	4.4	4.3	4.1	−5.4	−13.7	−4.2	11.8	−8.2	−4.9
Chemicals and chemical products	25.4	28.9	31.2	35.7	39.2	44.2	−8.3	3.3	1.3	8.1	5.8	6.1
Petroleum and coal products	35.5	33.9	34.5	36.9	40.8	42.8	11.5	−0.7	4.7	7.8	8.8	1.2
Nonmetallic mineral products	10.2	11.7	14.1	17.1	19.6	22.3	−5.7	9.8	10.7	14.1	7.5	11.0
Basic metals	8.1	9.2	10.0	13.4	13.6	13.7	−20.8	7.2	3.9	26.8	−3.9	−0.5
Metal products	8.0	8.7	9.0	9.8	11.3	11.0	5.0	1.6	−1.1	5.0	10.8	−4.5
Machinery (except electrical)	3.5	3.9	4.3	5.1	6.0	7.1	5.0	4.0	7.0	17.3	15.3	14.7
Electrical machinery	13.2	16.0	22.7	28.1	33.7	45.6	3.0	14.9	22.7	13.5	14.7	30.8
Transportation equipment	3.9	5.1	6.1	7.2	8.0	7.4	15.2	21.8	7.8	16.6	1.5	−10.7
Miscellaneous manufactures	5.9	7.3	8.9	9.3	10.5	12.5	−19.2	8.9	13.3	2.2	6.4	12.4
Gross value added in manufacturing	326.8	349.6	393.8	438.2	495.4	537.5	−1.7	0.7	5.0	6.8	5.6	4.0

Source: Data provided by the Philippine authorities.

Table 4.

Philippines: Production by Major Crops, 1992-97

(Area in thousands of hectares; yield in metric tons per hectare; and production in thousands of metric tons)

Source: Data provided by the Philippine authorities.

^{^1/}Average wholesale price of special rice.

^{^2/}Average wholesale price of yellow and white corn grain.

^{^3/}Millgate price with 6% moisture content.

Table 4.

Philippines: Production by Major Crops, 1992-97

(Area in thousands of hectares; yield in metric tons per hectare; and production in thousands of metric tons)

								First Half
			1992	1993	1994	1995	1996	1997
Palay rice
	Area under cultivation		3,198	3,282	3,651	3,758	3,951	1,624
	Yield		2.9	2.9	2.9	2.8	2.9	3.0
	Production		9,129	9,434	10,538	10,541	11,284	4,846
	Wholesale price (per 50 kg.) ^1/		474	539	606	752	870	832
Corn
	Area under cultivation		3,331	3,149	3,006	2,692	2,736	1,045
	Yield		1.4	1.5	1.5	1.5	1.5	1.8
	Production		4,619	4,798	4,519	4,129	4,151	1,842
	Wholesale price (per 50 kg.) ^2/		282	266	304	363	393	379
Fruit and nuts
	Production		8,436	8,695	8,892	8,981	9,287	4,055
Coconut products
	Area under cultivation		3,077	3,075	3,083	3,065	3,093	3,093
	Yield		3.7	3.7	3.6	4.0	3.9	1.9
Copra price (per 100 kg) ^3/			749	639	850	853	1,108	996
	Production (copra equivalent)		2,534	2,517	2,490	2,707	2,652	1,337
	Domestic use		2,533	2,516	2,490	2,706	2,651	1,337
	Export
		Copra	34	27	24	34	3	…
		Coconut oil	781	739	702	1,136	602	309
		Desiccated coconut	85	93	117	113	70	32
Centrifugal sugar
	Area under cultivation		267	384	402	302	375	…
	Farmgate price (per kg.)		9.0	7.9	9.5	14.0	13.6	11.1

Source: Data provided by the Philippine authorities.

^{^1/}Average wholesale price of special rice.

^{^2/}Average wholesale price of yellow and white corn grain.

^{^3/}Millgate price with 6% moisture content.

Table 4.

Philippines: Production by Major Crops, 1992-97

(Area in thousands of hectares; yield in metric tons per hectare; and production in thousands of metric tons)

								First Half
			1992	1993	1994	1995	1996	1997
Palay rice
	Area under cultivation		3,198	3,282	3,651	3,758	3,951	1,624
	Yield		2.9	2.9	2.9	2.8	2.9	3.0
	Production		9,129	9,434	10,538	10,541	11,284	4,846
	Wholesale price (per 50 kg.) ^1/		474	539	606	752	870	832
Corn
	Area under cultivation		3,331	3,149	3,006	2,692	2,736	1,045
	Yield		1.4	1.5	1.5	1.5	1.5	1.8
	Production		4,619	4,798	4,519	4,129	4,151	1,842
	Wholesale price (per 50 kg.) ^2/		282	266	304	363	393	379
Fruit and nuts
	Production		8,436	8,695	8,892	8,981	9,287	4,055
Coconut products
	Area under cultivation		3,077	3,075	3,083	3,065	3,093	3,093
	Yield		3.7	3.7	3.6	4.0	3.9	1.9
Copra price (per 100 kg) ^3/			749	639	850	853	1,108	996
	Production (copra equivalent)		2,534	2,517	2,490	2,707	2,652	1,337
	Domestic use		2,533	2,516	2,490	2,706	2,651	1,337
	Export
		Copra	34	27	24	34	3	…
		Coconut oil	781	739	702	1,136	602	309
		Desiccated coconut	85	93	117	113	70	32
Centrifugal sugar
	Area under cultivation		267	384	402	302	375	…
	Farmgate price (per kg.)		9.0	7.9	9.5	14.0	13.6	11.1

Source: Data provided by the Philippine authorities.

^{^1/}Average wholesale price of special rice.

^{^2/}Average wholesale price of yellow and white corn grain.

^{^3/}Millgate price with 6% moisture content.

Table 5.

Philippines: Investment and Saving, 1992-97

(In percent of GNP)

Sources: Data provided by the Philippine authorities.

Table 5.

Philippines: Investment and Saving, 1992-97

(In percent of GNP)

		1992	1993	1994	1995	1996	1997
Gross domestic investment		20.9	23.6	23.5	21.6	23.3	23.9
	Public	4.8	5.7	4.8	4.5	4.4	4.8
	Private	16.2	17.9	18.7	17.1	18.9	19.1
Gross national saving		19.4	18.1	19.0	17.3	18.8	18.7
	Public	1.6	4.4	3.1	3.1	3.8	3.4
	Private	17.8	13.7	15.9	14.2	14.9	15.4
Foreign saving		1.6	5.4	4.5	4.3	4.5	5.2
Public saving-investment gap		−3.2	−1.2	−1.7	−1.4	−0.6	−1.4
Private saving-investment gap		1.6	−4.2	−2.8	−3.0	−4.0	−3.7

Sources: Data provided by the Philippine authorities.

Table 5.

Philippines: Investment and Saving, 1992-97

(In percent of GNP)

		1992	1993	1994	1995	1996	1997
Gross domestic investment		20.9	23.6	23.5	21.6	23.3	23.9
	Public	4.8	5.7	4.8	4.5	4.4	4.8
	Private	16.2	17.9	18.7	17.1	18.9	19.1
Gross national saving		19.4	18.1	19.0	17.3	18.8	18.7
	Public	1.6	4.4	3.1	3.1	3.8	3.4
	Private	17.8	13.7	15.9	14.2	14.9	15.4
Foreign saving		1.6	5.4	4.5	4.3	4.5	5.2
Public saving-investment gap		−3.2	−1.2	−1.7	−1.4	−0.6	−1.4
Private saving-investment gap		1.6	−4.2	−2.8	−3.0	−4.0	−3.7

Sources: Data provided by the Philippine authorities.

Table 6.

Philippines: Price Developments, 1992-97

(Annual percentage changes)

Source: Data provided by the Philippine authorities.

^{^1/}For the Philippines as a whole.

^{^2/}Period averages for Metro Manila.

^{^3/}First six months of 1997.

^{^4/}Period averages.

Table 6.

Philippines: Price Developments, 1992-97

(Annual percentage changes)

			Weights	1992	1993	1994	1995	1996	1997
Consumer prices ^1/
End of period (all items)			…	8.2	8.4	7.2	10.9	5.2	6.1
Period average (all items)			100.0	8.9	7.6	9.1	8.1	8.4	5.1
	Food, beverages,
		and tobacco	58.5	6.9	6.1	8.3	9.5	9.7	1.9
	Clothing		4.4	10.7	7.5	4.8	3.3	3.5	3.8
	Housing and repairs		13.3	17.5	12.6	13.0	10.7	9.5	9.7
	Fuel, light, and water		5.4	6.0	7.3	6.9	3.0	6.6	8.9
	Services		10.8	7.1	7.8	8.9	6.4	9.5	13.2
	Miscellaneous		7.6	13.0	8.4	11.0	0.9	−3.8	2.0
Wholesale prices ^2/			…	4.5	−1.1	8.2	3.2	9.1	1.1	^3/
GNP deflator ^4/			…	8.3	5.1	10.0	7.4	9.0	6.2

Source: Data provided by the Philippine authorities.

^{^1/}For the Philippines as a whole.

^{^2/}Period averages for Metro Manila.

^{^3/}First six months of 1997.

^{^4/}Period averages.

Table 6.

Philippines: Price Developments, 1992-97

(Annual percentage changes)

			Weights	1992	1993	1994	1995	1996	1997
Consumer prices ^1/
End of period (all items)			…	8.2	8.4	7.2	10.9	5.2	6.1
Period average (all items)			100.0	8.9	7.6	9.1	8.1	8.4	5.1
	Food, beverages,
		and tobacco	58.5	6.9	6.1	8.3	9.5	9.7	1.9
	Clothing		4.4	10.7	7.5	4.8	3.3	3.5	3.8
	Housing and repairs		13.3	17.5	12.6	13.0	10.7	9.5	9.7
	Fuel, light, and water		5.4	6.0	7.3	6.9	3.0	6.6	8.9
	Services		10.8	7.1	7.8	8.9	6.4	9.5	13.2
	Miscellaneous		7.6	13.0	8.4	11.0	0.9	−3.8	2.0
Wholesale prices ^2/			…	4.5	−1.1	8.2	3.2	9.1	1.1	^3/
GNP deflator ^4/			…	8.3	5.1	10.0	7.4	9.0	6.2

Source: Data provided by the Philippine authorities.

^{^1/}For the Philippines as a whole.

^{^2/}Period averages for Metro Manila.

^{^3/}First six months of 1997.

^{^4/}Period averages.

Table 7.

Philippines: Labor Market Developments, 1992-97

Source: Data provided by the Philippine authorities.

Table 7.

Philippines: Labor Market Developments, 1992-97

			1992	1993	1994	1995	1996	1997
			(In thousands of persons)
Population			64,260	65,650	67,040	68,350	69,950	71,540
Total labor force			26,290	26,879	27,654	28,380	29,733	30,355
Unemployed			2,594	2,497	2,622	2,704	2,546	2,640
	Unemployment rate (percent)		9.8	9.3	9.5	9.5	8.6	8.7
Total employed			23,696	24,382	25,032	25,676	27,186	27,715
	Agriculture		10,726	11,139	11,286	11,147	11,645	11,314
	Industry		3,823	3,804	3,949	4,139	4,430	4,631
		Mining and quarrying	147	135	111	107	113	130
		Manufacturing	2,523	2,457	2,539	2,617	2,696	2,732
		Construction	1,062	1,110	1,187	1,302	1,504	1,637
		Utilities	91	102	112	114	118	132
	Services		9,146	9,440	9,799	10,391	11,112	11,771
		Transportation and communications	1,204	1,291	1,393	1,477	1,630	1,742
		Trade	3,276	3,389	3,520	3,767	4,013	4,138
		Finance	444	503	490	535	614	688
		Government services	4,203	4,244	4,386	4,600	4,850	5,196
		Other	19	13	10	12	4	6
			(In percent of total employment)
Total employed			100.0	100.0	100.0	100.0	100.0	100.0
	Agriculture		45.3	45.7	45.1	43.4	42.8	40.8
	Industry		16.1	15.6	15.8	16.1	16.3	16.7
		Mining and quarrying	0.6	0.6	0.4	0.4	0.4	0.5
		Manufacturing	10.6	10.1	10.1	10.2	9.9	9.9
		Construction	4.5	4.6	4.7	5.1	5.5	5.9
		Utilities	0.4	0.4	0.4	0.4	0.4	0.5
	Services		38.6	38.7	39.1	40.5	40.9	42.5
		Transportation and communications	5.1	5.3	5.6	5.8	6.0	6.3
		Trade	13.8	13.9	14.1	14.7	14.8	14.9
		Finance	1.9	2.1	2.0	2.1	2.3	2.5
		Government services	17.7	17.4	17.5	17.9	17.8	18.7
		Other	0.1	0.1	0.0	0.0	0.0	0.0

Source: Data provided by the Philippine authorities.

Table 7.

Philippines: Labor Market Developments, 1992-97

			1992	1993	1994	1995	1996	1997
			(In thousands of persons)
Population			64,260	65,650	67,040	68,350	69,950	71,540
Total labor force			26,290	26,879	27,654	28,380	29,733	30,355
Unemployed			2,594	2,497	2,622	2,704	2,546	2,640
	Unemployment rate (percent)		9.8	9.3	9.5	9.5	8.6	8.7
Total employed			23,696	24,382	25,032	25,676	27,186	27,715
	Agriculture		10,726	11,139	11,286	11,147	11,645	11,314
	Industry		3,823	3,804	3,949	4,139	4,430	4,631
		Mining and quarrying	147	135	111	107	113	130
		Manufacturing	2,523	2,457	2,539	2,617	2,696	2,732
		Construction	1,062	1,110	1,187	1,302	1,504	1,637
		Utilities	91	102	112	114	118	132
	Services		9,146	9,440	9,799	10,391	11,112	11,771
		Transportation and communications	1,204	1,291	1,393	1,477	1,630	1,742
		Trade	3,276	3,389	3,520	3,767	4,013	4,138
		Finance	444	503	490	535	614	688
		Government services	4,203	4,244	4,386	4,600	4,850	5,196
		Other	19	13	10	12	4	6
			(In percent of total employment)
Total employed			100.0	100.0	100.0	100.0	100.0	100.0
	Agriculture		45.3	45.7	45.1	43.4	42.8	40.8
	Industry		16.1	15.6	15.8	16.1	16.3	16.7
		Mining and quarrying	0.6	0.6	0.4	0.4	0.4	0.5
		Manufacturing	10.6	10.1	10.1	10.2	9.9	9.9
		Construction	4.5	4.6	4.7	5.1	5.5	5.9
		Utilities	0.4	0.4	0.4	0.4	0.4	0.5
	Services		38.6	38.7	39.1	40.5	40.9	42.5
		Transportation and communications	5.1	5.3	5.6	5.8	6.0	6.3
		Trade	13.8	13.9	14.1	14.7	14.8	14.9
		Finance	1.9	2.1	2.0	2.1	2.3	2.5
		Government services	17.7	17.4	17.5	17.9	17.8	18.7
		Other	0.1	0.1	0.0	0.0	0.0	0.0

Source: Data provided by the Philippine authorities.

Table 8.

Philippines: Wages and Productivity, 1992-97

Source: Data provided by the Philippine authorities.

Table 8.

Philippines: Wages and Productivity, 1992-97

				1992	1993	1994	1995	1996	1997
				(In pesos)
Minimum wages
	Agriculture
		Plantation
			National capital region	108.0	108.0	135.0	135.0	155.0	175.0
			Outside national capital region	79.0-112.0	79.0-102.0	87.0-128.0	76.0-128.0	93.8-145.0	94.4-150.0
		Nonplantation
			National capital region	97.5	97.5	124.5	124.5	144.5	164.0
			Outside national capital region	58.5-82.5	58.5-82.5	62.1-107.5	62.1-107.5	76.5-125.0	79.9-130.0
	Nonagriculture
		Nationa capital region		118.0	119.4	145.0	145.0	165.0	185.0
		Outside national capital region		89.0-113.0	89.0-127.0	93.0-138.0	92.1-138.0	94.0-155.0	101.0-175.0
				(In percent)
Minimum wages (real growth)
	Agriculture
		Plantation
			National capital region	−10.9	−9.5	11.6	−9.4	10.0	5.9
			Outside national capital region	(-8.3)-10.6	(-5.6)-(-13.6)	(-6.4)-9.6	(-19.3)-(-9.5)	(-15.6)-(-10.2)	(-3.8)-(-1.1)
		Nonplantation
			National capital region	−11.0	−9.5	14.0	−9.4	11.2	6.5
			Outside national capital region	(-8.3)-(-0.5)	(-5.6)-(-8.6)	(-9.3)-20.8	(-8.2)-(-9.6)	13.1-15.4	(-0.2)-(-0.6)
	Nonagriculture
			National capital region	−16.1	−2.7	8.4	−9.4	9.0	5.2
			Outside national capital region	(-8.3)-(-0.6)	4.7	(-16.2)-(-1.1)	(-6.2)-(-9.6)	1.3-9.2	2.7-7.9
Productivity (real growth)
	All sectors			−3.0	−0.8	1.7	2.1	−0.2	3.1
		Agriculture		3.7	−1.7	1.3	2.1	−1.3	5.8
		Industry		−5.6	2.2	1.9	2.0	−0.7	1.2
			Of which: Manufacturing	−7.5	3.4	1.6	3.6	2.5	2.6
	Services			−0.7	−0.7	0.4	−1.0	−0.5	−0.3

Source: Data provided by the Philippine authorities.

Table 8.

Philippines: Wages and Productivity, 1992-97

				1992	1993	1994	1995	1996	1997
				(In pesos)
Minimum wages
	Agriculture
		Plantation
			National capital region	108.0	108.0	135.0	135.0	155.0	175.0
			Outside national capital region	79.0-112.0	79.0-102.0	87.0-128.0	76.0-128.0	93.8-145.0	94.4-150.0
		Nonplantation
			National capital region	97.5	97.5	124.5	124.5	144.5	164.0
			Outside national capital region	58.5-82.5	58.5-82.5	62.1-107.5	62.1-107.5	76.5-125.0	79.9-130.0
	Nonagriculture
		Nationa capital region		118.0	119.4	145.0	145.0	165.0	185.0
		Outside national capital region		89.0-113.0	89.0-127.0	93.0-138.0	92.1-138.0	94.0-155.0	101.0-175.0
				(In percent)
Minimum wages (real growth)
	Agriculture
		Plantation
			National capital region	−10.9	−9.5	11.6	−9.4	10.0	5.9
			Outside national capital region	(-8.3)-10.6	(-5.6)-(-13.6)	(-6.4)-9.6	(-19.3)-(-9.5)	(-15.6)-(-10.2)	(-3.8)-(-1.1)
		Nonplantation
			National capital region	−11.0	−9.5	14.0	−9.4	11.2	6.5
			Outside national capital region	(-8.3)-(-0.5)	(-5.6)-(-8.6)	(-9.3)-20.8	(-8.2)-(-9.6)	13.1-15.4	(-0.2)-(-0.6)
	Nonagriculture
			National capital region	−16.1	−2.7	8.4	−9.4	9.0	5.2
			Outside national capital region	(-8.3)-(-0.6)	4.7	(-16.2)-(-1.1)	(-6.2)-(-9.6)	1.3-9.2	2.7-7.9
Productivity (real growth)
	All sectors			−3.0	−0.8	1.7	2.1	−0.2	3.1
		Agriculture		3.7	−1.7	1.3	2.1	−1.3	5.8
		Industry		−5.6	2.2	1.9	2.0	−0.7	1.2
			Of which: Manufacturing	−7.5	3.4	1.6	3.6	2.5	2.6
	Services			−0.7	−0.7	0.4	−1.0	−0.5	−0.3

Source: Data provided by the Philippine authorities.

Table 9.

Philippines: Domestic Retail Prices of Petroleum Products, 1992-97

(In pesos per liter; end of period)

Source: Department of Energy.

^{^1/}1997 prices are as of September 23.

Table 9.

Philippines: Domestic Retail Prices of Petroleum Products, 1992-97

(In pesos per liter; end of period)

	1992	1993	1994	1995	1996	1997 ^1/
Regular gasoline	9.50	9.50	8.50	8.50	9.99	10.63
Premium gasoline	10.00	10.00	9.00	9.00	10.74	12.10
Diesel oil	7.00	7.00	7.00	7.00	8.07	7.83
Kerosene	7.00	7.00	7.00	7.00	7.27	6.94
Aviation fuel	13.39	13.39	13.39	13.39	9.83	9.90
LPG	5.26	5.26	5.26	5.26	6.70	7.11
Fuel oil	2.66	2.65	2.65	2.65	4.17	4.52
Weighted average	5.37	5.66	5.42	5.26	6.97	7.15

Source: Department of Energy.

^{^1/}1997 prices are as of September 23.

Table 9.

Philippines: Domestic Retail Prices of Petroleum Products, 1992-97

(In pesos per liter; end of period)

	1992	1993	1994	1995	1996	1997 ^1/
Regular gasoline	9.50	9.50	8.50	8.50	9.99	10.63
Premium gasoline	10.00	10.00	9.00	9.00	10.74	12.10
Diesel oil	7.00	7.00	7.00	7.00	8.07	7.83
Kerosene	7.00	7.00	7.00	7.00	7.27	6.94
Aviation fuel	13.39	13.39	13.39	13.39	9.83	9.90
LPG	5.26	5.26	5.26	5.26	6.70	7.11
Fuel oil	2.66	2.65	2.65	2.65	4.17	4.52
Weighted average	5.37	5.66	5.42	5.26	6.97	7.15

Source: Department of Energy.

^{^1/}1997 prices are as of September 23.

Table 10.

Phillippines: Consolidated Public Sector Balance, 1992-97

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Includes privatization revenue and excludes net deficit from restructuring the central bank.

^{^2/}CPSB less privatization receipts of the national government and monitored corporations.

Table 10.

Phillippines: Consolidated Public Sector Balance, 1992-97

				1992	1993	1994	1995	1996	1997
				(In billions of pesos)
Consolidated public sector balance				−26.0	−25.9	−8.3	−2.5	−3.7	−21.8
Monitored public sector
	borrowing requirement (PSBR)			−20.2	−40.7	−7.5	−16.6	−21.5	−35.3
	National government balance			−16.0	−21.9	0.0	−3.8	−7.0	−14.4
	CB-BOL net income			…	…	−8.1	−5.1	−5.0	−5.0
	Monitored corporations’ balance			−10.7	−25.6	−9.7	−1.3	−15.4	−17.9
	OPSF balance			5.4	−7.9	2.6	−9.2	4.8	−0.8
	Adjustments for intra-PSBR transfers			0.9	14.7	7.6	2.8	1.5	2.5
Borrowing requirement of remaining
		public sector		−5.8	14.8	−0.8	14.1	17.9	13.5
Surplus of government financial
	institutions (GFIs)			3.8	6.1	3.1	5.0	6.6	4.3
Net income of the Central Bank of
		the Philippines		−22.0	−16.1	…	…	…	…
Net income of BSP				…	…	5.3	3.6	−0.8	0.3
Local government				1.2	5.9	5.0	1.9	5.7	2.8
Social security				8.2	11.7	−12.0	0.0	8.5	3.8
Adjustment for transfers within the
		public sector		3.1	7.2	−2.2	3.5	−2.1	2.3
				(In percent of GNP)
Consolidated public sector balance (CPSB)				−1.9	−1.7	−0.5	−0.1	−0.2	−0.9
PSBR				−1.5	−2.7	−0.4	−0.8	−0.9	−1.4
National government balance ^1/				−1.2	−1.5	0.0	−0.2	−0.1	−0.6
Monitored corporations’ balance				−0.8	−1.7	−0.6	−0.1	−0.7	−0.7
Underlying consolidated public sector
			balance ^2/	−3.0	−2.2	−2.3	−1.4	−0.6	−1.4

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Includes privatization revenue and excludes net deficit from restructuring the central bank.

^{^2/}CPSB less privatization receipts of the national government and monitored corporations.

Table 10.

Phillippines: Consolidated Public Sector Balance, 1992-97

				1992	1993	1994	1995	1996	1997
				(In billions of pesos)
Consolidated public sector balance				−26.0	−25.9	−8.3	−2.5	−3.7	−21.8
Monitored public sector
	borrowing requirement (PSBR)			−20.2	−40.7	−7.5	−16.6	−21.5	−35.3
	National government balance			−16.0	−21.9	0.0	−3.8	−7.0	−14.4
	CB-BOL net income			…	…	−8.1	−5.1	−5.0	−5.0
	Monitored corporations’ balance			−10.7	−25.6	−9.7	−1.3	−15.4	−17.9
	OPSF balance			5.4	−7.9	2.6	−9.2	4.8	−0.8
	Adjustments for intra-PSBR transfers			0.9	14.7	7.6	2.8	1.5	2.5
Borrowing requirement of remaining
		public sector		−5.8	14.8	−0.8	14.1	17.9	13.5
Surplus of government financial
	institutions (GFIs)			3.8	6.1	3.1	5.0	6.6	4.3
Net income of the Central Bank of
		the Philippines		−22.0	−16.1	…	…	…	…
Net income of BSP				…	…	5.3	3.6	−0.8	0.3
Local government				1.2	5.9	5.0	1.9	5.7	2.8
Social security				8.2	11.7	−12.0	0.0	8.5	3.8
Adjustment for transfers within the
		public sector		3.1	7.2	−2.2	3.5	−2.1	2.3
				(In percent of GNP)
Consolidated public sector balance (CPSB)				−1.9	−1.7	−0.5	−0.1	−0.2	−0.9
PSBR				−1.5	−2.7	−0.4	−0.8	−0.9	−1.4
National government balance ^1/				−1.2	−1.5	0.0	−0.2	−0.1	−0.6
Monitored corporations’ balance				−0.8	−1.7	−0.6	−0.1	−0.7	−0.7
Underlying consolidated public sector
			balance ^2/	−3.0	−2.2	−2.3	−1.4	−0.6	−1.4

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Includes privatization revenue and excludes net deficit from restructuring the central bank.

^{^2/}CPSB less privatization receipts of the national government and monitored corporations.

Table 11.

Philippines: Operations of the National Government, 1992-97

(In billions of pesos)

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Including receipts from privatization and gross revenues from restructuring the old central bank.

^{^2/}Including domestic VAT.

^{^3/}Including VAT on imports.

^{^4/}Including travel tax.

^{^5/}Including transfer to the Oil Price Stabilization Fund (OPSF) and tax expenditures.

Table 11.

Philippines: Operations of the National Government, 1992-97

(In billions of pesos)

						1992	1993	1994	1995	1996	1997
Revenue and grants ^1/						242.7	260.4	348.8	374.7	432.0	483.1
	Tax revenue					208.7	230.2	271.3	310.5	367.9	412.1
		Domestic				135.1	147.5	189.0	212.6	263.0	314.6
				Income and profits		70.1	74.8	91.9	109.4	136.4	168.0
				Excise		27.6	30.3	39.6	41.1	48.4	63.0
				Sales tax/license ^2/		27.8	33.5	36.5	43.3	59.3	63.0
				Other		9.6	9.0	21.1	18.9	19.0	20.6
	International trade taxes					73.6	82.7	82.3	97.9	104.9	97.5
			Import duties and taxes ^3/			72.9	82.0	81.6	97.6	104.6	94.8
			Other ^4/			0.7	0.7	0.7	0.3	0.3	2.7
	Nontax revenue					34.0	30.2	77.5	64.2	64.1	71.0
			Domestic			30.2	28.2	76.8	63.2	63.3	69.3
				Other offices		19.2	21.1	26.5	25.4	35.1	42.7
				Sequestered assets		0.2	0.1	15.3	1.3	0.3	0.0
				Sales of assets		1.7	1.6	14.6	21.6	5.7	9.4
				Interest on central bank deposits		7.5	4.8	5.5	1.2	0.8	0.5
				Transfers from central bank		…	…	12.7	13.4	21.3	16.5
				Interest from government-owned
					nonfinancial corporations	1.5	0.6	2.2	0.3	0.5	0.2
	ESAF					1.7	0.5	0.0	0.0	0.0	0.0
	Foreign grants					1.7	1.5	0.7	1.0	0.6	1.7
	Domestic grants					0.4	0.0	0.0	0.0	0.0	0.0
Total expenditure and net lending						258.7	282.3	348.8	378.5	434.3	497.6
	Current expenditure					214.9	226.6	296.4	305.8	328.5	398.4
			Personnel services			74.3	78.7	92.7	109.1	135.4	172.8
			Maintenance and operations			33.7	34.6	46.8	47.0	48.7	51.8
			Interest payments			79.6	76.5	108.1	101.1	106.6	105.5
				Domestic		63.1	56.2	88.8	79.2	89.1	87.4
					CB restructuring	…	…	29.0	28.4	30.1	27.5
				External		16.5	20.3	19.3	21.9	17.5	18.1
			Subsidies ^5/			11.2	9.1	11.4	7.2	12.6	11.9
				Tax expenditure		7.7	3.9	4.4	3.6	6.7	6.0
		Allotments to local government unit (LGU)				16.1	27.8	37.4	41.4	45.3	56.4
Capital expenditure and net lending						43.7	55.7	52.4	72.9	75.7	99.2
	Capital expenditure					50.2	44.8	43.4	64.5	69.6	93.6
			Infrastructure and other capital outlays			46.1	37.8	33.6	52.7	57.5	79.1
			Transfers to local government units			4.1	6.9	9.8	11.8	12.1	14.5
	Equity and net lending					−6.9	9.4	9.0	8.4	3.2	3.0
	CARP land acquisition and credit					0.5	1.5	0.0	0.0	2.9	2.6
Balance						−16.0	−21.9	0.0	−3.8	−2.3	−14.5
	Excluding CB restructuring					…	…	16.3	11.2	6.6	−3.5
Total financing						16.0	21.9	0.1	3.8	2.6	14.5
	Net foreign financing					14.4	12.9	−11.6	−13.3	−5.9	−6.8
	Net domestic financing					1.6	9.0	11.6	17.1	8.5	21.3

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Including receipts from privatization and gross revenues from restructuring the old central bank.

^{^2/}Including domestic VAT.

^{^3/}Including VAT on imports.

^{^4/}Including travel tax.

^{^5/}Including transfer to the Oil Price Stabilization Fund (OPSF) and tax expenditures.

Table 11.

Philippines: Operations of the National Government, 1992-97

(In billions of pesos)

						1992	1993	1994	1995	1996	1997
Revenue and grants ^1/						242.7	260.4	348.8	374.7	432.0	483.1
	Tax revenue					208.7	230.2	271.3	310.5	367.9	412.1
		Domestic				135.1	147.5	189.0	212.6	263.0	314.6
				Income and profits		70.1	74.8	91.9	109.4	136.4	168.0
				Excise		27.6	30.3	39.6	41.1	48.4	63.0
				Sales tax/license ^2/		27.8	33.5	36.5	43.3	59.3	63.0
				Other		9.6	9.0	21.1	18.9	19.0	20.6
	International trade taxes					73.6	82.7	82.3	97.9	104.9	97.5
			Import duties and taxes ^3/			72.9	82.0	81.6	97.6	104.6	94.8
			Other ^4/			0.7	0.7	0.7	0.3	0.3	2.7
	Nontax revenue					34.0	30.2	77.5	64.2	64.1	71.0
			Domestic			30.2	28.2	76.8	63.2	63.3	69.3
				Other offices		19.2	21.1	26.5	25.4	35.1	42.7
				Sequestered assets		0.2	0.1	15.3	1.3	0.3	0.0
				Sales of assets		1.7	1.6	14.6	21.6	5.7	9.4
				Interest on central bank deposits		7.5	4.8	5.5	1.2	0.8	0.5
				Transfers from central bank		…	…	12.7	13.4	21.3	16.5
				Interest from government-owned
					nonfinancial corporations	1.5	0.6	2.2	0.3	0.5	0.2
	ESAF					1.7	0.5	0.0	0.0	0.0	0.0
	Foreign grants					1.7	1.5	0.7	1.0	0.6	1.7
	Domestic grants					0.4	0.0	0.0	0.0	0.0	0.0
Total expenditure and net lending						258.7	282.3	348.8	378.5	434.3	497.6
	Current expenditure					214.9	226.6	296.4	305.8	328.5	398.4
			Personnel services			74.3	78.7	92.7	109.1	135.4	172.8
			Maintenance and operations			33.7	34.6	46.8	47.0	48.7	51.8
			Interest payments			79.6	76.5	108.1	101.1	106.6	105.5
				Domestic		63.1	56.2	88.8	79.2	89.1	87.4
					CB restructuring	…	…	29.0	28.4	30.1	27.5
				External		16.5	20.3	19.3	21.9	17.5	18.1
			Subsidies ^5/			11.2	9.1	11.4	7.2	12.6	11.9
				Tax expenditure		7.7	3.9	4.4	3.6	6.7	6.0
		Allotments to local government unit (LGU)				16.1	27.8	37.4	41.4	45.3	56.4
Capital expenditure and net lending						43.7	55.7	52.4	72.9	75.7	99.2
	Capital expenditure					50.2	44.8	43.4	64.5	69.6	93.6
			Infrastructure and other capital outlays			46.1	37.8	33.6	52.7	57.5	79.1
			Transfers to local government units			4.1	6.9	9.8	11.8	12.1	14.5
	Equity and net lending					−6.9	9.4	9.0	8.4	3.2	3.0
	CARP land acquisition and credit					0.5	1.5	0.0	0.0	2.9	2.6
Balance						−16.0	−21.9	0.0	−3.8	−2.3	−14.5
	Excluding CB restructuring					…	…	16.3	11.2	6.6	−3.5
Total financing						16.0	21.9	0.1	3.8	2.6	14.5
	Net foreign financing					14.4	12.9	−11.6	−13.3	−5.9	−6.8
	Net domestic financing					1.6	9.0	11.6	17.1	8.5	21.3

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Including receipts from privatization and gross revenues from restructuring the old central bank.

^{^2/}Including domestic VAT.

^{^3/}Including VAT on imports.

^{^4/}Including travel tax.

^{^5/}Including transfer to the Oil Price Stabilization Fund (OPSF) and tax expenditures.

Table 12.

Philippines: National Government Revenues and Grants, 1992-97

Source: Data provided by the Philippine authorities.

^{^1/}Including receipts from privatization and excluding gross income from restructuring the old central bank.

^{^2/}Data on the components of excises are based on Bureau of Internal Revenue collections.

^{^3/}Including exchange tax and travel tax.

^{^4/}Including property taxes.

^{^5/}Including grants and Economic Support Fund (ESF).

Table 12.

Philippines: National Government Revenues and Grants, 1992-97

					1992	1993	1994	1995	1996	1997
					(In billions of pesos)
Total revenue and grants ^1/					242.7	260.4	348.8	374.7	410.5	466.6
	Tax revenue				208.7	230.2	271.3	310.5	367.9	412.1
		Taxes on net income and profits			70.1	74.8	91.9	109.4	136.4	168.0
		Taxes on domestic production and consumption			55.4	63.7	76.0	84.4	107.7	126.0
			Sales and business taxes		27.8	33.5	36.5	43.3	59.3	63.0
				VAT	18.3	22.8	25.5	29.4	40.9	44.9
			Excises ^2/		27.6	30.3	39.6	41.1	48.4	63.0
				Tobacco products	8.8	10.3	11.7	13.8	15.0	15.9
				Alcoholic beverages	8.2	8.2	9.7	10.1	11.1	13.4
				Petroleum products	8.0	8.7	10.6	10.1	16.1	29.3
		Taxes on international trade and transactions			73.6	82.7	82.3	97.9	104.9	97.5
			Import duties and import taxes		72.9	82.0	81.6	97.6	104.6	94.8
			Other ^3/		0.7	0.7	0.7	0.3	0.3	2.7
	Other domestic taxes ^4/				9.6	9.0	21.1	18.9	19.0	20.6
	Nontax revenue ^5/				34.0	30.2	77.6	64.1	42.8	54.5
					(In percent of total revenue)
Total revenue and grants ^1/					100.0	100.0	100.0	100.0	100.0	100.0
	Tax revenue				86.0	88.4	77.8	82.9	89.6	88.3
		Taxes on net income and profits			28.9	28.7	26.3	29.2	33.2	36.0
		Taxes on domestic production and consumption			22.8	24.5	21.8	22.5	26.2	27.0
			Sales and business taxes		11.5	12.9	10.5	11.6	14.4	13.5
				VAT	7.5	8.8	7.3	7.8	10.0	9.6
			Excises ^2/		11.4	11.6	11.4	11.0	11.8	13.5
				Tobacco products	3.6	4.0	3.4	3.7	3.7	3.4
				Alcoholic beverages	3.4	3.1	2.8	2.7	2.7	2.9
				Petroleum products	3.3	3.3	3.0	2.7	3.9	6.3
				Taxes on international trade and transactions	30.3	31.8	23.6	26.1	25.5	20.9
			Import duties and import taxes		30.0	31.5	23.4	26.0	25.5	20.3
			Other ^3/		0.3	0.3	0.2	0.1	0.1	0.6
	Other domestic taxes ^4/				4.0	3.5	6.0	5.0	4.6	4.4
	Nontax revenue ^5/				14.0	11.6	22.2	17.1	10.4	11.7
					(In percent of GNP)
Total revenue and grants ^1/					17.5	17.4	20.1	19.0	18.0	18.2
	Tax revenue				15.1	15.3	15.6	15.8	16.3	16.1
		Taxes on net income and profits			5.1	5.0	5.3	5.6	6.8	6.5
		Taxes on domestic production and consumption			4.0	4.2	4.4	4.3	5.2	4.9
			Sales and business taxes		2.0	2.2	2.1	2.2	2.6	2.5
				VAT	1.3	1.5	1.5	1.5	1.8	1.7
			Excises ^2/		2.0	2.0	2.3	2.1	2.1	2.5
				Tobacco products	0.6	0.7	0.7	0.7	0.7	0.6
				Alcoholic beverages	0.6	0.5	0.6	0.7	0.5	0.5
				Petroleum products	0.6	0.6	0.6	0.5	0.7	1.1
		Taxes on international trade and transactions			5.3	5.5	4.7	5.0	4.6	3.8
			Import duties and import taxes		5.3	5.5	4.7	5.0	4.6	3.7
			Other ^3/		0.1	0.0	0.0	0.0	0.0	0.1
	Other domestic taxes ^4/				0.7	0.6	1.2	1.0	0.8	0.8
	Nontax revenue ^5/				2.5	2.0	4.5	3.3	1.9	2.1

Source: Data provided by the Philippine authorities.

^{^1/}Including receipts from privatization and excluding gross income from restructuring the old central bank.

^{^2/}Data on the components of excises are based on Bureau of Internal Revenue collections.

^{^3/}Including exchange tax and travel tax.

^{^4/}Including property taxes.

^{^5/}Including grants and Economic Support Fund (ESF).

Table 12.

Philippines: National Government Revenues and Grants, 1992-97

					1992	1993	1994	1995	1996	1997
					(In billions of pesos)
Total revenue and grants ^1/					242.7	260.4	348.8	374.7	410.5	466.6
	Tax revenue				208.7	230.2	271.3	310.5	367.9	412.1
		Taxes on net income and profits			70.1	74.8	91.9	109.4	136.4	168.0
		Taxes on domestic production and consumption			55.4	63.7	76.0	84.4	107.7	126.0
			Sales and business taxes		27.8	33.5	36.5	43.3	59.3	63.0
				VAT	18.3	22.8	25.5	29.4	40.9	44.9
			Excises ^2/		27.6	30.3	39.6	41.1	48.4	63.0
				Tobacco products	8.8	10.3	11.7	13.8	15.0	15.9
				Alcoholic beverages	8.2	8.2	9.7	10.1	11.1	13.4
				Petroleum products	8.0	8.7	10.6	10.1	16.1	29.3
		Taxes on international trade and transactions			73.6	82.7	82.3	97.9	104.9	97.5
			Import duties and import taxes		72.9	82.0	81.6	97.6	104.6	94.8
			Other ^3/		0.7	0.7	0.7	0.3	0.3	2.7
	Other domestic taxes ^4/				9.6	9.0	21.1	18.9	19.0	20.6
	Nontax revenue ^5/				34.0	30.2	77.6	64.1	42.8	54.5
					(In percent of total revenue)
Total revenue and grants ^1/					100.0	100.0	100.0	100.0	100.0	100.0
	Tax revenue				86.0	88.4	77.8	82.9	89.6	88.3
		Taxes on net income and profits			28.9	28.7	26.3	29.2	33.2	36.0
		Taxes on domestic production and consumption			22.8	24.5	21.8	22.5	26.2	27.0
			Sales and business taxes		11.5	12.9	10.5	11.6	14.4	13.5
				VAT	7.5	8.8	7.3	7.8	10.0	9.6
			Excises ^2/		11.4	11.6	11.4	11.0	11.8	13.5
				Tobacco products	3.6	4.0	3.4	3.7	3.7	3.4
				Alcoholic beverages	3.4	3.1	2.8	2.7	2.7	2.9
				Petroleum products	3.3	3.3	3.0	2.7	3.9	6.3
				Taxes on international trade and transactions	30.3	31.8	23.6	26.1	25.5	20.9
			Import duties and import taxes		30.0	31.5	23.4	26.0	25.5	20.3
			Other ^3/		0.3	0.3	0.2	0.1	0.1	0.6
	Other domestic taxes ^4/				4.0	3.5	6.0	5.0	4.6	4.4
	Nontax revenue ^5/				14.0	11.6	22.2	17.1	10.4	11.7
					(In percent of GNP)
Total revenue and grants ^1/					17.5	17.4	20.1	19.0	18.0	18.2
	Tax revenue				15.1	15.3	15.6	15.8	16.3	16.1
		Taxes on net income and profits			5.1	5.0	5.3	5.6	6.8	6.5
		Taxes on domestic production and consumption			4.0	4.2	4.4	4.3	5.2	4.9
			Sales and business taxes		2.0	2.2	2.1	2.2	2.6	2.5
				VAT	1.3	1.5	1.5	1.5	1.8	1.7
			Excises ^2/		2.0	2.0	2.3	2.1	2.1	2.5
				Tobacco products	0.6	0.7	0.7	0.7	0.7	0.6
				Alcoholic beverages	0.6	0.5	0.6	0.7	0.5	0.5
				Petroleum products	0.6	0.6	0.6	0.5	0.7	1.1
		Taxes on international trade and transactions			5.3	5.5	4.7	5.0	4.6	3.8
			Import duties and import taxes		5.3	5.5	4.7	5.0	4.6	3.7
			Other ^3/		0.1	0.0	0.0	0.0	0.0	0.1
	Other domestic taxes ^4/				0.7	0.6	1.2	1.0	0.8	0.8
	Nontax revenue ^5/				2.5	2.0	4.5	3.3	1.9	2.1

Source: Data provided by the Philippine authorities.

^{^1/}Including receipts from privatization and excluding gross income from restructuring the old central bank.

^{^2/}Data on the components of excises are based on Bureau of Internal Revenue collections.

^{^3/}Including exchange tax and travel tax.

^{^4/}Including property taxes.

^{^5/}Including grants and Economic Support Fund (ESF).

Table 13.

Philippines: National Government Expenditures and Net Lending, 1992-97

Source: Data provided by the Philippine authorities.

^{^1/}Including CARP land acquisition and credit.

Table 13.

Philippines: National Government Expenditures and Net Lending, 1992-97

			1992	1993	1994	1995	1996	1997
			(In billions of pesos)
Total expenditure and net lending			258.7	282.3	348.8	378.5	404.2	470.1
	Current expenditure		214.9	226.6	296.4	305.8	328.5	370.9
		Personnel services	74.4	78.7	92.7	109.1	135.4	172.8
		Maintenance and other operational expenses	33.7	34.6	46.8	47.0	65.4	51.8
		Interest payments	79.5	76.5	108.1	101.1	76.5	78.0
		Allotments to local government units	16.1	27.8	37.4	41.4	45.3	56.4
		Subsidies	11.2	9.1	11.5	7.2	5.9	11.9
	Capital expenditure		50.2	44.8	43.4	64.5	69.6	93.6
		Infrastructure and other capital outlays	46.1	37.9	33.6	52.7	57.5	79.1
		Transfers to local government units (LGUs)	4.1	6.9	9.8	11.8	12.1	14.5
	Equity and net lending		−6.4	10.9	9.0	8.4	6.1	5.6
		Equity ^1/	−9.1	6.8	3.1	4.6	4.9	4.2
		Loans less repayments	2.7	4.2	5.9	3.8	1.2	1.4
			(In percent of total expenditure and net lending)
Total expenditure and net lending			100.0	100.0	100.0	100.0	100.0	100.0
	Current expenditure		83.1	80.3	85.0	80.8	81.3	78.9
		Personnel services	28.8	27.9	26.6	28.8	33.5	36.7
		Maintenance and other operational expenses	13.0	12.3	13.4	12.4	16.2	10.9
		Interest payments	30.7	27.1	31.0	26.7	18.9	16.6
		Allotments to local government units	6.2	9.8	10.7	10.9	11.2	12.0
		Subsidies	4.3	3.2	3.3	1.9	1.5	2.5
	Capital expenditure		19.4	15.9	12.4	17.0	17.2	19.9
		Infrastructure and other capital outlays	17.8	13.4	9.6	13.9	14.2	16.8
		Transfers to LGUs	1.6	2.4	2.8	3.1	3.0	12.0
	Equity and net lending		−2.5	3.9	2.6	2.2	1.6	1.2
		Equity ^1/	−3.5	2.4	0.9	1.2	1.2	0.9
		Loans less repayments	1.0	1.5	1.7	1.0	0.3	0.3
			(In percent of GNP)
Total expenditure and net lending			18.7	18.8	20.1	19.2	17.7	18.3
	Current expenditure		15.5	15.1	17.1	15.5	14.4	14.5
		Personnel services	5.4	5.2	5.3	5.5	5.9	6.7
		Maintenance and other operational expenses	2.4	2.3	2.7	2.4	2.9	2.0
		Interest payments	5.7	5.1	6.2	5.1	3.4	3.0
		Allotments to local government units	1.2	1.9	2.2	2.1	2.0	2.2
		Subsidies	0.8	0.6	0.7	0.4	0.3	0.5
	Capital expenditure		3.6	3.0	2.5	3.3	3.2	3.6
		Infrastructure and other capital outlays	3.3	2.5	1.9	2.7	2.6	3.1
		Transfers to LGUs	0.3	0.5	0.6	0.6	0.5	0.6
	Equity and net lending		−0.5	0.7	0.5	0.4	0.1	0.2
		Equity ^1/	−0.7	0.5	0.2	0.2	0.1	0.2
		Loans less repayments	0.2	0.3	0.3	0.2	0.1	0.1

Source: Data provided by the Philippine authorities.

^{^1/}Including CARP land acquisition and credit.

Table 13.

Philippines: National Government Expenditures and Net Lending, 1992-97

			1992	1993	1994	1995	1996	1997
			(In billions of pesos)
Total expenditure and net lending			258.7	282.3	348.8	378.5	404.2	470.1
	Current expenditure		214.9	226.6	296.4	305.8	328.5	370.9
		Personnel services	74.4	78.7	92.7	109.1	135.4	172.8
		Maintenance and other operational expenses	33.7	34.6	46.8	47.0	65.4	51.8
		Interest payments	79.5	76.5	108.1	101.1	76.5	78.0
		Allotments to local government units	16.1	27.8	37.4	41.4	45.3	56.4
		Subsidies	11.2	9.1	11.5	7.2	5.9	11.9
	Capital expenditure		50.2	44.8	43.4	64.5	69.6	93.6
		Infrastructure and other capital outlays	46.1	37.9	33.6	52.7	57.5	79.1
		Transfers to local government units (LGUs)	4.1	6.9	9.8	11.8	12.1	14.5
	Equity and net lending		−6.4	10.9	9.0	8.4	6.1	5.6
		Equity ^1/	−9.1	6.8	3.1	4.6	4.9	4.2
		Loans less repayments	2.7	4.2	5.9	3.8	1.2	1.4
			(In percent of total expenditure and net lending)
Total expenditure and net lending			100.0	100.0	100.0	100.0	100.0	100.0
	Current expenditure		83.1	80.3	85.0	80.8	81.3	78.9
		Personnel services	28.8	27.9	26.6	28.8	33.5	36.7
		Maintenance and other operational expenses	13.0	12.3	13.4	12.4	16.2	10.9
		Interest payments	30.7	27.1	31.0	26.7	18.9	16.6
		Allotments to local government units	6.2	9.8	10.7	10.9	11.2	12.0
		Subsidies	4.3	3.2	3.3	1.9	1.5	2.5
	Capital expenditure		19.4	15.9	12.4	17.0	17.2	19.9
		Infrastructure and other capital outlays	17.8	13.4	9.6	13.9	14.2	16.8
		Transfers to LGUs	1.6	2.4	2.8	3.1	3.0	12.0
	Equity and net lending		−2.5	3.9	2.6	2.2	1.6	1.2
		Equity ^1/	−3.5	2.4	0.9	1.2	1.2	0.9
		Loans less repayments	1.0	1.5	1.7	1.0	0.3	0.3
			(In percent of GNP)
Total expenditure and net lending			18.7	18.8	20.1	19.2	17.7	18.3
	Current expenditure		15.5	15.1	17.1	15.5	14.4	14.5
		Personnel services	5.4	5.2	5.3	5.5	5.9	6.7
		Maintenance and other operational expenses	2.4	2.3	2.7	2.4	2.9	2.0
		Interest payments	5.7	5.1	6.2	5.1	3.4	3.0
		Allotments to local government units	1.2	1.9	2.2	2.1	2.0	2.2
		Subsidies	0.8	0.6	0.7	0.4	0.3	0.5
	Capital expenditure		3.6	3.0	2.5	3.3	3.2	3.6
		Infrastructure and other capital outlays	3.3	2.5	1.9	2.7	2.6	3.1
		Transfers to LGUs	0.3	0.5	0.6	0.6	0.5	0.6
	Equity and net lending		−0.5	0.7	0.5	0.4	0.1	0.2
		Equity ^1/	−0.7	0.5	0.2	0.2	0.1	0.2
		Loans less repayments	0.2	0.3	0.3	0.2	0.1	0.1

Source: Data provided by the Philippine authorities.

^{^1/}Including CARP land acquisition and credit.

Table 14.

Philippines: Operations of Social Security Institutions, 1992-96 ^1/

(In billions of pesos)

Source: Data provided by the Philippine authorities.

^{^1/}Social Security System (SSS) and Government Service Insurance System (GSIS).

^{^2/}By employees and employers.

^{^3/}National governments contribution, as employer, to the GSIS.

^{^4/}Mainly net lending operations of the SSS.

Table 14.

Philippines: Operations of Social Security Institutions, 1992-96 ^1/

(In billions of pesos)

				1992	1993	1994	1995	1996
Revenues				36.6	43.7	45.8	49.1	54.3
		Contributions ^2/		19.7	23.7	26.5	31.5	34.8
			From national government ^3/	3.7	4.6	4.4	5.4	4.8
	Other revenues			16.9	20.1	19.2	17.6	19.5
			National government securities	12.1	12.2	11.8	9.2	7.9
Expenditures				34	39.2	50.5	50.7	52.7
		Social security benefits		16.3	21.3	24.5	26.3	29.0
		Operating and other expenditures		3.5	3.5	6.8	6.3	7.8
		Net lending		14.2	14.3	19.2	18.1	15.9
			To national government ^4/	5.5	7.1	−7.2	1.6	6.9
Surplus/deficit				2.7	4.6	−4.8	−1.6	1.6
Surplus/deficit before net
		lending to national government		8.2	11.7	−12.0	0.0	8.5

Source: Data provided by the Philippine authorities.

^{^1/}Social Security System (SSS) and Government Service Insurance System (GSIS).

^{^2/}By employees and employers.

^{^3/}National governments contribution, as employer, to the GSIS.

^{^4/}Mainly net lending operations of the SSS.

Table 14.

Philippines: Operations of Social Security Institutions, 1992-96 ^1/

(In billions of pesos)

				1992	1993	1994	1995	1996
Revenues				36.6	43.7	45.8	49.1	54.3
		Contributions ^2/		19.7	23.7	26.5	31.5	34.8
			From national government ^3/	3.7	4.6	4.4	5.4	4.8
	Other revenues			16.9	20.1	19.2	17.6	19.5
			National government securities	12.1	12.2	11.8	9.2	7.9
Expenditures				34	39.2	50.5	50.7	52.7
		Social security benefits		16.3	21.3	24.5	26.3	29.0
		Operating and other expenditures		3.5	3.5	6.8	6.3	7.8
		Net lending		14.2	14.3	19.2	18.1	15.9
			To national government ^4/	5.5	7.1	−7.2	1.6	6.9
Surplus/deficit				2.7	4.6	−4.8	−1.6	1.6
Surplus/deficit before net
		lending to national government		8.2	11.7	−12.0	0.0	8.5

Source: Data provided by the Philippine authorities.

^{^1/}Social Security System (SSS) and Government Service Insurance System (GSIS).

^{^2/}By employees and employers.

^{^3/}National governments contribution, as employer, to the GSIS.

^{^4/}Mainly net lending operations of the SSS.

Table 15.

Philippines: Local Governments Budgetary Operations, 1992-96

(In billions of pesos)

Source: Data provided by Philippine authorities.

^{^1/}Comprises receipts of the LGUs from the operations of their economic enterprises, collections of fees and charges, sale of assets, borrowing, and other receipts that include retained earnings (surplus) of the LGUs from their previous years’ operations.

Table 15.

Philippines: Local Governments Budgetary Operations, 1992-96

(In billions of pesos)

				1992	1993	1994	1995	1996
Revenue				27.6	44.4	57.6	66.9	75.9
	Local source revenue			11.8	16.4	21.7	26.1	28.5
		Property taxes		3.9	4.9	4.2	7.3	9.9
		Business taxes		3.5	5.3	8.8	8.4	8.7
		Nontax revenue ^1/		4.4	6.1	8.7	10.4	10.1
	Grants and aid			15.8	28.0	35.9	40.8	49.5
		Statutory allotments		15.4	27.5	35.2	40.1	48.7
		Special aid from National Government		0.4	0.5	0.7	0.7	0.8
Expenditure				26.5	38.5	52.6	65.0	72.3
	Current			22.6	34.1	46.1	56.5	64.1
		Economic development		3.6	5.3	7.4	9.1	9.7
			Capital outlays	3.9	4.4	6.9	8.4	8.3
Surplus/deficit				1.2	5.9	5.0	1.9	3.5

Source: Data provided by Philippine authorities.

Table 15.

Philippines: Local Governments Budgetary Operations, 1992-96

(In billions of pesos)

				1992	1993	1994	1995	1996
Revenue				27.6	44.4	57.6	66.9	75.9
	Local source revenue			11.8	16.4	21.7	26.1	28.5
		Property taxes		3.9	4.9	4.2	7.3	9.9
		Business taxes		3.5	5.3	8.8	8.4	8.7
		Nontax revenue ^1/		4.4	6.1	8.7	10.4	10.1
	Grants and aid			15.8	28.0	35.9	40.8	49.5
		Statutory allotments		15.4	27.5	35.2	40.1	48.7
		Special aid from National Government		0.4	0.5	0.7	0.7	0.8
Expenditure				26.5	38.5	52.6	65.0	72.3
	Current			22.6	34.1	46.1	56.5	64.1
		Economic development		3.6	5.3	7.4	9.1	9.7
			Capital outlays	3.9	4.4	6.9	8.4	8.3
Surplus/deficit				1.2	5.9	5.0	1.9	3.5

Source: Data provided by Philippine authorities.

Table 16.

Philippines: Public Sector Infrastructure Program, 1992-96

(In billions of pesos)

Source: Data provided by the Philippine authorities.

^{^1/}Figures calculated on an obligations basis.

Table 16.

Philippines: Public Sector Infrastructure Program, 1992-96

(In billions of pesos)

		1992	1993	1994 ^1/	1995 ^1/	1996 ^1/
Transportation		12.4	10.4	19.7	21.2	26.3
	Highways	9.1	7.4	14.3	13.6	21.9
	Railways	0.8	0.2	0.3	0.6	0.6
	Airports and airways	0.9	1.1	2.1	5.1	2.2
	Ports/shore protection/lighthouses	1.1	1.6	2.7	1.6	1.1
	Mass transit	0.5	0.1	0.3	0.3	0.5
Communications		1.8	1.0	1.8	1.1	1.1
Water resources		6.4	5.4	5.9	7	13.0
	Irrigation	2.0	2.4	2.7	2.6	3.3
	Water supply	3.3	2.0	1.2	1.8	5.2
	Food control and drainage	1.1	1.0	2	2.6	4.5
Power and rural electrification		17.4	31	39	20	20.9
	Power	16.3	26.4	35.3	16.8	20.0
	Rural electrification	1.1	0.6	0.1	0	0.9
	Other	0	4.0	3.6	3.2	0.0
Social infrastructure		1.9	1.8	30.8	42.6	28.8
	School buildings	0.8	1.0	3.3	5.0	5.1
	Related infrastructure	1.1	0.8	27.5	37.6	23.7
Total		39.9	49.6	97.2	91.9	90.1

Source: Data provided by the Philippine authorities.

^{^1/}Figures calculated on an obligations basis.

Table 16.

Philippines: Public Sector Infrastructure Program, 1992-96

(In billions of pesos)

		1992	1993	1994 ^1/	1995 ^1/	1996 ^1/
Transportation		12.4	10.4	19.7	21.2	26.3
	Highways	9.1	7.4	14.3	13.6	21.9
	Railways	0.8	0.2	0.3	0.6	0.6
	Airports and airways	0.9	1.1	2.1	5.1	2.2
	Ports/shore protection/lighthouses	1.1	1.6	2.7	1.6	1.1
	Mass transit	0.5	0.1	0.3	0.3	0.5
Communications		1.8	1.0	1.8	1.1	1.1
Water resources		6.4	5.4	5.9	7	13.0
	Irrigation	2.0	2.4	2.7	2.6	3.3
	Water supply	3.3	2.0	1.2	1.8	5.2
	Food control and drainage	1.1	1.0	2	2.6	4.5
Power and rural electrification		17.4	31	39	20	20.9
	Power	16.3	26.4	35.3	16.8	20.0
	Rural electrification	1.1	0.6	0.1	0	0.9
	Other	0	4.0	3.6	3.2	0.0
Social infrastructure		1.9	1.8	30.8	42.6	28.8
	School buildings	0.8	1.0	3.3	5.0	5.1
	Related infrastructure	1.1	0.8	27.5	37.6	23.7
Total		39.9	49.6	97.2	91.9	90.1

Source: Data provided by the Philippine authorities.

^{^1/}Figures calculated on an obligations basis.

Table 17.

Philippines: Statement of Financial Operations of 14 Major Monitored Public Corporations, 1992-97

(In billions of pesos)

Source: Data provided by the Philippine authorities.

^{^1/}Taken from corporations’ accounts; may differ from national government accounts.

Table 17.

Philippines: Statement of Financial Operations of 14 Major Monitored Public Corporations, 1992-97

(In billions of pesos)

									Jan-Sept.
				1992	1993	1994	1995	1996	1997
Total receipts				104.2	112.3	107.2	89.2	113.7	88.5
	Operating receipts			96.2	102.4	69.1	73.4	96.9	80.6
		Sales of goods and services		93.9	97.9	64.2	69.9	92.0	77.7
		Current subsidies		2.3	4.5	4.9	3.5	4.9	2.8
	Other			8.0	9.9	38.0	15.8	16.8	7.9
Current expenditures				88.8	96.4	74.8	68.1	93.3	70.6
	Operating expenditures			70.7	73.0	37.2	40.1	57.9	52.5
		Wages and salaries		4.3	4.8	5.5	6.8	8.1	7.0
	Other current expenditures			18.1	23.3	37.7	28.0	35.4	18.2
			Interest payments	8.3	11.1	12.1	14.2	12.2	8.3
		Tax payments to the national government		3.5	8.6	11.1	6.4	4.5	2.1
		Interest on national government advances		0.9	0.5	0.6	0.0	0.9	0.0
		Dividend payments		0.2	0.6	11.1	0.5	10.5	1.2
Capital expenditures				26.1	41.6	42.0	22.3	31.6	28.1
Acquisition of fixed capital assets				21.2	33.9	39.5	23.8	26.9	23.5
Change in inventories				0.3	1.1	1.5	0.5	2.8	3.1
Other				4.6	6.6	1.0	−2.0	2.0	1.5
Internal cash generation				15.4	16.0	32.3	21.1	20.4	17.9
Financing requirement				−10.7	−25.6	−9.7	−1.3	−11.2	−10.2
External financing (net)				6.7	21.9	15.4	4.5	16.2	8.1
	Domestic financing (net)			4.0	3.8	−5.7	−3.2	−4.9	2.1
	National government equity ^1/			0.6	5.6	1.5	0.5	1.2	0.0
	National government net lending ^1/			1.3	1.5	1.9	0.8	−0.4	0.4
	Domestic bank credits (net)			3.7	1.4	0.8	−3.7	−3.4	−0.8
	Other domestic financing (net)			−1.7	−4.8	−9.9	−0.9	−2.3	2.5

Source: Data provided by the Philippine authorities.

^{^1/}Taken from corporations’ accounts; may differ from national government accounts.

Table 17.

Philippines: Statement of Financial Operations of 14 Major Monitored Public Corporations, 1992-97

(In billions of pesos)

									Jan-Sept.
				1992	1993	1994	1995	1996	1997
Total receipts				104.2	112.3	107.2	89.2	113.7	88.5
	Operating receipts			96.2	102.4	69.1	73.4	96.9	80.6
		Sales of goods and services		93.9	97.9	64.2	69.9	92.0	77.7
		Current subsidies		2.3	4.5	4.9	3.5	4.9	2.8
	Other			8.0	9.9	38.0	15.8	16.8	7.9
Current expenditures				88.8	96.4	74.8	68.1	93.3	70.6
	Operating expenditures			70.7	73.0	37.2	40.1	57.9	52.5
		Wages and salaries		4.3	4.8	5.5	6.8	8.1	7.0
	Other current expenditures			18.1	23.3	37.7	28.0	35.4	18.2
			Interest payments	8.3	11.1	12.1	14.2	12.2	8.3
		Tax payments to the national government		3.5	8.6	11.1	6.4	4.5	2.1
		Interest on national government advances		0.9	0.5	0.6	0.0	0.9	0.0
		Dividend payments		0.2	0.6	11.1	0.5	10.5	1.2
Capital expenditures				26.1	41.6	42.0	22.3	31.6	28.1
Acquisition of fixed capital assets				21.2	33.9	39.5	23.8	26.9	23.5
Change in inventories				0.3	1.1	1.5	0.5	2.8	3.1
Other				4.6	6.6	1.0	−2.0	2.0	1.5
Internal cash generation				15.4	16.0	32.3	21.1	20.4	17.9
Financing requirement				−10.7	−25.6	−9.7	−1.3	−11.2	−10.2
External financing (net)				6.7	21.9	15.4	4.5	16.2	8.1
	Domestic financing (net)			4.0	3.8	−5.7	−3.2	−4.9	2.1
	National government equity ^1/			0.6	5.6	1.5	0.5	1.2	0.0
	National government net lending ^1/			1.3	1.5	1.9	0.8	−0.4	0.4
	Domestic bank credits (net)			3.7	1.4	0.8	−3.7	−3.4	−0.8
	Other domestic financing (net)			−1.7	−4.8	−9.9	−0.9	−2.3	2.5

Source: Data provided by the Philippine authorities.

^{^1/}Taken from corporations’ accounts; may differ from national government accounts.

Table 18.

Philippines: Cash Flows of 14 Major Public Corporations, 1992-97

(In billions of pesos)

Source: Data provided by the Philippine authorities.

Table 18.

Philippines: Cash Flows of 14 Major Public Corporations, 1992-97

(In billions of pesos)

							Jan.-Sept.
		1992	1993	1994	1995	1996	1997
Internal cash generation		15.4	16.0	32.3	21.1	20.4	17.9
	National Power Corporation	10.5	7.7	14.5	12.3	15.3	8.2
	Philippine National Oil Corporation	4.1	0.9	13.9	4.7	−6.6	−0.1
	Metropolitan Water and Sewerage System	1.0	1.2	1.2	0.6	0.8	1.7
	National Irrigation Administration	−0.1	0.0	−0.1	−0.1	−0.1	0.0
	National Development Company	−0.1	1.8	−0.1	0.3	3.3	2.9
	Light Rail Transit Authority	0.2	0.2	0.3	0.2	0.2	0.5
	National Electrification Authority	−0.3	0.4	0.1	0.0	0.2	−0.1
	National Housing Authority	1.0	0.8	0.7	1.1	2.3	0.4
	National Food Authority	−1.9	1.6	0.1	0.2	2.7	2.6
	Other	1.0	1.4	1.7	1.8	2.3	1.8
Capital expenditure		26.1	41.6	42.0	22.3	31.6	28.0
	National Power Corporation	17.9	28.4	35.0	16.8	19.2	18.2
	Philippine National Oil Corporation	3.1	5.9	4.1	4.9	4.3	2.4
	Metropolitan Water and Sewerage System	1.6	1.2	0.9	0.8	1.2	0.6
	National Irrigation Administration	0.1	0.0	0.0	0.0	0.0	0.0
	National Development Company	2.3	4.7	0.0	−3.1	0.1	0.3
	Light Rail Transit Authority	0.1	0.1	0.2	0.3	0.5	0.3
	National Electrification Authority	1.1	0.7	0.1	0.0	0.8	1.0
	National Housing Authority	0.8	0.6	0.5	0.2	0.3	0.4
	National Food Authority	−3.4	−1.9	−0.5	0.1	3.1	3.3
	Other	2.5	1.9	1.7	2.3	2.1	1.5
Balance (financing requirement)		−10.7	−25.6	−9.7	−1.2	−11.2	−10.2
	National Power Corporation	−7.4	−20.7	−20.5	−4.5	−3.9	−10.0
	Philippine National Oil Corporation	1.0	−5.0	9.8	−0.2	−10.9	−2.4
	Metropolitan Water and Sewerage System	−0.6	0.0	0.3	−0.2	−0.4	1.0
	National Irrigation Administration	−0.2	0.0	−0.1	−0.1	−0.1	0.0
	National Development Company	−2.4	−2.9	−0.1	3.4	3.2	2.5
	Light Rail Transit Authority	0.1	0.1	0.1	−0.1	−0.2	0.1
	National Electrification Authority	−1.4	−0.3	0.0	0.0	−0.7	−1.2
	National Housing Authority	0.2	0.2	0.2	0.9	1.9	0.0
	National Food Authority	1.5	3.5	0.6	0.1	−0.5	−0.7
	Other	−1.5	−0.5	0.0	−0.5	0.2	0.5
Total financing		10.7	25.6	9.7	1.2	11.2	10.2
	(In percent of GNP)	0.8	1.7	0.6	0.1	0.5	0.6
	Net external financing	6.7	21.9	15.4	4.5	16.1	8.1
	Net domestic financing	3.9	3.8	−5.7	−3.2	−4.9	2.1
	National government transfers	1.9	7.2	3.4	1.3	2.9	…

Source: Data provided by the Philippine authorities.

Table 18.

Philippines: Cash Flows of 14 Major Public Corporations, 1992-97

(In billions of pesos)

							Jan.-Sept.
		1992	1993	1994	1995	1996	1997
Internal cash generation		15.4	16.0	32.3	21.1	20.4	17.9
	National Power Corporation	10.5	7.7	14.5	12.3	15.3	8.2
	Philippine National Oil Corporation	4.1	0.9	13.9	4.7	−6.6	−0.1
	Metropolitan Water and Sewerage System	1.0	1.2	1.2	0.6	0.8	1.7
	National Irrigation Administration	−0.1	0.0	−0.1	−0.1	−0.1	0.0
	National Development Company	−0.1	1.8	−0.1	0.3	3.3	2.9
	Light Rail Transit Authority	0.2	0.2	0.3	0.2	0.2	0.5
	National Electrification Authority	−0.3	0.4	0.1	0.0	0.2	−0.1
	National Housing Authority	1.0	0.8	0.7	1.1	2.3	0.4
	National Food Authority	−1.9	1.6	0.1	0.2	2.7	2.6
	Other	1.0	1.4	1.7	1.8	2.3	1.8
Capital expenditure		26.1	41.6	42.0	22.3	31.6	28.0
	National Power Corporation	17.9	28.4	35.0	16.8	19.2	18.2
	Philippine National Oil Corporation	3.1	5.9	4.1	4.9	4.3	2.4
	Metropolitan Water and Sewerage System	1.6	1.2	0.9	0.8	1.2	0.6
	National Irrigation Administration	0.1	0.0	0.0	0.0	0.0	0.0
	National Development Company	2.3	4.7	0.0	−3.1	0.1	0.3
	Light Rail Transit Authority	0.1	0.1	0.2	0.3	0.5	0.3
	National Electrification Authority	1.1	0.7	0.1	0.0	0.8	1.0
	National Housing Authority	0.8	0.6	0.5	0.2	0.3	0.4
	National Food Authority	−3.4	−1.9	−0.5	0.1	3.1	3.3
	Other	2.5	1.9	1.7	2.3	2.1	1.5
Balance (financing requirement)		−10.7	−25.6	−9.7	−1.2	−11.2	−10.2
	National Power Corporation	−7.4	−20.7	−20.5	−4.5	−3.9	−10.0
	Philippine National Oil Corporation	1.0	−5.0	9.8	−0.2	−10.9	−2.4
	Metropolitan Water and Sewerage System	−0.6	0.0	0.3	−0.2	−0.4	1.0
	National Irrigation Administration	−0.2	0.0	−0.1	−0.1	−0.1	0.0
	National Development Company	−2.4	−2.9	−0.1	3.4	3.2	2.5
	Light Rail Transit Authority	0.1	0.1	0.1	−0.1	−0.2	0.1
	National Electrification Authority	−1.4	−0.3	0.0	0.0	−0.7	−1.2
	National Housing Authority	0.2	0.2	0.2	0.9	1.9	0.0
	National Food Authority	1.5	3.5	0.6	0.1	−0.5	−0.7
	Other	−1.5	−0.5	0.0	−0.5	0.2	0.5
Total financing		10.7	25.6	9.7	1.2	11.2	10.2
	(In percent of GNP)	0.8	1.7	0.6	0.1	0.5	0.6
	Net external financing	6.7	21.9	15.4	4.5	16.1	8.1
	Net domestic financing	3.9	3.8	−5.7	−3.2	−4.9	2.1
	National government transfers	1.9	7.2	3.4	1.3	2.9	…

Source: Data provided by the Philippine authorities.

Table 19.

Philippines: Public Sector Operating and Maintenance Expenditures by Function, 1992-96 ^1/

(In millions of pesos)

Source: Data provided by the Philippine authorities.

^{^1/}Derived by applying the functional classification of obligation expenditures to cash disbursements.

^{^2/}Defense and general public services.

^{^3/}Includes expenses related to the privatization of Petron Corporation.

Table 19.

Philippines: Public Sector Operating and Maintenance Expenditures by Function, 1992-96 ^1/

(In millions of pesos)

			1992	1993	1994		1995	1996
National government
	Economic services		8,436	6,990	11,730		13,835	15,857
	Agriculture and agrarian reform		3,051	2,312	3,457		4,905	6,603
	National resources		905	700	1,612		1,441	1,178
	Trade and industry		320	353	900		885	962
	Tourism		95	70	165		149	111
	Power and energy		410	266	389		235	213
	Water, transportation, and communications		3,294	2,968	4,407		5,512	5,251
	Other		361	321	800		708	1,539
Social services			10,487	8,257	12,079		12,125	12,027
	Education, culture, and manpower
		development	5,571	4,783	6,709		6,961	7,062
	Health		4,137	2,846	3,696		3,081	3,216
	Social security, labor, and housing		759	526	1,504		1,910	1,482
	Other		20	102	170		173	266
Other services ^2/			14,947	13,748	23,027		20,991	20,818
Total			33,870	28,995	46,836		46,951	48,702
	Economic and social services		19,015	15,255	23,810		25,959	27,884
		(In percent of GNP)	1.4	1.0	1.2		1.3	1.2
Major public corporations
	Metropolitan Water and Sewerage System		504	520	644		1,813	1,954
	Philippine National Oil Corporation		175	82	4,264	^3/	105	918
	National Irrigation Administration		220	137	200		873	1,028
	National Food Authority		1,010	406	732		2,519	344

Source: Data provided by the Philippine authorities.

^{^1/}Derived by applying the functional classification of obligation expenditures to cash disbursements.

^{^2/}Defense and general public services.

^{^3/}Includes expenses related to the privatization of Petron Corporation.

Table 19.

Philippines: Public Sector Operating and Maintenance Expenditures by Function, 1992-96 ^1/

(In millions of pesos)

			1992	1993	1994		1995	1996
National government
	Economic services		8,436	6,990	11,730		13,835	15,857
	Agriculture and agrarian reform		3,051	2,312	3,457		4,905	6,603
	National resources		905	700	1,612		1,441	1,178
	Trade and industry		320	353	900		885	962
	Tourism		95	70	165		149	111
	Power and energy		410	266	389		235	213
	Water, transportation, and communications		3,294	2,968	4,407		5,512	5,251
	Other		361	321	800		708	1,539
Social services			10,487	8,257	12,079		12,125	12,027
	Education, culture, and manpower
		development	5,571	4,783	6,709		6,961	7,062
	Health		4,137	2,846	3,696		3,081	3,216
	Social security, labor, and housing		759	526	1,504		1,910	1,482
	Other		20	102	170		173	266
Other services ^2/			14,947	13,748	23,027		20,991	20,818
Total			33,870	28,995	46,836		46,951	48,702
	Economic and social services		19,015	15,255	23,810		25,959	27,884
		(In percent of GNP)	1.4	1.0	1.2		1.3	1.2
Major public corporations
	Metropolitan Water and Sewerage System		504	520	644		1,813	1,954
	Philippine National Oil Corporation		175	82	4,264	^3/	105	918
	National Irrigation Administration		220	137	200		873	1,028
	National Food Authority		1,010	406	732		2,519	344

Source: Data provided by the Philippine authorities.

^{^1/}Derived by applying the functional classification of obligation expenditures to cash disbursements.

^{^2/}Defense and general public services.

^{^3/}Includes expenses related to the privatization of Petron Corporation.

Table 20.

Philippines: Functional Classification of National Government Expenditure, 1992-96

Source: Data provided by the Philippine authorities.

^{^1/}Net of interest payments and net lending.

^{^2/}Measured on a different basis from “defense” as shown in Table 21 (military expenditures only).

Table 20.

Philippines: Functional Classification of National Government Expenditure, 1992-96

			1992	1993	1994	1995	1996
			(In billions of pesos)
General public services ^1/			36.0	40.4	56.1	60.8	76.4
Defense ^2/			25.5	20.4	21.7	25.5	29.9
Economic services			58.6	75.9	88.8	99.4	101.6
	Agriculture and agrarian reform		12.1	12.6	19.4	21.9	22.6
	Natural resources		2.4	3.4	4.0	4.6	5.3
	Trade and industry		1.4	2.5	5.0	5.9	4.2
	Power and energy		2.0	6.6	5.8	3.2	1.1
	Water recourse development
		and flood control	4.0	9.6	3.4	3.6	2.6
	Transportation and communications		27.6	23.2	33.5	37.9	41.4
	Other		9.1	18.0	17.7	22.3	24.4
Social services			67.9	71.0	72.2	92.6	118.6
	Education, culture, and
		manpower development	40.3	39.9	42.4	57.1	72.1
	Health, nutrition, and population control		10.8	7.2	7.4	7.8	10.9
	Social security, labor, and employment		8.5	8.4	4.6	6.4	9.7
	Housing and community development		0.2	1.4	1.2	3.1	5.0
	Other		8.1	14.1	16.6	18.2	20.8
Total			188.0	207.7	238.8	278.3	326.5
			(In percent of GNP)
General public services			2.6	2.7	3.2	3.1	3.3
Defense			1.8	1.4	1.2	1.3	1.3
Economic services			4.2	5.1	5.1	5.1	4.5
Social services			4.9	4.7	4.2	4.7	5.2
			(In percent of total)
General public services			19.1	19.5	23.5	21.8	23.4
Defense			13.6	9.8	9.1	9.2	9.2
Economic services			31.2	36.5	37.2	35.7	31.1
Social services			36.1	34.2	30.2	33.3	36.3

Source: Data provided by the Philippine authorities.

^{^1/}Net of interest payments and net lending.

^{^2/}Measured on a different basis from “defense” as shown in Table 21 (military expenditures only).

Table 20.

Philippines: Functional Classification of National Government Expenditure, 1992-96

			1992	1993	1994	1995	1996
			(In billions of pesos)
General public services ^1/			36.0	40.4	56.1	60.8	76.4
Defense ^2/			25.5	20.4	21.7	25.5	29.9
Economic services			58.6	75.9	88.8	99.4	101.6
	Agriculture and agrarian reform		12.1	12.6	19.4	21.9	22.6
	Natural resources		2.4	3.4	4.0	4.6	5.3
	Trade and industry		1.4	2.5	5.0	5.9	4.2
	Power and energy		2.0	6.6	5.8	3.2	1.1
	Water recourse development
		and flood control	4.0	9.6	3.4	3.6	2.6
	Transportation and communications		27.6	23.2	33.5	37.9	41.4
	Other		9.1	18.0	17.7	22.3	24.4
Social services			67.9	71.0	72.2	92.6	118.6
	Education, culture, and
		manpower development	40.3	39.9	42.4	57.1	72.1
	Health, nutrition, and population control		10.8	7.2	7.4	7.8	10.9
	Social security, labor, and employment		8.5	8.4	4.6	6.4	9.7
	Housing and community development		0.2	1.4	1.2	3.1	5.0
	Other		8.1	14.1	16.6	18.2	20.8
Total			188.0	207.7	238.8	278.3	326.5
			(In percent of GNP)
General public services			2.6	2.7	3.2	3.1	3.3
Defense			1.8	1.4	1.2	1.3	1.3
Economic services			4.2	5.1	5.1	5.1	4.5
Social services			4.9	4.7	4.2	4.7	5.2
			(In percent of total)
General public services			19.1	19.5	23.5	21.8	23.4
Defense			13.6	9.8	9.1	9.2	9.2
Economic services			31.2	36.5	37.2	35.7	31.1
Social services			36.1	34.2	30.2	33.3	36.3

Source: Data provided by the Philippine authorities.

^{^1/}Net of interest payments and net lending.

^{^2/}Measured on a different basis from “defense” as shown in Table 21 (military expenditures only).

^{Table 21.}

Philippines: Military Expenditure of the National Government, 1992-96 ^1/

Source: Data provided by the Philippine authorities.

^{^1/}Excludes Philippine National Police which is under the Department of the Interior and Local Government.

^{Table 21.}

Philippines: Military Expenditure of the National Government, 1992-96 ^1/

		1992	1993	1994	1995	1996
		(In millions of pesos)
Total military expenditure		17,462	21,132	24,401	30,510	32,269
By economic category
	Personnel services	11,703	13,310	16,284	20,253	21,223
	Maintenance and other operating expenses	5,514	6,609	6,562	7,751	9,001
	Capital outlays	245	1,213	1,555	2,506	2,045
By function
	Defense	17,072	20,618	23,590	29,559	30,978
	Health	189	286	492	622	811
	Education	201	228	319	329	480
		(In percent of GNP)
Total military expenditures		1.3	1.4	1.4	1.6	1.4
	Personnel services	0.8	0.9	0.9	1.0	0.9
	Maintenance and other operating expenses	0.4	0.4	0.4	0.4	0.4
	Capital outlays	0.0	0.1	0.1	0.1	0.1
		(As percentage of total expenditure)
Total		6.7	7.5	7.1	8.1	7.8
	Personnel services	4.5	4.7	4.7	5.4	5.1
	Maintenance and other operating expenses	2.1	2.3	1.9	2.0	2.2
	Capital outlays	0.1	0.4	0.4	0.7	0.5
	Defense	6.6	7.3	6.8	7.8	7.4
	Health	0.1	0.1	0.1	0.2	0.1
	Education	0.1	0.1	0.1	0.1	0.1

Source: Data provided by the Philippine authorities.

^{^1/}Excludes Philippine National Police which is under the Department of the Interior and Local Government.

^{Table 21.}

Philippines: Military Expenditure of the National Government, 1992-96 ^1/

		1992	1993	1994	1995	1996
		(In millions of pesos)
Total military expenditure		17,462	21,132	24,401	30,510	32,269
By economic category
	Personnel services	11,703	13,310	16,284	20,253	21,223
	Maintenance and other operating expenses	5,514	6,609	6,562	7,751	9,001
	Capital outlays	245	1,213	1,555	2,506	2,045
By function
	Defense	17,072	20,618	23,590	29,559	30,978
	Health	189	286	492	622	811
	Education	201	228	319	329	480
		(In percent of GNP)
Total military expenditures		1.3	1.4	1.4	1.6	1.4
	Personnel services	0.8	0.9	0.9	1.0	0.9
	Maintenance and other operating expenses	0.4	0.4	0.4	0.4	0.4
	Capital outlays	0.0	0.1	0.1	0.1	0.1
		(As percentage of total expenditure)
Total		6.7	7.5	7.1	8.1	7.8
	Personnel services	4.5	4.7	4.7	5.4	5.1
	Maintenance and other operating expenses	2.1	2.3	1.9	2.0	2.2
	Capital outlays	0.1	0.4	0.4	0.7	0.5
	Defense	6.6	7.3	6.8	7.8	7.4
	Health	0.1	0.1	0.1	0.2	0.1
	Education	0.1	0.1	0.1	0.1	0.1

Source: Data provided by the Philippine authorities.

^{^1/}Excludes Philippine National Police which is under the Department of the Interior and Local Government.

Table 22.

Philippines: Summary of Monetary Accounts, 1992-97

(In billions of pesos)

Source: Data provided by the Philippine authorities.

^{^1/}Mostly reverse repurchase agreements.

^{^2/}Effective February 1996 Development Bank of the Philippines was reclassified from specialized government bank to commercial bank and hence was included in the monetary survey.

^{^3/}Foreign currency deposit units.

Table 22.

Philippines: Summary of Monetary Accounts, 1992-97

(In billions of pesos)

					1992	1993	1994	1995	1996				1997
					Dec.	Dec.	Dec.	Dec.	Mar.	Jun,	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.
Bangko Sentral ng Pilipinas
	Reserve money				144.8	171.7	182.4	212.7	206.1	201.5	196.3	243.3	223.8	211.9	218.5	266.5
	Net foreign assets				38.1	56.7	91.8	118.4	142.2	184.0	219.9	232.3	249.8	217.6	246.8	212.4
	Net domestic assets				106.7	115.0	90.6	94.3	63.9	17.5	−23.6	11.0	−26.0	−5.7	−28.3	54.1
		Credit to public sector			−104.0	182.0	151.3	156.0	193.4	140.1	83.0	135.5	62.6	104.5	83.0	155.9
			National government		−107.5	166.2	139.2	151.8	189.3	136.0	81.2	133.7	60.8	101.6	80.1	152.9
		Assistance to financial institutions			13.9	4.2	4.0	3.2	3.2	3.2	3.2	3.2	3.2	4.7	8.9	8.2
		Total rediscounting			4.7	7.3	5.3	5.9	5.3	5.3	5.9	6.5	6.1	6.6	6.6	6.6
		Open market instruments ^1/			−90.8	−48.7	−31.5	−23.3	−81.7	−84.2	−77.8	−91.6	−61.0	−82.5	−30.8	12.8
		Other items (net)			282.9	−29.8	−38.5	−47.5	−56.3	−46.9	−37.9	−42.7	−36.9	−39.0	−96.0	−129.4
Monetary survey ^2/
	Net foreign assets				76.5	104.7	123.6	117.9	89.0	74.3	68.0	69.9	75.1	−10.7	−51.6	…
	Net domestic assets				324.6	394.8	507.2	668.5	712.4	739.4	765.3	844.0	860.8	966.7	1,076.0	…
		Domestic credit			277.1	682.1	821.6	1,084.0	1,241.0	1,319.6	1,358.5	1,507.7	1,499.7	1,618.1	1,777.4	…
			Public		−18.6	274.1	299.8	335.3	382.2	371.5	332.0	377.2	325.9	356.4	404.0	…
				National government (net)	−43.9	216.2	243.5	283.9	339.5	310.2	271.5	322.8	267.1	293.6	322.7	…
			Private		295.7	408.0	521.7	748.7	858.8	948.2	1,026.5	1,130.5	1,173.8	1,261.7	1,373.5	1,455.5
		Resident FCDUs ^3/			−94.5	−136.2	−158.8	−206.7	−230.5	−254.6	−269.8	−317.6	−336.1	−348.8	−367.7	−433.4
		Net other items			142.0	−151.1	−155.6	−208.8	−298.0	−325.6	−323.3	−346.1	−302.9	−302.5	−333.8	…
	Total liquidity				401.1	499.5	630.8	786.4	801.4	813.7	833.4	913.9	935.8	956.1	1,024.4	…
		M3			385.4	480.3	607.6	761.4	769.1	776.7	799.5	881.4	901.8	923.4	987.7	1,066.0
			Narrow money		112.1	133.9	152.0	184.9	183.0	182.6	189.6	222.0	216.3	224.3	222.7	…
			Quasi-money		269.8	341.8	451.0	570.3	580.0	588.3	603.5	652.8	678.3	692.3	755.6	…
			Deposit substitutes		3.5	4.6	4.6	6.2	6.1	5.8	6.4	6.6	7.2	6.8	9.4	…
		Other liabilities			15.7	19.2	23.2	25.0	32.3	37.0	33.8	32.5	34.0	32.6	36.8	…

Source: Data provided by the Philippine authorities.

^{^1/}Mostly reverse repurchase agreements.

^{^2/}Effective February 1996 Development Bank of the Philippines was reclassified from specialized government bank to commercial bank and hence was included in the monetary survey.

^{^3/}Foreign currency deposit units.

Table 22.

Philippines: Summary of Monetary Accounts, 1992-97

(In billions of pesos)

					1992	1993	1994	1995	1996				1997
					Dec.	Dec.	Dec.	Dec.	Mar.	Jun,	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.
Bangko Sentral ng Pilipinas
	Reserve money				144.8	171.7	182.4	212.7	206.1	201.5	196.3	243.3	223.8	211.9	218.5	266.5
	Net foreign assets				38.1	56.7	91.8	118.4	142.2	184.0	219.9	232.3	249.8	217.6	246.8	212.4
	Net domestic assets				106.7	115.0	90.6	94.3	63.9	17.5	−23.6	11.0	−26.0	−5.7	−28.3	54.1
		Credit to public sector			−104.0	182.0	151.3	156.0	193.4	140.1	83.0	135.5	62.6	104.5	83.0	155.9
			National government		−107.5	166.2	139.2	151.8	189.3	136.0	81.2	133.7	60.8	101.6	80.1	152.9
		Assistance to financial institutions			13.9	4.2	4.0	3.2	3.2	3.2	3.2	3.2	3.2	4.7	8.9	8.2
		Total rediscounting			4.7	7.3	5.3	5.9	5.3	5.3	5.9	6.5	6.1	6.6	6.6	6.6
		Open market instruments ^1/			−90.8	−48.7	−31.5	−23.3	−81.7	−84.2	−77.8	−91.6	−61.0	−82.5	−30.8	12.8
		Other items (net)			282.9	−29.8	−38.5	−47.5	−56.3	−46.9	−37.9	−42.7	−36.9	−39.0	−96.0	−129.4
Monetary survey ^2/
	Net foreign assets				76.5	104.7	123.6	117.9	89.0	74.3	68.0	69.9	75.1	−10.7	−51.6	…
	Net domestic assets				324.6	394.8	507.2	668.5	712.4	739.4	765.3	844.0	860.8	966.7	1,076.0	…
		Domestic credit			277.1	682.1	821.6	1,084.0	1,241.0	1,319.6	1,358.5	1,507.7	1,499.7	1,618.1	1,777.4	…
			Public		−18.6	274.1	299.8	335.3	382.2	371.5	332.0	377.2	325.9	356.4	404.0	…
				National government (net)	−43.9	216.2	243.5	283.9	339.5	310.2	271.5	322.8	267.1	293.6	322.7	…
			Private		295.7	408.0	521.7	748.7	858.8	948.2	1,026.5	1,130.5	1,173.8	1,261.7	1,373.5	1,455.5
		Resident FCDUs ^3/			−94.5	−136.2	−158.8	−206.7	−230.5	−254.6	−269.8	−317.6	−336.1	−348.8	−367.7	−433.4
		Net other items			142.0	−151.1	−155.6	−208.8	−298.0	−325.6	−323.3	−346.1	−302.9	−302.5	−333.8	…
	Total liquidity				401.1	499.5	630.8	786.4	801.4	813.7	833.4	913.9	935.8	956.1	1,024.4	…
		M3			385.4	480.3	607.6	761.4	769.1	776.7	799.5	881.4	901.8	923.4	987.7	1,066.0
			Narrow money		112.1	133.9	152.0	184.9	183.0	182.6	189.6	222.0	216.3	224.3	222.7	…
			Quasi-money		269.8	341.8	451.0	570.3	580.0	588.3	603.5	652.8	678.3	692.3	755.6	…
			Deposit substitutes		3.5	4.6	4.6	6.2	6.1	5.8	6.4	6.6	7.2	6.8	9.4	…
		Other liabilities			15.7	19.2	23.2	25.0	32.3	37.0	33.8	32.5	34.0	32.6	36.8	…

Source: Data provided by the Philippine authorities.

^{^1/}Mostly reverse repurchase agreements.

^{^2/}Effective February 1996 Development Bank of the Philippines was reclassified from specialized government bank to commercial bank and hence was included in the monetary survey.

^{^3/}Foreign currency deposit units.

Table 23.

Philippines: Factors Affecting Base Money, 1992-97 ^1/

(In billions of pesos)

Source: Data provided by the Philippine authorities.

^{^1/}Foreign assets and liabilities converted into pesos at current exchange rates.

^{^2/}Growth rates refer to end-period data; therefore they differ from program targets which refer to ten-day test periods.

^{^3/}Starting October 4, 1993, deposit balances are exclusive of deposits for Common Trust Funds (CTFs), reserve balances against CTFs are included in other items (net).

^{^4/}Starting December 1992, excluding Agricultural Loan Fund investments in Treasury bills.

^{^5/}Mostly reverse repurchase agreements.

Table 23.

Philippines: Factors Affecting Base Money, 1992-97 ^1/

(In billions of pesos)

			1992	1993	1994	1995	1996				1997
			Dec.	Dec.	Dec.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.
Base money ^2/			153.6	175.8	196.1	229.4	222.8	219.0	214.7	262.1	243.0	238.1	276.6	304.3
	(12-month percentage change)		9.2	14.5	11.5	17.0	13.9	20.6	13.2	14.2	9.1	8.7	28.8	16.1
	Stock of reserve eligible securities outstanding		4.1	4.1	4.1	4.2	4.2	4.2	4.3	4.3	4.2	4.1	4.4	4.3
	Reserve deficiency		4.7	0.0	0.0	0.0	0.0	0.0	0.5	0.0	0.0	6.3	3.4	0.0
	Government securities		…	…	9.6	12.5	12.5	13.3	13.6	14.5	15.0	15.8	50.3	33.5
Reserve money ^3/			144.8	171.7	182.4	212.7	206.1	201.5	196.3	243.3	223.8	211.9	218.5	266.5
	Currency issue		88.3	98.0	111.5	130.8	115.4	112.8	113.0	150.3	132.2	130.6	135.4	181.6
	Cash in treasury vault		−0.3	−0.2	−0.2	0.0	0.0	0.0	0.0	0.0	−0.1	0.0	0.0	0.0
	Reserve balance of banks		56.8	73.9	71.1	81.9	90.7	88.7	83.3	92.9	91.7	81.3	83.1	84.9
Net foreign assets			38.1	56.7	91.8	118.4	142.2	184.0	219.9	232.3	249.8	217.6	246.8	212.4
	Net international reserves		91.5	99.6	129.3	155.6	178.6	218.6	254.1	263.8	279.6	259.2	299.0	266.7
		Gross international reserves	133.4	164.0	173.8	203.7	226.6	264.2	301.1	308.8	315.2	298.4	371.4	350.5
		Short-term foreign liabilities	−41.9	−64.4	−44.5	−48.1	−48.0	−45.6	−47.0	−44.9	−35.6	−39.2	−72.4	−83.8
	Medium- and long-term foreign liabilities		−53.4	−42.9	−37.5	−37.2	−36.4	−34.6	−34.2	−31.5	−29.8	−41.6	−52.2	−54.3
Net domestic assets			106.7	115.0	90.6	94.3	63.9	17.5	−23.6	11.0	−26.0	−5.7	−28.3	54.1
	Net credit to public sector		−104.0	182.0	151.3	156.0	193.4	140.1	83.0	135.5	62.6	104.5	83.0	155.9
	Of which:
		Net credit to national government	107.5	−166.2	139.2	151.8	189.3	136.0	81.2	133.7	60.8	101.6	80.1	152.9
		Holding of Treasury bills ^4/	27.4	171.6	120.6	137.2	154.1	138.3	128.1	139.8	74.3	104.5	83.9	129.3
		Deposits	−137.8	−113.8	−84.5	−73.4	−65.1	−101.4	−146.7	−106.5	−115.0	−105.2	−96.9	−78.3
		Net credits to 14 corporations	0.5	0.4	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Assistance to financial institutions		13.9	4.2	4.0	3.2	3.2	3.2	3.2	3.2	3.2	4.7	8.9	8.2
	Total rediscounting		4.7	7.3	5.3	5.9	5.3	5.3	5.9	6.5	6.1	6.6	6.6	6.6
	Open market instruments ^5/		−90.8	−48.7	−31.5	−23.3	−81.7	−84.2	−77.8	−91.6	−61.0	−82.5	−30.8	12.8
	Other items (net)		282.9	−29.8	−38.5	−47.5	−56.3	−46.9	−37.9	−42.7	−36.9	−39.0	−96.0	−129.4

Source: Data provided by the Philippine authorities.

^{^1/}Foreign assets and liabilities converted into pesos at current exchange rates.

^{^2/}Growth rates refer to end-period data; therefore they differ from program targets which refer to ten-day test periods.

^{^3/}Starting October 4, 1993, deposit balances are exclusive of deposits for Common Trust Funds (CTFs), reserve balances against CTFs are included in other items (net).

^{^4/}Starting December 1992, excluding Agricultural Loan Fund investments in Treasury bills.

^{^5/}Mostly reverse repurchase agreements.

Table 23.

Philippines: Factors Affecting Base Money, 1992-97 ^1/

(In billions of pesos)

			1992	1993	1994	1995	1996				1997
			Dec.	Dec.	Dec.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.
Base money ^2/			153.6	175.8	196.1	229.4	222.8	219.0	214.7	262.1	243.0	238.1	276.6	304.3
	(12-month percentage change)		9.2	14.5	11.5	17.0	13.9	20.6	13.2	14.2	9.1	8.7	28.8	16.1
	Stock of reserve eligible securities outstanding		4.1	4.1	4.1	4.2	4.2	4.2	4.3	4.3	4.2	4.1	4.4	4.3
	Reserve deficiency		4.7	0.0	0.0	0.0	0.0	0.0	0.5	0.0	0.0	6.3	3.4	0.0
	Government securities		…	…	9.6	12.5	12.5	13.3	13.6	14.5	15.0	15.8	50.3	33.5
Reserve money ^3/			144.8	171.7	182.4	212.7	206.1	201.5	196.3	243.3	223.8	211.9	218.5	266.5
	Currency issue		88.3	98.0	111.5	130.8	115.4	112.8	113.0	150.3	132.2	130.6	135.4	181.6
	Cash in treasury vault		−0.3	−0.2	−0.2	0.0	0.0	0.0	0.0	0.0	−0.1	0.0	0.0	0.0
	Reserve balance of banks		56.8	73.9	71.1	81.9	90.7	88.7	83.3	92.9	91.7	81.3	83.1	84.9
Net foreign assets			38.1	56.7	91.8	118.4	142.2	184.0	219.9	232.3	249.8	217.6	246.8	212.4
	Net international reserves		91.5	99.6	129.3	155.6	178.6	218.6	254.1	263.8	279.6	259.2	299.0	266.7
		Gross international reserves	133.4	164.0	173.8	203.7	226.6	264.2	301.1	308.8	315.2	298.4	371.4	350.5
		Short-term foreign liabilities	−41.9	−64.4	−44.5	−48.1	−48.0	−45.6	−47.0	−44.9	−35.6	−39.2	−72.4	−83.8
	Medium- and long-term foreign liabilities		−53.4	−42.9	−37.5	−37.2	−36.4	−34.6	−34.2	−31.5	−29.8	−41.6	−52.2	−54.3
Net domestic assets			106.7	115.0	90.6	94.3	63.9	17.5	−23.6	11.0	−26.0	−5.7	−28.3	54.1
	Net credit to public sector		−104.0	182.0	151.3	156.0	193.4	140.1	83.0	135.5	62.6	104.5	83.0	155.9
	Of which:
		Net credit to national government	107.5	−166.2	139.2	151.8	189.3	136.0	81.2	133.7	60.8	101.6	80.1	152.9
		Holding of Treasury bills ^4/	27.4	171.6	120.6	137.2	154.1	138.3	128.1	139.8	74.3	104.5	83.9	129.3
		Deposits	−137.8	−113.8	−84.5	−73.4	−65.1	−101.4	−146.7	−106.5	−115.0	−105.2	−96.9	−78.3
		Net credits to 14 corporations	0.5	0.4	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Assistance to financial institutions		13.9	4.2	4.0	3.2	3.2	3.2	3.2	3.2	3.2	4.7	8.9	8.2
	Total rediscounting		4.7	7.3	5.3	5.9	5.3	5.3	5.9	6.5	6.1	6.6	6.6	6.6
	Open market instruments ^5/		−90.8	−48.7	−31.5	−23.3	−81.7	−84.2	−77.8	−91.6	−61.0	−82.5	−30.8	12.8
	Other items (net)		282.9	−29.8	−38.5	−47.5	−56.3	−46.9	−37.9	−42.7	−36.9	−39.0	−96.0	−129.4

Source: Data provided by the Philippine authorities.

^{^1/}Foreign assets and liabilities converted into pesos at current exchange rates.

^{^2/}Growth rates refer to end-period data; therefore they differ from program targets which refer to ten-day test periods.

^{^3/}Starting October 4, 1993, deposit balances are exclusive of deposits for Common Trust Funds (CTFs), reserve balances against CTFs are included in other items (net).

^{^4/}Starting December 1992, excluding Agricultural Loan Fund investments in Treasury bills.

^{^5/}Mostly reverse repurchase agreements.

Table 24.

Philippines: Reserve Position of Commercial Banks, 1992-97 ^1/ ^2/

(In billions of pesos)

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Against deposits and deposit substitutes.

^{^2/}Includes the Land Bank of the Philippines.

^{^3/}Effective September 12, 1997, commercial banks’ liquidity reserve requirement was reduced to 6 percent and to 4 percent by November 15,1997 (the liquidity reserve requirement had been increased from 2 percent in July to 8 percent in August).

^{^4/}Excludes cash and reserve-eligible securities in excess of 75 percent of required reserves.

^{^5/}Includes central bank-supported securities, Central Bank Certificates of Indebtedness, Premyo Savings Bonds, foreign exchange due from banks, and government securities purchased under resale agreements.

Table 24.

Philippines: Reserve Position of Commercial Banks, 1992-97 ^1/ ^2/

(In billions of pesos)

			1992	1993	1994	1995	1996				1997
			Dec.	Dec.	Dec.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.
Required reserves ^3/			80.3	89.7	99.3	111.8	116.7	116.6	120.6	130.0	126.7	130.0	165.6	157.0
Available reserves ^4/			73.0	91.1	101.1	118.4	122.9	121.8	119.9	138.6	135.5	123.7	162.2	159.2
	Cash on hand		13.5	14.2	15.5	19.7	14.7	15.6	18.7	26.9	24.6	22.6	24.4	36.5
	Reserves balances with the
		Central Bank ^5/	56.0	72.8	71.9	82.0	90.7	88.7	83.3	92.9	91.7	81.2	83.1	84.9
	Reserve-eligible securities		3.5	4.1	4.1	4.2	4.2	4.2	4.3	4.3	4.2	4.1	4.4	4.3
	Government securities		…	…	9.6	12.5	13.3	13.3	13.6	14.5	15.0	15.8	50.3	33.5
Excess (deficiency)			−7.3	1.4	1.8	6.6	6.2	5.2	−0.7	8.6	8.8	−6.3	−3.4	2.2

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Against deposits and deposit substitutes.

^{^2/}Includes the Land Bank of the Philippines.

^{^4/}Excludes cash and reserve-eligible securities in excess of 75 percent of required reserves.

Table 24.

Philippines: Reserve Position of Commercial Banks, 1992-97 ^1/ ^2/

(In billions of pesos)

			1992	1993	1994	1995	1996				1997
			Dec.	Dec.	Dec.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.
Required reserves ^3/			80.3	89.7	99.3	111.8	116.7	116.6	120.6	130.0	126.7	130.0	165.6	157.0
Available reserves ^4/			73.0	91.1	101.1	118.4	122.9	121.8	119.9	138.6	135.5	123.7	162.2	159.2
	Cash on hand		13.5	14.2	15.5	19.7	14.7	15.6	18.7	26.9	24.6	22.6	24.4	36.5
	Reserves balances with the
		Central Bank ^5/	56.0	72.8	71.9	82.0	90.7	88.7	83.3	92.9	91.7	81.2	83.1	84.9
	Reserve-eligible securities		3.5	4.1	4.1	4.2	4.2	4.2	4.3	4.3	4.2	4.1	4.4	4.3
	Government securities		…	…	9.6	12.5	13.3	13.3	13.6	14.5	15.0	15.8	50.3	33.5
Excess (deficiency)			−7.3	1.4	1.8	6.6	6.2	5.2	−0.7	8.6	8.8	−6.3	−3.4	2.2

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Against deposits and deposit substitutes.

^{^2/}Includes the Land Bank of the Philippines.

^{^4/}Excludes cash and reserve-eligible securities in excess of 75 percent of required reserves.

Table 25.

Philippines: Public Sector Securities Outstanding, 1992-97

(In billions of pesos)

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Starting end-December 1993, includes Treasury bills issued to the central bank as part of restructuring. (Special series for BSP and GOCCs.)

^{^2/}Mainly converted from blocked peso accounts.

Table 25.

Philippines: Public Sector Securities Outstanding, 1992-97

(In billions of pesos)

			1992	1993	1994	1995	1996				1997
			Dec.	Dec.	Dec.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.
National government securities			432.0	622.8	604.6	660.8	678.5	692.7	725.5	705.4	703.2	697.6	694.5	705.7
	Treasury bills		336.0	413.3	368.2	391.2	400.4	408.5	421.4	393.3	386.3	384.5	386.4	392.0
		Auctioned	247.1	186.4	172.8	158.6	165.5	172.7	180.0	166.3	161.3	161.4	138.4	128.5
		Negotiated ^1/	61.0	209.4	195.4	232.6	234.9	235.8	241.4	226.5	224.5	222.1	238.4	250.6
		Tap series	27.9	17.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.7	10.0
		Cash management bills	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.5	0.5	1.0	4.9	2.9
	Treasury notes		84.9	148.4	175.3	183.7	192.2	198.2	218.2	226.2	231.0	230.8	225.8	231.4
	Treasury bonds		11.1	61.1	61.1	85.9	85.9	86.0	85.9	85.9	85.9	82.3	82.3	82.3
Central bank securities			90.8	40.7	31.5	23.3	81.7	84.4	77.8	91.6	61.5	82.8	30.7	2.4
	Regular short-term bills		20.9	16.8	4.6	0.6	0.6	0.6	0.6	0.2	0.2	0.1	0.0	0.0
	Special series		46.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Long-term notes and bonds ^2/		1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Reverse repurchase agreements		22.1	23.9	26.9	22.7	81.1	83.8	77.2	91.4	61.3	82.7	30.7	2.4
Public corporations			2.4	2.3	2.2	2.1	1.6	1.7	1.6	1.5	1.3	1.2	1.1	1.1
Total securities outstanding			525.2	665.8	638.3	686.2	761.8	778.8	804.9	798.5	766.0	781.6	726.3	709.2

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Starting end-December 1993, includes Treasury bills issued to the central bank as part of restructuring. (Special series for BSP and GOCCs.)

^{^2/}Mainly converted from blocked peso accounts.

Table 25.

Philippines: Public Sector Securities Outstanding, 1992-97

(In billions of pesos)

			1992	1993	1994	1995	1996				1997
			Dec.	Dec.	Dec.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.
National government securities			432.0	622.8	604.6	660.8	678.5	692.7	725.5	705.4	703.2	697.6	694.5	705.7
	Treasury bills		336.0	413.3	368.2	391.2	400.4	408.5	421.4	393.3	386.3	384.5	386.4	392.0
		Auctioned	247.1	186.4	172.8	158.6	165.5	172.7	180.0	166.3	161.3	161.4	138.4	128.5
		Negotiated ^1/	61.0	209.4	195.4	232.6	234.9	235.8	241.4	226.5	224.5	222.1	238.4	250.6
		Tap series	27.9	17.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.7	10.0
		Cash management bills	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.5	0.5	1.0	4.9	2.9
	Treasury notes		84.9	148.4	175.3	183.7	192.2	198.2	218.2	226.2	231.0	230.8	225.8	231.4
	Treasury bonds		11.1	61.1	61.1	85.9	85.9	86.0	85.9	85.9	85.9	82.3	82.3	82.3
Central bank securities			90.8	40.7	31.5	23.3	81.7	84.4	77.8	91.6	61.5	82.8	30.7	2.4
	Regular short-term bills		20.9	16.8	4.6	0.6	0.6	0.6	0.6	0.2	0.2	0.1	0.0	0.0
	Special series		46.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Long-term notes and bonds ^2/		1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Reverse repurchase agreements		22.1	23.9	26.9	22.7	81.1	83.8	77.2	91.4	61.3	82.7	30.7	2.4
Public corporations			2.4	2.3	2.2	2.1	1.6	1.7	1.6	1.5	1.3	1.2	1.1	1.1
Total securities outstanding			525.2	665.8	638.3	686.2	761.8	778.8	804.9	798.5	766.0	781.6	726.3	709.2

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Starting end-December 1993, includes Treasury bills issued to the central bank as part of restructuring. (Special series for BSP and GOCCs.)

^{^2/}Mainly converted from blocked peso accounts.

Table 26.

Philippines: Monetary Survey, 1992-97 ^1/

Source: Data provided by the Philippine authorities.

^{^1/}Effective February 1996, Development Bank of the Philippines was reclassified from specialized government bank to commercial bank and hence was included in the monetary survey.

^{^2/}Foreign currency deposit units.

Table 26.

Philippines: Monetary Survey, 1992-97 ^1/

				1992	1993	1994	1995	1996				1997
				Dec.	Dec.	Dec.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.
				(In billions of pesos; end of period)
Total liquidity				401.1	499.5	630.8	786.4	801.4	813.7	833.4	913.9	935.8	956.1	1,024.4	…
	M3			385.4	480.3	607.6	761.4	769.1	776.7	799.5	881.4	901.8	923.4	987.7	1,066.0
		Narrow money		112.1	133.9	152.0	184.9	183.0	182.6	189.6	222.0	216.3	224.3	222.7	…
		Quasi-money		269.8	341.8	451.0	570.3	580.0	588.3	603.5	652.8	678.3	692.3	755.6	…
		Deposit substitutes		3.5	4.6	4.6	6.2	6.1	5.8	6.4	6.6	7.2	6.8	9.4	…
	Other liabilities			15.7	19.2	23.2	25.0	32.3	37.0	33.8	32.5	34.0	32.6	36.8	…
Net foreign assets				76.5	104.7	123.6	117.9	89.0	74.3	68.0	69.9	75.1	−10.7	−51.6	…
Net domestic assets				324.6	394.8	507.2	668.5	712.4	739.4	765.3	844.0	860.8	966.7	1,076.0	…
	Domestic credit			277.1	682.1	821.6	1,084.0	1,241.0	1,319.6	1,358.5	1,507.7	1,499.7	1,618.1	1,777.4	…
		Public		−18.6	274.1	299.8	335.3	382.2	371.5	332.0	377.2	325.9	356.4	404.0	…
			National government	−43.9	216.2	243.5	283.9	339.5	310.2	271.5	322.8	267.1	293.6	322.7	…
			Other	25.3	57.8	56.3	51.4	42.7	61.3	60.4	54.4	58.8	62.8	81.2	…
		Private		295.7	408.0	521.7	748.7	858.8	948.2	1.026.5	1,130.5	1.173.8	1,261.7	1,373.5	1,455.5
Resident FCDUs ^2/				−94.5	−136.2	−158.8	−206.7	−230.5	−254.6	−269.8	−317.6	−336.1	−348.8	−367.7	−433.4
Net other items				142.0	−151.1	−155.6	−208.8	−298.0	−325.6	−323.3	−346.1	−302.9	−302.5	−333.8	…
								(12-month change, in percent)
M3				11.0	24.6	26.5	25.3	20.5	23.4	22.0	15.8	17.3	18.9	23.5	20.9
Net domestic assets				−14.8	22.6	27.2	31.7	31.6	39.4	37.6	26.3	20.8	30.7	40.6	…
	Private sector credit			24.6	37.6	28.2	43.5	49.4	55.3	55.4	51.0	36.7	33.1	33.8	28.7
								(Percent of GNP)
M3				27.8	31.6	35.0	38.9	33.7	34.0	35.0	38.6	35.2	36.0	38.5	41.6
	Currency in circulation			5.4	5.5	5.5	5.7	4.4	4.3	4.1	5.4	4.2	4.2	4.3	…
Net foreign assets				5.1	6.6	7.1	6.0	3.9	3.3	3.0	3.1	2.9	−0.4	−2.0	…
Net domestic assets				21.7	26.2	29.2	34.1	31.2	32.4	33.5	37.0	33.6	37.7	41.9	…
	Private sector credit			21.2	26.8	30.0	38.2	37.6	41.5	45.0	49.5	45.8	49.2	53.5	56.7

Source: Data provided by the Philippine authorities.

^{^1/}Effective February 1996, Development Bank of the Philippines was reclassified from specialized government bank to commercial bank and hence was included in the monetary survey.

^{^2/}Foreign currency deposit units.

Table 26.

Philippines: Monetary Survey, 1992-97 ^1/

				1992	1993	1994	1995	1996				1997
				Dec.	Dec.	Dec.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.
				(In billions of pesos; end of period)
Total liquidity				401.1	499.5	630.8	786.4	801.4	813.7	833.4	913.9	935.8	956.1	1,024.4	…
	M3			385.4	480.3	607.6	761.4	769.1	776.7	799.5	881.4	901.8	923.4	987.7	1,066.0
		Narrow money		112.1	133.9	152.0	184.9	183.0	182.6	189.6	222.0	216.3	224.3	222.7	…
		Quasi-money		269.8	341.8	451.0	570.3	580.0	588.3	603.5	652.8	678.3	692.3	755.6	…
		Deposit substitutes		3.5	4.6	4.6	6.2	6.1	5.8	6.4	6.6	7.2	6.8	9.4	…
	Other liabilities			15.7	19.2	23.2	25.0	32.3	37.0	33.8	32.5	34.0	32.6	36.8	…
Net foreign assets				76.5	104.7	123.6	117.9	89.0	74.3	68.0	69.9	75.1	−10.7	−51.6	…
Net domestic assets				324.6	394.8	507.2	668.5	712.4	739.4	765.3	844.0	860.8	966.7	1,076.0	…
	Domestic credit			277.1	682.1	821.6	1,084.0	1,241.0	1,319.6	1,358.5	1,507.7	1,499.7	1,618.1	1,777.4	…
		Public		−18.6	274.1	299.8	335.3	382.2	371.5	332.0	377.2	325.9	356.4	404.0	…
			National government	−43.9	216.2	243.5	283.9	339.5	310.2	271.5	322.8	267.1	293.6	322.7	…
			Other	25.3	57.8	56.3	51.4	42.7	61.3	60.4	54.4	58.8	62.8	81.2	…
		Private		295.7	408.0	521.7	748.7	858.8	948.2	1.026.5	1,130.5	1.173.8	1,261.7	1,373.5	1,455.5
Resident FCDUs ^2/				−94.5	−136.2	−158.8	−206.7	−230.5	−254.6	−269.8	−317.6	−336.1	−348.8	−367.7	−433.4
Net other items				142.0	−151.1	−155.6	−208.8	−298.0	−325.6	−323.3	−346.1	−302.9	−302.5	−333.8	…
								(12-month change, in percent)
M3				11.0	24.6	26.5	25.3	20.5	23.4	22.0	15.8	17.3	18.9	23.5	20.9
Net domestic assets				−14.8	22.6	27.2	31.7	31.6	39.4	37.6	26.3	20.8	30.7	40.6	…
	Private sector credit			24.6	37.6	28.2	43.5	49.4	55.3	55.4	51.0	36.7	33.1	33.8	28.7
								(Percent of GNP)
M3				27.8	31.6	35.0	38.9	33.7	34.0	35.0	38.6	35.2	36.0	38.5	41.6
	Currency in circulation			5.4	5.5	5.5	5.7	4.4	4.3	4.1	5.4	4.2	4.2	4.3	…
Net foreign assets				5.1	6.6	7.1	6.0	3.9	3.3	3.0	3.1	2.9	−0.4	−2.0	…
Net domestic assets				21.7	26.2	29.2	34.1	31.2	32.4	33.5	37.0	33.6	37.7	41.9	…
	Private sector credit			21.2	26.8	30.0	38.2	37.6	41.5	45.0	49.5	45.8	49.2	53.5	56.7

Source: Data provided by the Philippine authorities.

^{^1/}Effective February 1996, Development Bank of the Philippines was reclassified from specialized government bank to commercial bank and hence was included in the monetary survey.

^{^2/}Foreign currency deposit units.

Table 27:

Philippines: Selected Interest Rates, 1992-97 ^1/

(In percent)

Source: Data provided by the Philippine authorities.

^{^1/}End-period data refer to the average for the last week of each period.

Table 27:

Philippines: Selected Interest Rates, 1992-97 ^1/

(In percent)

		1992	1993	1994	1995	1996				1997
		Dec.	Dec.	Dec.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.
						(End of period)
Manila reference rates
	MRR 60	13.8	14.8	9.8	11.4	12.0	12.2	11.9	11.8	10.6	10.3	15.1	18.1
	MRR 90	14.1	15.0	8.8	10.3	11.5	11.3	11.4	11.0	9.4	9.9	12.4	14.8
	MRR 180	11.9	14.1	9.1	10.4	10.6	10.9	10.4	10.3	8.4	8.7	11.6	13.4
	Average of all maturities	13.7	14.7	9.6	11.1	11.9	12.0	11.7	11.6	10.4	10.2	14.9	17.9
Average lending rate		18.2	16.4	13.4	14.6	15.1	14.7	14.2	14.8	13.7	13.3	18.2	25.5
91-day Treasury bill rate		14.5	15.9	10.3	12.0	12.9	13.1	11.6	11.7	9.5	11.0	15.3	17.7
Reverse RP (term) rate		0.0	0.0	14.0	13.4	12.7	12.5	11.3	11.1	10.2	10.5	13.9	12.0
Interbank call loan rate		23.2	24.1	12.0	14.1	13.8	12.0	11.7	11.2	10.2	14.4	15.7	13.6
						(Period average)
Manila reference rates
	MRR 60	15.0	9.9	8.6	9.9	11.9	12.3	12.1	11.8	11.0	9.9	13.6	17.3
	MRR 90	14.2	13.2	8.9	8.8	10.6	11.3	10.6	11.1	10.3	9.6	11.5	14.1
	MRR 180	14.2	12.2	8.4	9.4	10.1	10.9	10.6	10.3	8.9	8.4	10.5	12.9
Average of all maturities		14.8	12.9	8.6	9.8	11.4	12.1	11.9	11.7	10.8	9.8	13.4	17.1
Average lending rate		18.2	14.8	13.4	13.7	14.9	15.0	14.9	14.5	13.8	13.2	17.4	20.7
91-day Treasury bill rate		16.0	12.5	12.7	11.7	12.7	12.9	12.1	11.6	10.5	10.5	13.9	16.7
Reverse RP (term) rate		14.1	0.0	10.4	12.3	12.7	12.6	11.5	11.1	10.5	10.7	13.8	12.5
Interbank call loan rate		17.7	19.2	10.4	12.1	14.0	14.4	11.7	11.2	10.5	13.2	19.6	21.4

Source: Data provided by the Philippine authorities.

^{^1/}End-period data refer to the average for the last week of each period.

Table 27:

Philippines: Selected Interest Rates, 1992-97 ^1/

(In percent)

		1992	1993	1994	1995	1996				1997
		Dec.	Dec.	Dec.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.
						(End of period)
Manila reference rates
	MRR 60	13.8	14.8	9.8	11.4	12.0	12.2	11.9	11.8	10.6	10.3	15.1	18.1
	MRR 90	14.1	15.0	8.8	10.3	11.5	11.3	11.4	11.0	9.4	9.9	12.4	14.8
	MRR 180	11.9	14.1	9.1	10.4	10.6	10.9	10.4	10.3	8.4	8.7	11.6	13.4
	Average of all maturities	13.7	14.7	9.6	11.1	11.9	12.0	11.7	11.6	10.4	10.2	14.9	17.9
Average lending rate		18.2	16.4	13.4	14.6	15.1	14.7	14.2	14.8	13.7	13.3	18.2	25.5
91-day Treasury bill rate		14.5	15.9	10.3	12.0	12.9	13.1	11.6	11.7	9.5	11.0	15.3	17.7
Reverse RP (term) rate		0.0	0.0	14.0	13.4	12.7	12.5	11.3	11.1	10.2	10.5	13.9	12.0
Interbank call loan rate		23.2	24.1	12.0	14.1	13.8	12.0	11.7	11.2	10.2	14.4	15.7	13.6
						(Period average)
Manila reference rates
	MRR 60	15.0	9.9	8.6	9.9	11.9	12.3	12.1	11.8	11.0	9.9	13.6	17.3
	MRR 90	14.2	13.2	8.9	8.8	10.6	11.3	10.6	11.1	10.3	9.6	11.5	14.1
	MRR 180	14.2	12.2	8.4	9.4	10.1	10.9	10.6	10.3	8.9	8.4	10.5	12.9
Average of all maturities		14.8	12.9	8.6	9.8	11.4	12.1	11.9	11.7	10.8	9.8	13.4	17.1
Average lending rate		18.2	14.8	13.4	13.7	14.9	15.0	14.9	14.5	13.8	13.2	17.4	20.7
91-day Treasury bill rate		16.0	12.5	12.7	11.7	12.7	12.9	12.1	11.6	10.5	10.5	13.9	16.7
Reverse RP (term) rate		14.1	0.0	10.4	12.3	12.7	12.6	11.5	11.1	10.5	10.7	13.8	12.5
Interbank call loan rate		17.7	19.2	10.4	12.1	14.0	14.4	11.7	11.2	10.5	13.2	19.6	21.4

Source: Data provided by the Philippine authorities.

^{^1/}End-period data refer to the average for the last week of each period.

Table 28.

Philippines: External Indicators, 1992-97

Source: Data provided by the Philippine authorities.

^{^1/}Adjusted for gold- and security-backed borrowing.

Table 28.

Philippines: External Indicators, 1992-97

			1992	1993	1994	1995	1996	1997
			(In millions of U.S. dollars; end period)
Gross adjusted official reserves ^1/			4,638	4,721	6,372	6,662	10,445	7,568
	(In months of imports
		of goods and services)	2.9	2.5	2.7	2.2	2.8	1.7
Net international reserves
		of the central bank	3,662	3,496	5,297	5,928	10,035	6,672
			(In percent of GNP)
Exports			18.2	20.6	20.5	22.9	23.6	29.0
Imports			26.9	31.8	32.5	34.6	36.6	42.1
Trade balance			−8.7	−11.2	−11.9	−11.7	−13.0	−13.2
Current account			−1.6	−5.5	−4.5	−4.3	−4.5	−5.2
			(Annual percent change)
Export volume			5.1	23.7	13.7	16.0	20.1	23.7
Export unit value			5.8	−6.4	4.4	11.5	−2.0	−0.7
Import volume			19.4	19.5	17.4	13.3	20.9	17.4
Import unit value			1.0	1.4	3.2	9.2	−0.1	−2.0
Terms of trade			4.8	−7.7	1.0	2.2	−1.9	1.3
Memorandum items:
	Peso/dollar exchange rate
		Annual average	25.513	27.120	26.417	25.714	26.216	29.471
		End-of-period	25.096	27.699	24.418	26.214	26.288	39.975

Source: Data provided by the Philippine authorities.

^{^1/}Adjusted for gold- and security-backed borrowing.

Table 28.

Philippines: External Indicators, 1992-97

			1992	1993	1994	1995	1996	1997
			(In millions of U.S. dollars; end period)
Gross adjusted official reserves ^1/			4,638	4,721	6,372	6,662	10,445	7,568
	(In months of imports
		of goods and services)	2.9	2.5	2.7	2.2	2.8	1.7
Net international reserves
		of the central bank	3,662	3,496	5,297	5,928	10,035	6,672
			(In percent of GNP)
Exports			18.2	20.6	20.5	22.9	23.6	29.0
Imports			26.9	31.8	32.5	34.6	36.6	42.1
Trade balance			−8.7	−11.2	−11.9	−11.7	−13.0	−13.2
Current account			−1.6	−5.5	−4.5	−4.3	−4.5	−5.2
			(Annual percent change)
Export volume			5.1	23.7	13.7	16.0	20.1	23.7
Export unit value			5.8	−6.4	4.4	11.5	−2.0	−0.7
Import volume			19.4	19.5	17.4	13.3	20.9	17.4
Import unit value			1.0	1.4	3.2	9.2	−0.1	−2.0
Terms of trade			4.8	−7.7	1.0	2.2	−1.9	1.3
Memorandum items:
	Peso/dollar exchange rate
		Annual average	25.513	27.120	26.417	25.714	26.216	29.471
		End-of-period	25.096	27.699	24.418	26.214	26.288	39.975

Source: Data provided by the Philippine authorities.

^{^1/}Adjusted for gold- and security-backed borrowing.

Table 29.

Philippines: Balance of Payments, 1992-97 ^1/

(In millions of U.S. Dollars)

Sources: Philippine authorities and Fund staff estimates.

^{^1/}From 1995, the balance of payments are based on an improved methodology with better estimates of service inflows.

^{^2/}Commercial banks’ NFA will differ from the monetary survey due to difference in coverage.

^{^3/}Arrears resulting from the voluntary cancellation of the July 1994 Paris Club rescheduling arrangement.

^{^4/}Gross reserves less gold and securities pledged as collateral against short-term liabilities.

Table 29.

Philippines: Balance of Payments, 1992-97 ^1/

(In millions of U.S. Dollars)

				1992	1993	1994	1995	1996	1997
Trade balance				−4,695	−6,222	−7,850	−8,944	−11,342	−11,452
	(In percent of GNP)			−8.7	−11.2	−11.9	−11.7	−13.0	−13.2
	Exports, f.o.b.			9,824	11,375	13,483	17,447	20,543	25,228
	Imports, f.o.b.			14,519	17,597	21,333	26,391	31,885	36,680
Services (net)				3,020	2,507	3,964	4,765	6,839	6,640
	Service receipts			7,443	7,497	10,550	14,374	19,006	22,654
			Remittances/FCD withdrawals	3,485	3,956	5,824	8,696	10,169	11,380
			Other	3,958	3,541	4,726	5,678	8,837	11,274
	Service payments			4,423	4,990	6,586	9,609	12,167	16,014
			Interest	1,703	1,518	1,579	2,179	2,167	2,472
			Other	2,720	3,472	5,007	7,430	10,000	13,542
Transfers (net)				817	699	936	882	589	321
Current account				−858	−3,016	−2,950	−3,297	−3,914	−4,491
	(In percent of GNP)			−1.6	−5.5	−4.5	−4.3	−4.5	−5.2
Financial account				655	2,032	4,096	4,106	8,021	1,128
Foreign investment				737	812	1,558	1,609	1,168	−2,644
		Direct investment		675	864	1,289	1,361	1,338	1,181
		Portfolio investment		62	−52	269	248	−170	−3,825
MLT loans and bonds				−1,532	1,637	657	1,454	2,690	4,489
		Inflows		5,737	4,387	3,713	4,105	6,329	7,092
		Outflows		7,268	2,750	3,056	2,651	3,639	2,603
Short-term capital				660	−148	1,002	−56	540	614
Commercial banks’ NFA (increase -) ^2/				290	−299	674	564	4,211	1,222
Other (including errors and omissions)				500	30	205	535	−588	−2,553
Overall balance				−203	−984	1,146	809	4,107	−3,363
Rescheduling				1,695	818	478	0	0	0
		Paris Club		1,007	211	0	0	0	0
		Commercial banks		688	607	478	0	0	0
Technical arrears ^3/				0	0	178	−178	0	0
Net international reserves (increase -)				−1,492	166	−1,802	−631	−4,107	3,363
		BSP gross reserves (increase -)		−868	−584	−1,200	−640	−3,983	2,977
		Fund credit (net)		61	112	−219	336	323	451
			Purchases	215	175	53	0	0	701
			Repurchases	−154	−63	−272	−336	−323	−250
		Change in other BSP liabilities		−685	638	−383	345	199	−65
Memorandum items:
		BSP adjusted gross reserves ^4/		4,638	4,721	6,372	6,662	10,445	7,568
			(In months of imports of goods and services)	2.9	2.5	2.7	2.2	2.8	1.7

Sources: Philippine authorities and Fund staff estimates.

^{^1/}From 1995, the balance of payments are based on an improved methodology with better estimates of service inflows.

^{^2/}Commercial banks’ NFA will differ from the monetary survey due to difference in coverage.

^{^3/}Arrears resulting from the voluntary cancellation of the July 1994 Paris Club rescheduling arrangement.

^{^4/}Gross reserves less gold and securities pledged as collateral against short-term liabilities.

Table 29.

Philippines: Balance of Payments, 1992-97 ^1/

(In millions of U.S. Dollars)

				1992	1993	1994	1995	1996	1997
Trade balance				−4,695	−6,222	−7,850	−8,944	−11,342	−11,452
	(In percent of GNP)			−8.7	−11.2	−11.9	−11.7	−13.0	−13.2
	Exports, f.o.b.			9,824	11,375	13,483	17,447	20,543	25,228
	Imports, f.o.b.			14,519	17,597	21,333	26,391	31,885	36,680
Services (net)				3,020	2,507	3,964	4,765	6,839	6,640
	Service receipts			7,443	7,497	10,550	14,374	19,006	22,654
			Remittances/FCD withdrawals	3,485	3,956	5,824	8,696	10,169	11,380
			Other	3,958	3,541	4,726	5,678	8,837	11,274
	Service payments			4,423	4,990	6,586	9,609	12,167	16,014
			Interest	1,703	1,518	1,579	2,179	2,167	2,472
			Other	2,720	3,472	5,007	7,430	10,000	13,542
Transfers (net)				817	699	936	882	589	321
Current account				−858	−3,016	−2,950	−3,297	−3,914	−4,491
	(In percent of GNP)			−1.6	−5.5	−4.5	−4.3	−4.5	−5.2
Financial account				655	2,032	4,096	4,106	8,021	1,128
Foreign investment				737	812	1,558	1,609	1,168	−2,644
		Direct investment		675	864	1,289	1,361	1,338	1,181
		Portfolio investment		62	−52	269	248	−170	−3,825
MLT loans and bonds				−1,532	1,637	657	1,454	2,690	4,489
		Inflows		5,737	4,387	3,713	4,105	6,329	7,092
		Outflows		7,268	2,750	3,056	2,651	3,639	2,603
Short-term capital				660	−148	1,002	−56	540	614
Commercial banks’ NFA (increase -) ^2/				290	−299	674	564	4,211	1,222
Other (including errors and omissions)				500	30	205	535	−588	−2,553
Overall balance				−203	−984	1,146	809	4,107	−3,363
Rescheduling				1,695	818	478	0	0	0
		Paris Club		1,007	211	0	0	0	0
		Commercial banks		688	607	478	0	0	0
Technical arrears ^3/				0	0	178	−178	0	0
Net international reserves (increase -)				−1,492	166	−1,802	−631	−4,107	3,363
		BSP gross reserves (increase -)		−868	−584	−1,200	−640	−3,983	2,977
		Fund credit (net)		61	112	−219	336	323	451
			Purchases	215	175	53	0	0	701
			Repurchases	−154	−63	−272	−336	−323	−250
		Change in other BSP liabilities		−685	638	−383	345	199	−65
Memorandum items:
		BSP adjusted gross reserves ^4/		4,638	4,721	6,372	6,662	10,445	7,568
			(In months of imports of goods and services)	2.9	2.5	2.7	2.2	2.8	1.7

Sources: Philippine authorities and Fund staff estimates.

^{^1/}From 1995, the balance of payments are based on an improved methodology with better estimates of service inflows.

^{^2/}Commercial banks’ NFA will differ from the monetary survey due to difference in coverage.

^{^3/}Arrears resulting from the voluntary cancellation of the July 1994 Paris Club rescheduling arrangement.

^{^4/}Gross reserves less gold and securities pledged as collateral against short-term liabilities.

Table 30.

Philippines: Volume, Unit Prices, and Values of Principal Exports, 1992-97

(Unless otherwise indicated, volumes in thousands of metric tons, unit prices in U.S. dollars per ton, and values in millions of U.S. dollars)

Source: Data provided by the Philippine authorities.

Table 30.

Philippines: Volume, Unit Prices, and Values of Principal Exports, 1992-97

(Unless otherwise indicated, volumes in thousands of metric tons, unit prices in U.S. dollars per ton, and values in millions of U.S. dollars)

		1992	1993	1994	1995	1996	1997
							Prelim.
Coconut oil
	Volume	882	859	849	1,339	793	1,109
	Price	545	416	560	616	720	607
	Value	481	358	475	826	571	673
Desiccated coconut
	Volume	85	93	75	73	70	77
	Price	1,030	897	934	933	1,220	1,152
	Value	88	84	70	68	85	88
Copra meal/cake
	Volume	540	488	574	756	475	570
	Price	98	93	92	88	119	92
	Value	53	45	53	67	56	53
Suffer
	Volume	208	324	182	153	318	198
	Price	421	314	333	430	429	418
	Value	88	102	61	66	136	83
Lumber
	Volume (‘000 cu. m.)	60	89	41	87	146	144
	Price (US$/cu. m.)	310	292	236	209	171	178
	Value	19	26	10	18	25	26
Plywood
	Volume (’000 cu. m.)	85	40	10	17	12	14
	Price (US$/cu. m.)	369	435	428	341	362	363
	Value	31	17	4	6	5	5
Copper concentrates
	Volume	350	334	293	282	159	117
	Price	399	327	385	476	329	371
	Value	140	109	113	134	52	44
Copper metal
	Volume	98	137	137	120	126	96
	Price	2,217	1,933	1,963	2,843	2,351	2,405
	Value	217	264	270	341	297	232
Gold
	Volume (troy oz.)	382	151	176	416	202	149
	Price (US$/troy oz.)	335	339	370	370	270	330
	Value	128	51	65	62	55	49
Iron ore
	Volume	3,883	3,919	4,666	4,692	4,435	4,718
	Price	16	16	16	16	16	19
	Value	63	62	74	74	70	90
Bananas
	Volume	821	1,153	1,155	1,213	1,253	1,150
	Price	192	196	186	184	188	188
	Value	158	226	215	224	237	217
Fish, fresh or preserved (value)		290	343	379	378	295	291
Other nonmanufactured (value)		640	756	824	934	1,065	1,114
Garments (value)		2,140	2,272	2,375	2,570	2,423	2,349
Electronics (value)		2,753	3,551	4,984	7,413	9,988	13,052
Other manufactured (value)		2,440	2,906	3,256	3,885	4,684	6,087
Special transactions
	and re-exports (value)	135	203	255	381	499	775
Total exports		9,824	11,375	13,483	17,447	20,543	25,228

Source: Data provided by the Philippine authorities.

Table 30.

Philippines: Volume, Unit Prices, and Values of Principal Exports, 1992-97

(Unless otherwise indicated, volumes in thousands of metric tons, unit prices in U.S. dollars per ton, and values in millions of U.S. dollars)

		1992	1993	1994	1995	1996	1997
							Prelim.
Coconut oil
	Volume	882	859	849	1,339	793	1,109
	Price	545	416	560	616	720	607
	Value	481	358	475	826	571	673
Desiccated coconut
	Volume	85	93	75	73	70	77
	Price	1,030	897	934	933	1,220	1,152
	Value	88	84	70	68	85	88
Copra meal/cake
	Volume	540	488	574	756	475	570
	Price	98	93	92	88	119	92
	Value	53	45	53	67	56	53
Suffer
	Volume	208	324	182	153	318	198
	Price	421	314	333	430	429	418
	Value	88	102	61	66	136	83
Lumber
	Volume (‘000 cu. m.)	60	89	41	87	146	144
	Price (US$/cu. m.)	310	292	236	209	171	178
	Value	19	26	10	18	25	26
Plywood
	Volume (’000 cu. m.)	85	40	10	17	12	14
	Price (US$/cu. m.)	369	435	428	341	362	363
	Value	31	17	4	6	5	5
Copper concentrates
	Volume	350	334	293	282	159	117
	Price	399	327	385	476	329	371
	Value	140	109	113	134	52	44
Copper metal
	Volume	98	137	137	120	126	96
	Price	2,217	1,933	1,963	2,843	2,351	2,405
	Value	217	264	270	341	297	232
Gold
	Volume (troy oz.)	382	151	176	416	202	149
	Price (US$/troy oz.)	335	339	370	370	270	330
	Value	128	51	65	62	55	49
Iron ore
	Volume	3,883	3,919	4,666	4,692	4,435	4,718
	Price	16	16	16	16	16	19
	Value	63	62	74	74	70	90
Bananas
	Volume	821	1,153	1,155	1,213	1,253	1,150
	Price	192	196	186	184	188	188
	Value	158	226	215	224	237	217
Fish, fresh or preserved (value)		290	343	379	378	295	291
Other nonmanufactured (value)		640	756	824	934	1,065	1,114
Garments (value)		2,140	2,272	2,375	2,570	2,423	2,349
Electronics (value)		2,753	3,551	4,984	7,413	9,988	13,052
Other manufactured (value)		2,440	2,906	3,256	3,885	4,684	6,087
Special transactions
	and re-exports (value)	135	203	255	381	499	775
Total exports		9,824	11,375	13,483	17,447	20,543	25,228

Source: Data provided by the Philippine authorities.

Table 31.

Philippines: Composition of Imports, 1992-97

Source: Data provided by the Philippine authorities.

^{^1/}Imports on consignment (for export use).

Table 31.

Philippines: Composition of Imports, 1992-97

			1992	1993	1994	1995	1996	1997
								Est.
			(In millions of U.S. dollars)
Mineral fuels and lubricants			2,050	2,016	2,040	2,461	3,008	3,133
	Oil		1,627	1,316	1,308	1,931	2,458	2,503
		Volume (mn. bbls.)	91	83	86	117	130	129
		Price (US$/bbl.)	18	16	15	17	19	19
Nonfuel imports			12,469	15,581	19,293	23,930	28,877	33,547
	Capital goods		4,023	5,610	6,868	8,029	10,472	14,430
	Raw materials and intermediate goo		6,759	7,855	9,606	12,174	14,058	14,811
	Consumer goods		1,241	1,587	2,109	2,784	3,331	3,139
	Special transactions ^1/		446	529	710	943	1,016	1,167
Total			14,519	17,597	21,333	26,391	31,885	36,680
			(In percent of total)
Mineral fuels and lubricants			14.1	11.5	9.6	9.3	9.4	8.5
Nonfuel imports			85.9	88.5	90.4	90.7	90.6	91.5
	Capital goods		27.7	31.9	32.2	30.4	32.8	39.3
	Raw materials and intermediate goo		46.6	44.6	45.0	46.1	44.1	40.4
	Consumer goods		8.5	9.0	9.9	10.5	10.4	8.6
	Special transactions ^1/		3.1	3.0	3.3	3.6	3.2	3.2
Total			100.0	100.0	100.0	100.0	100.0	100.0

Source: Data provided by the Philippine authorities.

^{^1/}Imports on consignment (for export use).

Table 31.

Philippines: Composition of Imports, 1992-97

			1992	1993	1994	1995	1996	1997
								Est.
			(In millions of U.S. dollars)
Mineral fuels and lubricants			2,050	2,016	2,040	2,461	3,008	3,133
	Oil		1,627	1,316	1,308	1,931	2,458	2,503
		Volume (mn. bbls.)	91	83	86	117	130	129
		Price (US$/bbl.)	18	16	15	17	19	19
Nonfuel imports			12,469	15,581	19,293	23,930	28,877	33,547
	Capital goods		4,023	5,610	6,868	8,029	10,472	14,430
	Raw materials and intermediate goo		6,759	7,855	9,606	12,174	14,058	14,811
	Consumer goods		1,241	1,587	2,109	2,784	3,331	3,139
	Special transactions ^1/		446	529	710	943	1,016	1,167
Total			14,519	17,597	21,333	26,391	31,885	36,680
			(In percent of total)
Mineral fuels and lubricants			14.1	11.5	9.6	9.3	9.4	8.5
Nonfuel imports			85.9	88.5	90.4	90.7	90.6	91.5
	Capital goods		27.7	31.9	32.2	30.4	32.8	39.3
	Raw materials and intermediate goo		46.6	44.6	45.0	46.1	44.1	40.4
	Consumer goods		8.5	9.0	9.9	10.5	10.4	8.6
	Special transactions ^1/		3.1	3.0	3.3	3.6	3.2	3.2
Total			100.0	100.0	100.0	100.0	100.0	100.0

Source: Data provided by the Philippine authorities.

^{^1/}Imports on consignment (for export use).

Table 32.

Philippines: Nonmerchandise Trade, 1992-97

(In millions of U.S. dollars)

Source: Data provided by the Philippine authorities.

Table 32.

Philippines: Nonmerchandise Trade, 1992-97

(In millions of U.S. dollars)

			Item	1992	1993	1994	1995	1996	1997
									Est.
Nonmerchandise trade (net)				3,020	2,507	3,964	4,765	6,839	6,640
Earnings				7,443	7,497	10,550	14,374	19,006	22,654
	Freight and merchandise insurance			153	156	185	252	331	391
	Other transportation			128	71	54	29	34	38
	Travel			944	1,178	973	1,124	1,546	2,173
	Investment income			479	548	773	1,147	1,753	1,951
		Profits, earnings, and dividends		110	70	116	344	700	593
		Interest income		369	478	657	803	1,053	1,358
			Central bank	191	219	322	345	476	559
			Commercial banking system	178	259	335	458	577	799
	Government			247	56	19	24	18	9
	Nonmerchandise insurance			15	12	4	54	21	16
	Personal income			2,222	2,276	3,009	3,869	4,306	5,400
	Peso conversions of FCDs			1,263	1,680	2,815	4,827	5,863	5,980
	Commissions and fees			252	173	207	164	373	262
	Construction activity			4	10	6	10	18	19
	Operating expenses			895	476	695	673	822	1,214
	Other services			841	861	1,810	2,201	3,921	5,201
Payments				4,423	4,990	6,586	9,609	12,167	16,014
	Freight and merchandise insurance			942	1,176	1,300	1,950	2,285	2,720
	Other transportation			283	278	181	132	40	109
	Travel			102	130	196	422	1,266	2,025
	Investment expense			2,108	1,887	1,919	2,671	2,681	2,902
		Profits, earnings, and dividends		363	326	311	469	470	394
		Reinvested earnings		42	43	29	23	44	36
		Interest expenses		1,703	1,518	1,579	2,179	2,167	2,472
	Government			3	18	15	20	37	47
	Nonmerchandise insurance			48	64	77	76	42	70
	Personal income			7	13	13	15	57	0
	Commissions and fees			124	150	275	340	775	622
	Construction activity			25	23	23	65	1,186	493
	Other services			781	1,251	2,587	3,918	3,798	7,026

Source: Data provided by the Philippine authorities.

Table 32.

Philippines: Nonmerchandise Trade, 1992-97

(In millions of U.S. dollars)

			Item	1992	1993	1994	1995	1996	1997
									Est.
Nonmerchandise trade (net)				3,020	2,507	3,964	4,765	6,839	6,640
Earnings				7,443	7,497	10,550	14,374	19,006	22,654
	Freight and merchandise insurance			153	156	185	252	331	391
	Other transportation			128	71	54	29	34	38
	Travel			944	1,178	973	1,124	1,546	2,173
	Investment income			479	548	773	1,147	1,753	1,951
		Profits, earnings, and dividends		110	70	116	344	700	593
		Interest income		369	478	657	803	1,053	1,358
			Central bank	191	219	322	345	476	559
			Commercial banking system	178	259	335	458	577	799
	Government			247	56	19	24	18	9
	Nonmerchandise insurance			15	12	4	54	21	16
	Personal income			2,222	2,276	3,009	3,869	4,306	5,400
	Peso conversions of FCDs			1,263	1,680	2,815	4,827	5,863	5,980
	Commissions and fees			252	173	207	164	373	262
	Construction activity			4	10	6	10	18	19
	Operating expenses			895	476	695	673	822	1,214
	Other services			841	861	1,810	2,201	3,921	5,201
Payments				4,423	4,990	6,586	9,609	12,167	16,014
	Freight and merchandise insurance			942	1,176	1,300	1,950	2,285	2,720
	Other transportation			283	278	181	132	40	109
	Travel			102	130	196	422	1,266	2,025
	Investment expense			2,108	1,887	1,919	2,671	2,681	2,902
		Profits, earnings, and dividends		363	326	311	469	470	394
		Reinvested earnings		42	43	29	23	44	36
		Interest expenses		1,703	1,518	1,579	2,179	2,167	2,472
	Government			3	18	15	20	37	47
	Nonmerchandise insurance			48	64	77	76	42	70
	Personal income			7	13	13	15	57	0
	Commissions and fees			124	150	275	340	775	622
	Construction activity			25	23	23	65	1,186	493
	Other services			781	1,251	2,587	3,918	3,798	7,026

Source: Data provided by the Philippine authorities.

Table 33.

Philippines: Direction of Trade, 1992-97

(In percent)

Source: Data provided by the Philippine authorities.

^{^1/}Association of Southeast Asian Nations.

^{^2/}The Baltics, Russia, and other former Soviet Union countries.

Table 33.

Philippines: Direction of Trade, 1992-97

(In percent)

		Exports, f.o.b.						Imports, f.o.b.
		1992	1993	1994	1995	1996	1997	1992	1993	1994	1995	1996	1997
							Jan.-Oct.						Jan.-Oct.
United States		39.0	38.4	38.1	35.3	33.9	35.1	18.0	20.0	18.5	18.4	18.5	19.9
Japan		17.7	16.0	15.0	15.7	17.8	16.9	21.2	22.9	24.3	22.6	22.4	20.7
European Union, of which:		18.9	17.3	17.1	17.3	17.1	17.5	11.7	10.1	10.3	10.2	10.1	10.2
	Germany	5.3	5.2	4.9	4.0	4.1	4.2	4.6	3.5	3.6	3.5	3.8	3.3
	Netherlands	4.1	3.2	3.8	4.6	5.4	6.4	1.2	1.4	1.3	1.2	1.0	1.5
	United Kingdom	4.8	4.8	4.7	5.3	4.5	4.3	2.1	2.2	1.8	2.1	1.5	1.6
	France	1.8	1.8	1.4	1.2	1.1	0.9	1.5	1.1	1.1	1.2	1.0	1.6
Middle East, of which:		2.1	2.3	1.8	1.3	1.2	0.9	9.6	8.4	7.4	8.5	8.5	7.6
	Saudi Arabia	0.6	0.6	0.4	0.4	0.3	0.1	6.0	4.2	4.4	6.2	5.2	3.2
	Kuwait	0.1	0.1	0.1	0.1	0.1	0.1	0.6	1.1	0.4	0.1	0.1	0.0
	Iraq	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
ASEAN, of which: ^1/		5.1	7.0	10.6	13.6	14.4	13.6	9.3	10.8	11.6	11.9	12.5	13.5
	Indonesia	0.4	0.4	0.5	0.7	0.7	0.9	1.2	2.0	1.7	2.2	2.0	1.9
	Malaysia	1.3	1.4	1.6	1.8	3.3	2.4	2.7	2.0	2.0	2.2	2.5	2.6
	Singapore	2.6	3.3	5.3	5.7	6.0	6.4	3.8	5.6	6.8	5.9	5.4	6.0
Australia		1.1	1.0	1.0	0.8	0.8	0.8	2.8	2.7	2.8	2.8	2.5	2.7
Hong Kong SAR		4.7	4.8	4.8	4.7	4.2	4.6	5.0	5.0	5.2	4.8	4.3	4.3
Korea		1.8	1.9	2.2	2.5	1.8	1.9	4.8	5.1	5.2	5.2	5.2	5.8
BR0 ^2/		0.1	0.1	0.1	0.1	0.1	0.0	0.6	0.5	0.9	1.3	1.4	1.4
China		1.2	1.5	1.2	1.2	1.6	4.5	1.3	1.0	1.4	2.2	2.1	5.0
Other		8.3	9.7	8.1	7.5	7.1	4.1	15.7	13.5	12.4	12.1	12.5	9.0
All countries		100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0

Source: Data provided by the Philippine authorities.

^{^1/}Association of Southeast Asian Nations.

^{^2/}The Baltics, Russia, and other former Soviet Union countries.

Table 33.

Philippines: Direction of Trade, 1992-97

(In percent)

		Exports, f.o.b.						Imports, f.o.b.
		1992	1993	1994	1995	1996	1997	1992	1993	1994	1995	1996	1997
							Jan.-Oct.						Jan.-Oct.
United States		39.0	38.4	38.1	35.3	33.9	35.1	18.0	20.0	18.5	18.4	18.5	19.9
Japan		17.7	16.0	15.0	15.7	17.8	16.9	21.2	22.9	24.3	22.6	22.4	20.7
European Union, of which:		18.9	17.3	17.1	17.3	17.1	17.5	11.7	10.1	10.3	10.2	10.1	10.2
	Germany	5.3	5.2	4.9	4.0	4.1	4.2	4.6	3.5	3.6	3.5	3.8	3.3
	Netherlands	4.1	3.2	3.8	4.6	5.4	6.4	1.2	1.4	1.3	1.2	1.0	1.5
	United Kingdom	4.8	4.8	4.7	5.3	4.5	4.3	2.1	2.2	1.8	2.1	1.5	1.6
	France	1.8	1.8	1.4	1.2	1.1	0.9	1.5	1.1	1.1	1.2	1.0	1.6
Middle East, of which:		2.1	2.3	1.8	1.3	1.2	0.9	9.6	8.4	7.4	8.5	8.5	7.6
	Saudi Arabia	0.6	0.6	0.4	0.4	0.3	0.1	6.0	4.2	4.4	6.2	5.2	3.2
	Kuwait	0.1	0.1	0.1	0.1	0.1	0.1	0.6	1.1	0.4	0.1	0.1	0.0
	Iraq	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
ASEAN, of which: ^1/		5.1	7.0	10.6	13.6	14.4	13.6	9.3	10.8	11.6	11.9	12.5	13.5
	Indonesia	0.4	0.4	0.5	0.7	0.7	0.9	1.2	2.0	1.7	2.2	2.0	1.9
	Malaysia	1.3	1.4	1.6	1.8	3.3	2.4	2.7	2.0	2.0	2.2	2.5	2.6
	Singapore	2.6	3.3	5.3	5.7	6.0	6.4	3.8	5.6	6.8	5.9	5.4	6.0
Australia		1.1	1.0	1.0	0.8	0.8	0.8	2.8	2.7	2.8	2.8	2.5	2.7
Hong Kong SAR		4.7	4.8	4.8	4.7	4.2	4.6	5.0	5.0	5.2	4.8	4.3	4.3
Korea		1.8	1.9	2.2	2.5	1.8	1.9	4.8	5.1	5.2	5.2	5.2	5.8
BR0 ^2/		0.1	0.1	0.1	0.1	0.1	0.0	0.6	0.5	0.9	1.3	1.4	1.4
China		1.2	1.5	1.2	1.2	1.6	4.5	1.3	1.0	1.4	2.2	2.1	5.0
Other		8.3	9.7	8.1	7.5	7.1	4.1	15.7	13.5	12.4	12.1	12.5	9.0
All countries		100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0

Source: Data provided by the Philippine authorities.

^{^1/}Association of Southeast Asian Nations.

^{^2/}The Baltics, Russia, and other former Soviet Union countries.

Table 34.

Philippines: International Reserves of the Banking System, 1992-97

(In millions of U.S. dollars; end of period)

Source: Data provided by the Philippine authorities.

^{^1/}Monetary claims on, and liabilities to, nonresidents.

Table 34.

Philippines: International Reserves of the Banking System, 1992-97

(In millions of U.S. dollars; end of period)

			1992	1993	1994	1995	1996	1997
								Prelim.
Monetary authorities (net)			3,662	3,496	5,298	5,928	10,035	6,672
	Assets		5,338	5,922	7,122	7,762	11,745	8,768
	Liabilities		1,676	2,426	1,824	1,834	1,710	2,096
		of which: IMF	1,100	1,219	1,064	728	405	889
Commercial banks (net) ^1/			613	912	238	−1,336	−5,838	−7,415
	Assets		3,936	4,008	5,028	5,170	6,803	8,778
	Liabilities		3,323	3,096	4,790	6,506	12,641	16,193
Banking system			4,275	4,408	5,536	4,592	4,197	−743
	Assets		9,274	9,930	12,150	12,932	18,548	17,546
	Liabilities		4,999	5,522	6,614	8,340	14,351	18,289

Source: Data provided by the Philippine authorities.

^{^1/}Monetary claims on, and liabilities to, nonresidents.

Table 34.

Philippines: International Reserves of the Banking System, 1992-97

(In millions of U.S. dollars; end of period)

			1992	1993	1994	1995	1996	1997
								Prelim.
Monetary authorities (net)			3,662	3,496	5,298	5,928	10,035	6,672
	Assets		5,338	5,922	7,122	7,762	11,745	8,768
	Liabilities		1,676	2,426	1,824	1,834	1,710	2,096
		of which: IMF	1,100	1,219	1,064	728	405	889
Commercial banks (net) ^1/			613	912	238	−1,336	−5,838	−7,415
	Assets		3,936	4,008	5,028	5,170	6,803	8,778
	Liabilities		3,323	3,096	4,790	6,506	12,641	16,193
Banking system			4,275	4,408	5,536	4,592	4,197	−743
	Assets		9,274	9,930	12,150	12,932	18,548	17,546
	Liabilities		4,999	5,522	6,614	8,340	14,351	18,289

Source: Data provided by the Philippine authorities.

^{^1/}Monetary claims on, and liabilities to, nonresidents.

Table 35.

Philippines: Total External Debt, 1992-97

Source: Data provided by the Philippine authorities.

^{^1/}Including central bank borrowings on-lent to the public and private sector.

Table 35.

Philippines: Total External Debt, 1992-97

										Prelim.
				1992	1993	1994	1995	1996	1997	1997
									Sep.	Dec.
				(In millions of U.S. dollars)
Total				30,934	34,282	37,079	37,778	41,875	46,242	46,114
		Medium- and long-term ^1/		24,578	28,037	30,743	31,685	34,263	36,752	35,988
		IMF		1,100	1,210	1,139	814	405	931	855
		Short-term		5,256	5,035	5,197	5,279	7,207	8,559	9,271
			Nonmonetary	3,339	3,444	3,285	2,374	2,632	2,956	…
			Central bank	495	1,208	756	1,105	1,303	1,204	…
			Commercial banks	1,422	383	1,156	1,800	3,273	4,399	…
				(In percent of total)
Total				100.0	100.0	100.0	100.0	100.0	100.0	100.0
		Medium- and long-term ^1/		79.5	81.8	82.9	83.9	81.8	79.5	78.0
		IMF		3.6	3.5	3.1	2.2	1.0	2.0	1.9
		Short-term		17.0	14.7	14.0	14.0	17.2	18.5	20.1
			Nonmonetary	10.8	10.0	8.9	6.3	6.3	6.4	…
			Central bank	1.6	3.5	2.0	2.9	3.1	2.6	…
			Commercial banks	4.6	1.1	3.1	4.8	7.8	9.5	…
				(In percent of GNP)
Total				57.4	62.0	56.4	49.6	48.1	69.3	53.0
		Medium- and long-term		45.6	50.7	46.8	41.6	39.3	55.1	41.4
		IMF		2.0	2.2	1.7	1.1	0.5	1.4	1.0
		Short-term		9.8	9.1	7.9	6.9	8.3	12.8	10.7
			Nonmonetary	6.2	6.2	5.0	3.1	3.0	…	…
			Central bank	0.9	2.2	1.2	1.5	1.5	…	…
			Commercial banks	2.6	0.7	1.8	2.4	3.8	…	…
		Short-term (in percent of total)		17.0	14.7	14.0	14.0	17.2	18.5	20.1
Memorandum item;
	GNP (current, in millions
		of U.S. dollars)		53,889	55,321	65,729	76,180	87,085	66,688	86,952

Source: Data provided by the Philippine authorities.

^{^1/}Including central bank borrowings on-lent to the public and private sector.

Table 35.

Philippines: Total External Debt, 1992-97

										Prelim.
				1992	1993	1994	1995	1996	1997	1997
									Sep.	Dec.
				(In millions of U.S. dollars)
Total				30,934	34,282	37,079	37,778	41,875	46,242	46,114
		Medium- and long-term ^1/		24,578	28,037	30,743	31,685	34,263	36,752	35,988
		IMF		1,100	1,210	1,139	814	405	931	855
		Short-term		5,256	5,035	5,197	5,279	7,207	8,559	9,271
			Nonmonetary	3,339	3,444	3,285	2,374	2,632	2,956	…
			Central bank	495	1,208	756	1,105	1,303	1,204	…
			Commercial banks	1,422	383	1,156	1,800	3,273	4,399	…
				(In percent of total)
Total				100.0	100.0	100.0	100.0	100.0	100.0	100.0
		Medium- and long-term ^1/		79.5	81.8	82.9	83.9	81.8	79.5	78.0
		IMF		3.6	3.5	3.1	2.2	1.0	2.0	1.9
		Short-term		17.0	14.7	14.0	14.0	17.2	18.5	20.1
			Nonmonetary	10.8	10.0	8.9	6.3	6.3	6.4	…
			Central bank	1.6	3.5	2.0	2.9	3.1	2.6	…
			Commercial banks	4.6	1.1	3.1	4.8	7.8	9.5	…
				(In percent of GNP)
Total				57.4	62.0	56.4	49.6	48.1	69.3	53.0
		Medium- and long-term		45.6	50.7	46.8	41.6	39.3	55.1	41.4
		IMF		2.0	2.2	1.7	1.1	0.5	1.4	1.0
		Short-term		9.8	9.1	7.9	6.9	8.3	12.8	10.7
			Nonmonetary	6.2	6.2	5.0	3.1	3.0	…	…
			Central bank	0.9	2.2	1.2	1.5	1.5	…	…
			Commercial banks	2.6	0.7	1.8	2.4	3.8	…	…
		Short-term (in percent of total)		17.0	14.7	14.0	14.0	17.2	18.5	20.1
Memorandum item;
	GNP (current, in millions
		of U.S. dollars)		53,889	55,321	65,729	76,180	87,085	66,688	86,952

Source: Data provided by the Philippine authorities.

^{^1/}Including central bank borrowings on-lent to the public and private sector.

Table 36.

Philippines: External Debt by Type of Debt and Creditor, 1992-97

(In millions of U.S. dollars)

Sources: Data provided by the Philippine authorities; and BIS (International Banking and Financial Market Developments).

^{^1/}Includes prefinancing of exports.

^{^2/}For 1993, includes central bank Board of Liquidators.

^{^3/}Monitored external liabilities are defined as external debt plus liabilities of foreign banks in the Philippines to their headquarters, branches, and agencies (adjusted), some external debt not registered with the central bqank, and private capital lease agreements.

^{^4/}Includes liabilities to head offices, branches and agencies, including equity. Starting in 1995, figures include liabilities of the Development Bank of the Philippines.

^{^5/}Includes liabilities to residents.

^{^6/}Excludes liabilities to residents.

^{^7/}External position of reporting banks vis-a-vis the Philippines.

Table 36.

Philippines: External Debt by Type of Debt and Creditor, 1992-97

(In millions of U.S. dollars)

					1992			1993			1994			1995			1996			September 1997			December 1997
					Medium and Long Term	Short Term	Total	Medium and Long Term	Short Term	Total	Medium and Long Term	Short Term	Total	Medium and Long Term	Short Term	Total	Medium and Long Term	Short Term	Total	Medium and Long Term	Short Term	Total	Medium and Long Term	Short Term	Total
External Debt
By type of debt					25,678	5,256	30,934	29,247	5,035	34,282	31,882	5,197	37,079	32,499	5,279	37,778	34,668	7,207	41,875	37,681	8,561	46,242	46,114	9,271	55,385
		Nonmonetary ^1/			23,381	3,339	26,720	28,435	3,444	31,879	30,767	3,286	34,053	31,217	2,375	33,592	30,613	2,632	33,245	32,306	2,957	35,163	…	…	…
			Public ^2/		21,410	335	21,745	26,194	389	26,583	27,102	91	27,193	26,270	70	26,340	24,110	23	24,133	23,534	10	23,544	…	…	…
			Private		1,971	3,004	4,975	2,241	3,055	5,296	3,665	3,195	6,860	4,947	2,305	7,252	6,503	2,609	9,112	8,672	2,947	11,619	…	…	…
		Banking system			2,297	1,917	4,214	812	1,591	2,403	1,115	1,911	3,026	1,282	2,905	4,187	4,056	4,576	8,632	5,475	5,604	11,079	…	…	…
			Central bank		1,808	495	2,303	80	1,208	1,288	99	756	855	107	1,105	1,212	112	1,303	1,415	604	1,204	1,808	…	…	…
			Commercial banks		489	1,422	1,911	732	383	1,115	1,016	1,155	2,171	1,175	1,800	2,975	3,944	3,273	7,217	4,871	4,400	9,271	…	…	…
By creditor					25,678	5,256	30,934	29,247	5,035	34,282	31,882	5,197	37,079	32,499	5,279	37,778	34,668	7,207	41,875	37,681	8,562	26,242	…	…	…
		Commercial banks			5,884	3,199	9,083	2,984	2,698	5,682	2,357	2,331	4,688	1,899	3,207	5,106	2,483	4,931	7,414	2,531	5,578	8,109	…	…	…
		Other financial institutions			224	100	324	201	102	303	390	451	841	1,122	117	1,239	306	653	959	324	1,108	1,432	…	…	…
		Suppliers’ credits			1,006	1,957	2,963	950	2,235	3,185	1,134	2,415	3,549	945	1,642	2,587	1,065	1,523	2,588	813	1,514	2,327	…	…	…
		Multilateral, of which:			7,085	0	7,085	7,847	0	7,847	8,216	0	8,216	8,028	0	8,028	8,634	0	8,634	8,846	0	8,846	…	…	…
				World Bank	3,473	0	3,473	3,936	0	3,936	3,985	0	3,985	4,095	0	4,095	4,676	0	4,676	4,289	0	4,289	…	…	…
				AsDB	2,113	0	2,113	2,300	0	2,300	2,558	0	2,558	2,643	0	2,643	3,117	0	3,117	3,173	0	3,173	…	…	…
				IMF	1,100	0	1,100	1,210	0	1,210	1,139	0	1,139	814	0	814	405	0	405	931	0	931	…	…	…
		Export credit agencies, of which:			3,351	0	3,351	3,997	0	3,997	4,487	0	4,487	3,939	0	3,939	4,677	0	4,677	5,020	0	5,020	…	…	…
			Japan		1,773	0	1,773	2,544	0	2,544	3,149	0	3,149	2,645	0	2,645	3,270	0	3,270	3,420	0	3,420	…	…	…
			United States		952	0	952	854	0	854	755	0	755	695	0	695	588	0	588	716	0	716	…	…	…
		Other bilateral, of which:			7,977	0	7,977	9,372	0	9,372	10,546	0	10,546	10,454	0	10,454	8,747	15	8,762	8,983	90	9,073	…	…	…
			Japan		6,176	0	6,176	7,577	0	7,577	8,694	0	8,694	8,418	0	8,418	6,939	0	6,939	6,778	0	6,778	…	…	…
			United States		702	0	702	684	0	684	647	0	647	656	0	656	501	0	501	658	0	658	…	…	…
		Other			151	0	151	3,896	0	3,896	4,752	0	4,752	6,112	313	6,425	8,756	85	8,841	11,164	272	11,436	…	…	…
Monitored External Liabilities ^3/
Short term
	Of which commercial banks				…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	10,816	…	…	10,122
Medium and long term					…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	6,655	…	…	5,732
	Of which: commercial banks				…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	39,662	…	…	39,383
Total					…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	5,195	…	…	4,283
	Of which: commercial banks				…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	50,478	…	…	49,505
Memorandum items					…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	11,850	…	…	10,015
	Gross foreign exchange liabilities
			of commercial banks
			from the monetary survey ^4/
				a. Broad definition ^5/	…	…	7,068	…	…	8,010	…	…	11,250	…	…	14,321	…	…	26,457	…	…	28,030	…	…	28,720
				b. Balance of payments definition ^6/	…	…	3,323	…	…	3,096	…	…	4,790	…	…	6,506	…	…	12,641	…	…	15,719	…	…	16,193
	External debt according to the BIS ^7/				…	…	…	…	…	…	…	…	6,544	…	…	8,067	…	…	13,351	…	…	…	…	…	…
			Vis-a-vis banks		…	…	…	…	…	…	…	…	3,769	…	…	4,951	…	…	9,362	…	…	…	…	…	…
			Vis-a-vis nonbanks		…	…	…	…	…	…	…	…	2,775	…	…	3,116	…	…	3,989	…	…	…	…	…	…

Sources: Data provided by the Philippine authorities; and BIS (International Banking and Financial Market Developments).

^{^1/}Includes prefinancing of exports.

^{^2/}For 1993, includes central bank Board of Liquidators.

^{^4/}Includes liabilities to head offices, branches and agencies, including equity. Starting in 1995, figures include liabilities of the Development Bank of the Philippines.

^{^5/}Includes liabilities to residents.

^{^6/}Excludes liabilities to residents.

^{^7/}External position of reporting banks vis-a-vis the Philippines.

Table 36.

Philippines: External Debt by Type of Debt and Creditor, 1992-97

(In millions of U.S. dollars)

					1992			1993			1994			1995			1996			September 1997			December 1997
					Medium and Long Term	Short Term	Total	Medium and Long Term	Short Term	Total	Medium and Long Term	Short Term	Total	Medium and Long Term	Short Term	Total	Medium and Long Term	Short Term	Total	Medium and Long Term	Short Term	Total	Medium and Long Term	Short Term	Total
External Debt
By type of debt					25,678	5,256	30,934	29,247	5,035	34,282	31,882	5,197	37,079	32,499	5,279	37,778	34,668	7,207	41,875	37,681	8,561	46,242	46,114	9,271	55,385
		Nonmonetary ^1/			23,381	3,339	26,720	28,435	3,444	31,879	30,767	3,286	34,053	31,217	2,375	33,592	30,613	2,632	33,245	32,306	2,957	35,163	…	…	…
			Public ^2/		21,410	335	21,745	26,194	389	26,583	27,102	91	27,193	26,270	70	26,340	24,110	23	24,133	23,534	10	23,544	…	…	…
			Private		1,971	3,004	4,975	2,241	3,055	5,296	3,665	3,195	6,860	4,947	2,305	7,252	6,503	2,609	9,112	8,672	2,947	11,619	…	…	…
		Banking system			2,297	1,917	4,214	812	1,591	2,403	1,115	1,911	3,026	1,282	2,905	4,187	4,056	4,576	8,632	5,475	5,604	11,079	…	…	…
			Central bank		1,808	495	2,303	80	1,208	1,288	99	756	855	107	1,105	1,212	112	1,303	1,415	604	1,204	1,808	…	…	…
			Commercial banks		489	1,422	1,911	732	383	1,115	1,016	1,155	2,171	1,175	1,800	2,975	3,944	3,273	7,217	4,871	4,400	9,271	…	…	…
By creditor					25,678	5,256	30,934	29,247	5,035	34,282	31,882	5,197	37,079	32,499	5,279	37,778	34,668	7,207	41,875	37,681	8,562	26,242	…	…	…
		Commercial banks			5,884	3,199	9,083	2,984	2,698	5,682	2,357	2,331	4,688	1,899	3,207	5,106	2,483	4,931	7,414	2,531	5,578	8,109	…	…	…
		Other financial institutions			224	100	324	201	102	303	390	451	841	1,122	117	1,239	306	653	959	324	1,108	1,432	…	…	…
		Suppliers’ credits			1,006	1,957	2,963	950	2,235	3,185	1,134	2,415	3,549	945	1,642	2,587	1,065	1,523	2,588	813	1,514	2,327	…	…	…
		Multilateral, of which:			7,085	0	7,085	7,847	0	7,847	8,216	0	8,216	8,028	0	8,028	8,634	0	8,634	8,846	0	8,846	…	…	…
				World Bank	3,473	0	3,473	3,936	0	3,936	3,985	0	3,985	4,095	0	4,095	4,676	0	4,676	4,289	0	4,289	…	…	…
				AsDB	2,113	0	2,113	2,300	0	2,300	2,558	0	2,558	2,643	0	2,643	3,117	0	3,117	3,173	0	3,173	…	…	…
				IMF	1,100	0	1,100	1,210	0	1,210	1,139	0	1,139	814	0	814	405	0	405	931	0	931	…	…	…
		Export credit agencies, of which:			3,351	0	3,351	3,997	0	3,997	4,487	0	4,487	3,939	0	3,939	4,677	0	4,677	5,020	0	5,020	…	…	…
			Japan		1,773	0	1,773	2,544	0	2,544	3,149	0	3,149	2,645	0	2,645	3,270	0	3,270	3,420	0	3,420	…	…	…
			United States		952	0	952	854	0	854	755	0	755	695	0	695	588	0	588	716	0	716	…	…	…
		Other bilateral, of which:			7,977	0	7,977	9,372	0	9,372	10,546	0	10,546	10,454	0	10,454	8,747	15	8,762	8,983	90	9,073	…	…	…
			Japan		6,176	0	6,176	7,577	0	7,577	8,694	0	8,694	8,418	0	8,418	6,939	0	6,939	6,778	0	6,778	…	…	…
			United States		702	0	702	684	0	684	647	0	647	656	0	656	501	0	501	658	0	658	…	…	…
		Other			151	0	151	3,896	0	3,896	4,752	0	4,752	6,112	313	6,425	8,756	85	8,841	11,164	272	11,436	…	…	…
Monitored External Liabilities ^3/
Short term
	Of which commercial banks				…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	10,816	…	…	10,122
Medium and long term					…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	6,655	…	…	5,732
	Of which: commercial banks				…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	39,662	…	…	39,383
Total					…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	5,195	…	…	4,283
	Of which: commercial banks				…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	50,478	…	…	49,505
Memorandum items					…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	…	11,850	…	…	10,015
	Gross foreign exchange liabilities
			of commercial banks
			from the monetary survey ^4/
				a. Broad definition ^5/	…	…	7,068	…	…	8,010	…	…	11,250	…	…	14,321	…	…	26,457	…	…	28,030	…	…	28,720
				b. Balance of payments definition ^6/	…	…	3,323	…	…	3,096	…	…	4,790	…	…	6,506	…	…	12,641	…	…	15,719	…	…	16,193
	External debt according to the BIS ^7/				…	…	…	…	…	…	…	…	6,544	…	…	8,067	…	…	13,351	…	…	…	…	…	…
			Vis-a-vis banks		…	…	…	…	…	…	…	…	3,769	…	…	4,951	…	…	9,362	…	…	…	…	…	…
			Vis-a-vis nonbanks		…	…	…	…	…	…	…	…	2,775	…	…	3,116	…	…	3,989	…	…	…	…	…	…

Sources: Data provided by the Philippine authorities; and BIS (International Banking and Financial Market Developments).

^{^1/}Includes prefinancing of exports.

^{^2/}For 1993, includes central bank Board of Liquidators.

^{^4/}Includes liabilities to head offices, branches and agencies, including equity. Starting in 1995, figures include liabilities of the Development Bank of the Philippines.

^{^5/}Includes liabilities to residents.

^{^6/}Excludes liabilities to residents.

^{^7/}External position of reporting banks vis-a-vis the Philippines.

Table 37.

Philippines: External Debt Service, 1993-97

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Excluding monetary liabilities and debt conversions.

^{^2/}Figures for 1995-97 include some debt-equity and bond-equity conversions, as well as some prepayments.

Table 37.

Philippines: External Debt Service, 1993-97

				1993	1994	1995	1996	1997
								Jun.
				(In millions of U.S. dollars)
Debt service before rescheduling
	and accumulation of arrears			4,330	4,907	5,166	6,129	2,570
		Principal (excluding IMF)		2,748	3,056	2,651	3,639	1,196
			Multilateral	473	566	694	763	318
			Bilateral	957	1,257	1,433	1,265	651
			Banks and financial institutions ^1/	801	843	231	277	79
			Other ^2/	517	390	293	1,334	148
		IMF repurchase		64	272	336	323	113
		Interest		1,518	1,579	2,179	2,167	1,261
			Multilateral	633	711	634	561	268
			Bilateral	642	742	784	624	289
			Banks and financial institutions	152	32	363	552	435
			Other	91	94	398	430	269
Rescheduling				818	478	0	0	0
	Paris Club			211	0	0	0	0
	Commercial banks			607	478	0	0	0
Change in arrears				0	178	−178	0	0
Debt service after rescheduling
	and changes in arrears			3,511	4,251	5,344	6,129	2,570
				(In percent of exports of goods and services)
Debt-service ratio (including IMF)
	Before rescheduling			22.9	20.4	16.2	15.5	…
	After rescheduling and changes in arrears			18.6	18.4	16.2	15.5	…
Ratio of interest payments
	(before rescheduling) to GNP			2.7	2.4	2.9	2.5	…

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Excluding monetary liabilities and debt conversions.

^{^2/}Figures for 1995-97 include some debt-equity and bond-equity conversions, as well as some prepayments.

Table 37.

Philippines: External Debt Service, 1993-97

				1993	1994	1995	1996	1997
								Jun.
				(In millions of U.S. dollars)
Debt service before rescheduling
	and accumulation of arrears			4,330	4,907	5,166	6,129	2,570
		Principal (excluding IMF)		2,748	3,056	2,651	3,639	1,196
			Multilateral	473	566	694	763	318
			Bilateral	957	1,257	1,433	1,265	651
			Banks and financial institutions ^1/	801	843	231	277	79
			Other ^2/	517	390	293	1,334	148
		IMF repurchase		64	272	336	323	113
		Interest		1,518	1,579	2,179	2,167	1,261
			Multilateral	633	711	634	561	268
			Bilateral	642	742	784	624	289
			Banks and financial institutions	152	32	363	552	435
			Other	91	94	398	430	269
Rescheduling				818	478	0	0	0
	Paris Club			211	0	0	0	0
	Commercial banks			607	478	0	0	0
Change in arrears				0	178	−178	0	0
Debt service after rescheduling
	and changes in arrears			3,511	4,251	5,344	6,129	2,570
				(In percent of exports of goods and services)
Debt-service ratio (including IMF)
	Before rescheduling			22.9	20.4	16.2	15.5	…
	After rescheduling and changes in arrears			18.6	18.4	16.2	15.5	…
Ratio of interest payments
	(before rescheduling) to GNP			2.7	2.4	2.9	2.5	…

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Excluding monetary liabilities and debt conversions.

^{^2/}Figures for 1995-97 include some debt-equity and bond-equity conversions, as well as some prepayments.

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Philippines: Statistical Appendix

Author:

International Monetary Fund

Volume/Issue:: Volume 1998: Issue 050

Publisher:: International Monetary Fund

ISBN:: 9781451831269

ISSN:: 1934-7685

Pages:: 46

DOI:: https://doi.org/10.5089/9781451831269.002

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Table 37.

Philippines: External Debt Service, 1993-97

				1993	1994	1995	1996	1997
								Jun.
				(In millions of U.S. dollars)
Debt service before rescheduling
	and accumulation of arrears			4,330	4,907	5,166	6,129	2,570
		Principal (excluding IMF)		2,748	3,056	2,651	3,639	1,196
			Multilateral	473	566	694	763	318
			Bilateral	957	1,257	1,433	1,265	651
			Banks and financial institutions ^1/	801	843	231	277	79
			Other ^2/	517	390	293	1,334	148
		IMF repurchase		64	272	336	323	113
		Interest		1,518	1,579	2,179	2,167	1,261
			Multilateral	633	711	634	561	268
			Bilateral	642	742	784	624	289
			Banks and financial institutions	152	32	363	552	435
			Other	91	94	398	430	269
Rescheduling				818	478	0	0	0
	Paris Club			211	0	0	0	0
	Commercial banks			607	478	0	0	0
Change in arrears				0	178	−178	0	0
Debt service after rescheduling
	and changes in arrears			3,511	4,251	5,344	6,129	2,570
				(In percent of exports of goods and services)
Debt-service ratio (including IMF)
	Before rescheduling			22.9	20.4	16.2	15.5	…
	After rescheduling and changes in arrears			18.6	18.4	16.2	15.5	…
Ratio of interest payments
	(before rescheduling) to GNP			2.7	2.4	2.9	2.5	…

Sources: Data provided by the Philippine authorities; and Fund staff estimates.

^{^1/}Excluding monetary liabilities and debt conversions.

^{^2/}Figures for 1995-97 include some debt-equity and bond-equity conversions, as well as some prepayments.

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