Information about Asia and the Pacific Asia y el Pacífico
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Philippines

Author(s):
International Monetary Fund
Published Date:
September 1999
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Information about Asia and the Pacific Asia y el Pacífico
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Philippines: Selected Economic Indicators, 1993–1998

Nominal GNP (1998): $71 billion
Population (1998): 73.5 million
GNP per capita (1998): $966
199319941995199619971998
GNP and prices (percentage change)
Real GNP2.15.24.97.25.20.1
Real GDP2.14.44.75.85.2-0.5
CPI (annual average) 1/7.69.18.18.45.99.7
CPI (end year) 1/8.47.211.05.27.310.3
Investment and saving (percent of GNP)
Gross investment23.623.521.823.123.819.3
National saving18.119.017.518.618.721.1
Public finances (percent of GNP)
National Government balance 2/-1.6-1.7-1.3-0.6-0.7-2.6
Total revenue17.218.417.918.119.216.9
Total expenditure and net lending18.820.119.218.619.919.5
Underlying consolidated public sector balance-2.2-2.3-1.4-0.1-1.5-3.1
Monetary sector (percentage change, end of period)
Broad money (M3)24.626.525.315.820.97.4
Base money14.510.923.614.216.13.9
Interest rate (91 -day Treasury bill, in percent)12.512.711.712.418.013.4
Bank credit to private sector37.628.243.551.028.7-3.1
External Sector (percentage change)
Export value15.818.529.417.822.816.9
Import value21.221.223.720.814.0-18.8
Current account (percent of GNP)-5.5-4.5-4.3-4.6-5.11.9
Financial account (US$ billions)2.04.14.18.00.90.1
Foreign direct investment (net)0.91.31.41.31.11.6
Other1.22.82.76.7-0.2-1.5
Overall balance (US$ billions)-1.01.10.84.1-3.41.4
Monitored external liabilities (percent of GNP) 3/62.056.449.648.159.375.5
Debt-service ratio (percent) 4/22.920.416.215.511.912.8
Reserves, adjusted (months of imports) 5/2.52.72.22.81.72.7
Exchange rate
Nominal effective exchange rate (1990=100) 6/101.3116.3105.8109.286.979.3
Real effective exchange rate (1990=100) 6/111.3127.0125.0132.3109.8109.3
Sources: Philippine authorities; Fund staff estimates; and IMF Information Notice System.

CPI is 1994-based from 1997, while 1988-based for previous years.

Fund definition. Excludes privatization receipts of the National Government, and includes net deficit from restructuring the central bank.

For the years prior to 1997, the data refer only to external debt. For 1997 and later, they refer to a broader measure, which includes additional banking sector foreign liabilities.

As a percentage of goods and services.

Gross reserves less gold and securities pledged as collateral against short-term liabilities.

End year.

Sources: Philippine authorities; Fund staff estimates; and IMF Information Notice System.

CPI is 1994-based from 1997, while 1988-based for previous years.

Fund definition. Excludes privatization receipts of the National Government, and includes net deficit from restructuring the central bank.

For the years prior to 1997, the data refer only to external debt. For 1997 and later, they refer to a broader measure, which includes additional banking sector foreign liabilities.

As a percentage of goods and services.

Gross reserves less gold and securities pledged as collateral against short-term liabilities.

End year.

Philippines: Social and Demographic Indicators

15–20Most recent
years agoestimate
General
Land area (sq. km.)300,000300,000
GNP per capita (U.S. dollars)340966
Poverty incidence (percent)5232.1
Income distribution (percent)
Lowest 20 percent56.5
Highest 20 percent5647.8
Demographic
Population (million)4271.9
Growth rate (percent)2.62.3
Population density (per sq. km.)144241.1
Urban population (percent of total)35.654.9
Life expectancy (years)59.166.0
Crude birth rate (per ‘000 population)36.628.5
Crude death rate (per ‘000 population)9.76.6
Labor force
Total labor force (million)1629.6
Agriculture (percent of total)53.339.0
Industry (percent of total)16.115.0
Education
Adult illiteracy (percent)16.75.4
Pupil/teacher ratio: primary school2933.6
Enrollment (percent of age group)
Primary108116
Secondary4679
Tertiary24.427.4
Health
Infant mortality (per ‘000 live births)54.037.4
Population per physician9,1008,424
Population per nurse2,6912,684
Access to safe water
(percent of population)5085
Sources: World Bank; and data provided by the Philippine authorities.
Sources: World Bank; and data provided by the Philippine authorities.
Table 1.Philippines: Gross National Product by Expenditure and Industrial Origin at Constant 1985 Prices, 1993–98

(Annual percentage changes)

199319941995199619971998
GNP by expenditure
Consumption3.33.94.04.64.73.3
Private3.03.73.84.65.03.5
Government6.26.15.64.11.60.8
Gross domestic investment7.98.73.512.511.7-17.1
Fixed investment8.77.54.712.011.5-10.7
Construction10.63.77.915.914.6-3.8
Durable equipment8.111.42.29.69.2-18.4
Breeding stock and orchard development1.92.63.96.08.50.2
Change in stocks-30.794.1-44.145.524.5-351.6
Domestic demand4.24.93.76.46.3-1.6
Net exports 1/-2.50.5-2.8-2.3-0.21.7
Exports of goods and nonfactor services6.219.812.015.417.5-10.4
Imports of goods and nonfactor services11.514.516.016.714.4-11.4
GNP by industrial origin
Agriculture, fishery, and forestry2.12.60.93.82.9-6.6
Industry1.65.86.76.46.1-1.7
Mining and quarrying0.7-7.0-6.81.31.71.8
Manufacturing0.75.06.85.64.2-1.1
Construction5.78.96.510.916.2-8.1
Electricity, gas, and water2.913.913.07.54.84.4
Services2.54.25.06.45.53.5
Transportation, communication, and storage2.64.25.87.48.26.4
Trade2.54.05.65.53.92.4
Finance and housing2.04.04.98.38.03.0
Other private and government services2.84.84.15.44.03.7
Gross domestic product2.14.44.75.85.2-0.5
Net factor income from abroad 1/0.041.380.352.280.350.6
Gross national product2.15.34.97.25.30.1
Source: Data provided by the Philippine authorities.

Contribution to real GNP growth.

Source: Data provided by the Philippine authorities.

Contribution to real GNP growth.

Table 2.Philippines: Gross National Product by Expenditure and Industrial Origin at Current Market Prices, 1993–98

(In billions of pesos)

199319941995199619971998
GNP by expenditure
Consumption1,2721,4421,6291,8552,0822,335
Private1,1231,2591,4121,5951,7621,980
Government149183217260320355
Gross domestic investment354407428522602541
Fixed investment351400423509593562
Construction149165184231270270
Durable equipment177208210245285253
Breeding stock and orchard development252730333839
Change in stocks375139-20
Domestic demand1,6251,8492,0572,3762,6842,876
Net exports-125-107-149-191-251-100
Export of goods and nonfactor services4625736938801,1881,478
Imports of goods and nonfactor services5876798421,0711,4391,578
Statistical discrepancy 1/-26-49-2-14-12-109
Gross domestic product1,4741,6931,9062,1722,4212,667
Net factor income from abroad26435389102127
Gross national product1,5001,7361,9592,2612,5232,794
GNP by industrial origin
Agriculture, fishery, and forestry319373412448453450
Industry482551611697780841
Mining and quarrying171717171720
Manufacturing350394438495540583
Construction7995107128156160
Electricity, gas, and water364549576678
Services6747708831,0271,1891,376
Transportation, communication, and storage788389101119140
Trade208231262295317361
Financing and housing157182209245282320
Finance59677896114130
Dwellings and real estate99114130148168189
Other231274323386470556
Private services127147169199234281
Government services104127154187237275
Gross domestic product1,4741,6931,9062,1722,4212,667
Net factor income from abroad26435389102127
Gross national product1,5001,7361,9592,2612,5232,794
Source: Data provided by the Philippine authorities.

GDP by industrial origin minus domestic demand and net exports.

Source: Data provided by the Philippine authorities.

GDP by industrial origin minus domestic demand and net exports.

Table 3.Philippines: Gross Value Added in Manufacturing by Industry Group, 1993–98
Industry Group199319941995199619971998199319941995199619971998
Food140.7164.2176.2209.6221.7246.3-1.65.52.86.60.83.1
Beverage15.717.920.723.326.228.4-6.76.06.17.88.5-0.3
Tobacco9.110.110.611.612.813.5-3.63.8-0.78.05.9-4.2
Textiles10.510.011.211.211.111.9-0.7-7.46.3-2.0-3.2-3.8
Footwear and clothing25.227.130.429.631.536.57.15.58.1-8.82.73.7
Wood and cork products6.85.65.85.86.46.56.7-19.42.5-3.76.7-6.3
Furniture and fixtures5.25.96.97.18.28.9-3.86.911.32.011.8-0.1
Paper and paper products2.93.23.93.93.84.4-8.44.319.4-2.5-5.56.6
Publishing and printing4.55.05.56.06.66.7-6.24.66.31.33.8-4.3
Leather and leather products0.20.20.30.30.40.4-2.71.415.013.012.64.7
Rubber products3.83.84.44.34.03.8-13.7-4.211.8-8.2-8.2-11.4
Chemicals and chemical products28.931.235.739.244.849.13.31.38.15.87.3-0.4
Petroleum and coal products33.934.536.940.842.841.9-0.74.77.88.81.2-5.7
Nonmetallic mineral products11.714.117.119.622.820.69.810.714.17.512.6-16.5
Basic metals9.210.013.413.613.813.37.23.926.8-3.9-1.5-10.3
Metal products8.79.09.811.311.010.21.6-1.15.010.8-4.3-12.6
Machinery (except electrical)3.94.35.16.06.97.14.07.017.315.313.5-5.8
Electrical machinery16.022.728.133.745.653.014.922.713.514.731.16.5
Transportation equipment5.16.17.28.07.45.421.87.816.61.4-11.1-34
Miscellaneous manufactures7.38.99.310.512.715.28.913.32.26.413.29.6
Gross value added in manufacturing349.6393.8438.2495.4540.3583.10.75.06.85.64.2-1.1
Source: Data provided by the Philippine authorities.
Source: Data provided by the Philippine authorities.
Table 4.Philippines: Production by Major Crops, 1993–98(Area in thousands of hectares; yield in metric tons per hectare; and production in thousands of metric tons)
199319941995199619971998
Palay rice
Area under cultivation3,2823,6513,7593,9513,8423,170
Yield2.92.92.82.92.92.7
Production9,43410,53810,54111,28411,2698,555
Wholesale price (peso per kg.)10.7812.1115.0717.3816.8917.39
Com
Area under cultivation3,1493,0062,6922,7362,7262,354
Yield1.51.51.51.51.61.7
Production4,7984,5194,1284,1514,3323,823
Wholesale price (peso per kg.)
Yellow5.606.207.407.687.648.32
White5.035.947.127.937.067.13
Fruit and nuts
Production8,6958,8928,9819,287
Coconut products
Area under cultivation3,0753,0833,0643,1493,314
Yield3.73.64.03.63.6
Copra price (peso per kg.)5.06.87.39.28.111.3
Production (copra equivalent)2,0972,0742,2552,1042,2311,942
Domestic use2,5162,4902,7062,651
Export (quantity in ‘000 MT)
Copra2724313.07.03.6
Coconut oil8598481,3407931,0801,177
Desiccated coconut937573707772
Centrifugal sugar
Area under cultivation384402302396352
Farmgate price (peso per kg.)7.99.514.013.612.014.9
Source: Data provided by the Philippine authorities.
Source: Data provided by the Philippine authorities.
Table 5.Philippines: Investment and Saving, 1993–98(In percent of GNP)
199319941995199619971998
Gross domestic investment23.623.521.823.123.819.3
Public5.74.84.54.45.04.8
Private17.918.717.318.718.814.5
Gross national saving18.119.017.518.518.821.1
Public4.43.13.14.54.31.5
Private13.715.914.414.014.419.6
Foreign saving5.54.54.34.65.1-1.9
Public saving-investment gap-1.3-1.7-1.40.0-0.7-3.3
Private saving-investment gap-4.2-2.8-2.9-4.6-4.45.2
Source: Data provided by the Philippine authorities.
Source: Data provided by the Philippine authorities.
Table 6.Philippines: Price Developments, 1993–98(Annual percentage changes)
Weights199319941995199619971998
Consumer prices 1/
End of period (all items)8.47.210.95.27.310.5
Period average (all items)100.07.69.08.18.45.19.0
Food, beverages, and tobacco58.56.18.39.510.21.97.7
Clothing4.47.44.83.33.63.85.7
Housing and repairs13.312.613.110.79.69.710.6
Fuel, light, and water5.47.36.93.06.68.47.6
Services10.87.88.96.59.513.214.3
Miscellaneous7.68.411.00.9-3.82.07.1
Wholesale prices 2/-1.18.23.29.10.5 3/11.7
GNP deflator 3/5.110.07.47.96.010.4
Source: Data provided by the Philippine authorities.

For the Philippines as a whole.

Period averages for Metro Manila.

Period averages.

Source: Data provided by the Philippine authorities.

For the Philippines as a whole.

Period averages for Metro Manila.

Period averages.

Table 7.Philippines: Labor Market Developments, 1993–98
199319941995199619971998
Population65,65067,04068,35069,95271,55073,148
Total labor force26,87927,65428,38229,73330,35531,056
Unemployed2,4972,6222,7042,5462,6403,144
Unemployment rate (percent)910109910
Total employed24,38225,03225,67627,18627,71527,911
Agriculture11,13911,28611,14711,64511,31410,933
Industry3,8043,9484,1394,4304,6314,583
Mining and quarrying135111107113130120
Manufacturing2,4572,5392,6172,6962,7322,716
Construction1,1101,1871,3021,5041,6371,605
Utilities102112114118132143
Services9,4399,79810,39111,11211,77112,395
Transportation and communications1,2911,3931,4771,6301,7421,849
Trade3,3893,5203,7674,0134,1384,312
Finance503490535614688673
Government services4,2444,3864,6004,8505,1965,555
Other131012466
Total employed100.0100.0100.0100.0100.0100.0
Agriculture45.745.143.442.840.839.2
Industry15.615.816.116.316.716.4
Mining and quarrying0.60.40.40.40.50.4
Manufacturing10.110.110.29.99.99.7
Construction4.64.75.15.55.95.8
Utilities0.40.40.40.40.50.5
Services38.739.140.540.942.544.4
Transportation and communications5.35.65.86.06.36.6
Trade13.914.114.714.814.915.4
Finance2.12.02.12.32.52.4
Government services17.417.517.917.818.719.9
Other0.10.00.00.00.00.0
Source: Data provided by the Philippine authorities.
Source: Data provided by the Philippine authorities.
Table 8.Philippines: Wages and Productivity, 1993–98
199319941995199619971998
Minimum wages
Agriculture
Plantation
National capital region108.0135.0135.0155.0175.0186
Outside national capital region79.0-102.087.0-128.076.0-128.093.8-145.094.4-150.0104.4-163.0
Nonplantation
National capital region97.5124.5124.5144.5164.0179.5
Outside national capital region58.5-82.562.1-107.562.1-107.576.5-125.079.9-130.089.85-143.0
Nonagriculture
Nationa capital region119.4145.0145.0165.0185.0185
Outside national capital region89.0-127.093.0-138.092.1-138.094.0-155.0101.0-175.0111.0-188.0
Minimum wages (real growth)
Agriculture
Plantation
National capital region-8.514.5-7.65.95.9-3.58
Outside national capital region(-5.51)-(-13.95)(1.87)-(16.08)(-19.06)-(-7.41)(12.89)-(3.68)(-4.69)-(-2.03)(0.95)-(-0.81)
Nonplantation
National capital region-8.517.0-7.67.16.4-0.71
Outside national capital region(-5.51)-(-5.51)(-1.18)-(20.53)(-8.0)-(-7.41)(12.75)-(6.42)(-1.15)-(-1.51)(2.71)-(0.41)
Nonagriculture
National capital region-7.411.2-7.65.05.1-2.91
Outside national capital region(-5.51)-(6.19)(-3.34)-(0.51)(-8.2)-(-7.41)(-6.69)-(2.8)(1.76)-(6.92)(0.32)-(-1.94)
Productivity (real growth)
All sectors-0.81.72.10.03.2-1.2
Agriculture-1.71.32.1-0.66.0-3.4
Industry2.21.91.8-0.61.6-0.7
Of which: Manufacturing3.51.63.62.52.9-0.5
Services-0.70.4-1.0-0.5-0.4-1.7
Source: Data provided by the Philippine authorities.
Source: Data provided by the Philippine authorities.
Table 9.Philippines: Domestic Retail Prices of Petroleum Products, 1993–98(In pesos per liter; end of period)
199319941995199619971998
Unleaded Gasoline9.009.0010.7311.5811.39
Regular gasoline9.508.508.509.9910.639.96
Premium gasoline10.009.009.0010.7412.1011.76
Diesel oil7.007.007.008.077.838.05
Kerosene7.007.007.007.276.946.63
Aviation fuel13.3913.3913.399.839.909.58
LPG5.265.265.266.707.116.84
Fuel oil2.652.652.654.174.524.89
Weighted average5.665.425.266.977.177.40
Source: Department of Energy.
Source: Department of Energy.
Table 10.Philippines: Consolidated Public Sector Balance, 1993–98
199319941995199619971998
(In billions of pesos)
Consolidated public sector balance-25.9-8.7-4.14.6-23.3-84.3
Monitored public sector
borrowing requirement (PSBR)-55.8-7.5-16.7-12.4-40.3-116.4
National government balance-21.90.011.16.31.6-50.0
CB-BOL net income-15.1-8.1-20.0-13.8-25.7-26.4
Monitored corporations’ balance-25.6-9.7-1.3-11.2-17.9-41.7
OPSF balance-7.92.6-9.24.8-0.80.7
Adjustments for intra-PSBR transfers14.77.62.81.52.50.9
Borrowing requirement of remaining
public sector29.9-1.212.617.017.032.1
Surplus of government financial
institutions (GFls)6.13.15.08.44.45.4
Net income of the Central Bank of
the Philippines
Net income of BSP-1.05.33.6-2.32.27.2
Local government5.84.62.03.04.22.0
Social security11.7-12.00.08.53.917.7
Adjustment for transfers within the
public sector7.2-2.22.0-0.62.3-0.3
(In percent of GNP)
Consolidated public sector balance-1.7%-0.5%-0.2%0.2%-0.9%-3.0%
Monitored public sector borrowing
requirement (PSBR)-3.7%-0.4%-0.9%-0.5%-1.6%-4.2%
National government balance-1.5%0.9%0.6%0.3%0.1%-1.8%
Monitored corporations’ balance-1.7%-0.6%-0.1%-0.5%-0.7%-1.5%
Underlying consolidated public sector
balance-2.1%-2.4%-1.5%-0.1%-1.5%-3.1%
Memorandum item:
GNP (in billion of pesos)1,5001,7361,9592,2612,5232,794
Sources: Data provided by the Philippine authorities; and Fund staff estimates.
Sources: Data provided by the Philippine authorities; and Fund staff estimates.
Table 11.Philippines: Operations of the National Government, 1993–98(In billions of pesos)
199319941995199619971998
Revenue and grants260.4348.9374.6431.7493.4472.7
Tax revenue230.2271.3310.5367.9412.2416.6
Domestic147.5189.0212.6263.0317.0340.2
Income and profits74.891.9111.2136.4164.2183.9
Excise30.339.638.548.463.060.9
Sales tax/license 1/33.536.546.359.367.767.9
Other domestic taxes9.021.116.519.022.127.6
International trade taxes82.782.398.0104.995.276.4
Import duties and taxes 2/82.081.697.6104.694.876.0
Others 3/0.70.70.40.30.40.4
Nontax revenue30.277.664.163.881.256.1
Domestic28.276.863.163.379.555.7
Other offices21.126.525.435.147.842.5
Sequestered assets0.115.31.30.32.71.22
Sales of assets1.614.621.65.46.70.5
Interest on central bank deposits4.85.51.20.80.50.5
CB-BOL interest, rebate, and dividend12.713.421.321.510.1
Interest from nonfinancial
government corporations0.62.20.30.50.20.8
ESAF0.50.00.00.00.00.0
Foreign grants1.50.71.00.61.70.4
Domestic grants0.00.00.00.00.00.0
Expenditure282.3348.8378.7439.3502.9544.2
Current expenditure226.6296.4305.8363.6403.7456.1
Personnel services78.792.7109.1135.4172.8198.5
Maintenance and operations34.646.847.048.751.964.4
Interest payments76.5108.1101.1111.6110.6131.5
Domestic56.288.879.294.191.0105.2
Of which : CB-BOL restructuring external29.028.435.132.631.7
Foreign20.319.321.917.519.626.3
Subsidies 4/9.111.47.222.612.04.9
Of which : Tax expenditures3.94.43.66.76.70.2
Allotments to LGUs27.837.441.445.356.456.9
Capital expenditure and net lending55.752.472.975.799.288.0
Capital expenditures44.843.464.569.693.686.5
Infrastructure and other capital outlays37.833.652.757.579.171.3
Transfers to local government units6.99.811.812.114.515.1
Equity and net lending9.49.08.43.23.01.6
CARP land acquisition and credit1.50.00.02.92.60.5
Deficit (-)(21.9)0.1(4.1)(7.6)(9.5)(71.5)
Excluding CB restructuring(21.9)16.311.16.31.6(50.0)
Financing21.9(16.3)(11.1)(6.3)(1.6)50.0
Foreign (net)12.9(11.6)(13.3)(5.9)(6.8)12.4
Domestic (net)9.0(4.7)2.3(0.4)5.237.6
Sources: Data provided by the Philippine authorities; and Fund staff estimates.

Including domestic VAT

Including VAT on imports.

Including travel tax.

Including transfer to the OPSF and tax expenditures.

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

Including domestic VAT

Including VAT on imports.

Including travel tax.

Including transfer to the OPSF and tax expenditures.

Table 12.Philippines. National Government Revenues and Grants, 1993–98
199319941995199619971998
(In billions of pesos)
Total revenue and grants260.4348.9374.7431.7493.4472.7
Tax revenue230.2271.3310.5367.9412.2416.6
Taxes on net income and profits74.891.9111.2136.4164.2183.9
Taxes on domestic production and consumption63.776.084.8107.7130.7128.7
Sales and business taxes33.536.546.359.367.767.9
Of which: VAT22.825.528.840.947.347.5
Excises 1/30.339.638.548.463.060.9
Tobacco products10.311.713.815.015.917.1
Alcoholic beverages8.29.710.111.113.414.3
Petroleum products8.710.610.116.129.327.1
Taxes on international trade and transactions82.782.398.0104.995.276.4
Import duties and import taxes82.081.697.6104.694.876.0
Others 2/0.70.70.40.30.40.4
Other domestic taxes 3/9.021.116.519.022.127.6
Nontax revenue 4/30.277.664.163.881.256.1
(In percent of total revenues)
Total revenue and grants100.0100.0100.0100.0100.0100.0
Tax revenue88.477.882.985.283.588.1
Taxes on net income and profits28.726.329.731.633.338.9
Taxes on domestic production and consumption24.521.822.624.926.527.2
Sales and business taxes12.910.512.413.713.714.4
Of which: VAT8.87.37.79.59.610.0
Excises 1/11.611.310.311.212.812.9
Tobacco products4.03.43.73.53.23.6
Alcoholic beverages3.12.82.72.62.73.0
Petroleum products3.33.02.73.75.95.7
Taxes on international trade and transactions31.823.626.224.319.316.2
Import duties and import taxes31.523.426.024.219.216.1
Others 2/0.30.20.10.10.10.1
Other domestic taxes 3/3.56.04.44.44.55.8
Nontax revenue 4/11.622.217.114.816.511.9
(In percent of GNP)
Total revenue and grants17.420.119.119.119.616.9
Tax revenue15.315.615.916.316.314.9
Taxes on net income and profits5.05.35.76.06.56.6
Taxes on domestic production and consumption4.24.44.34.85.24.6
Sales and business taxes2.22.12.42.62.72.4
Of which: VAT1.82.01.51.81.91.7
Excises 1/2.02.32.02.12.52.2
Tobacco products0.70.70.70.70.60.6
Alcoholic beverages0.50.60.50.50.50.5
Petroleum products0.60.60.50.71.21.0
Taxes on international trade and transactions5.54.75.04.63.82.7
Import duties and import taxes5.54.75.04.63.82.7
Others 2/0.00.00.00.00.00.0
Other domestic taxes 3/0.61.20.80.80.91.0
Nontax revenue 4/2.04.53.32.83.22.0
Source: Data provided by the Philippine authorities.

Data on the components of excise duties are based on BIR collections, which differ slightly from the records of the Treasury.

Foreign exchange tax and travel tax.

Including property taxes.

Including grants and Economic Support Fund (ESF) and CB restructuring.

Source: Data provided by the Philippine authorities.

Data on the components of excise duties are based on BIR collections, which differ slightly from the records of the Treasury.

Foreign exchange tax and travel tax.

Including property taxes.

Including grants and Economic Support Fund (ESF) and CB restructuring.

Table 13.Philippines: National Government Expenditures and Net Lending, 1993–98
199319941995199619971998
(In billions of pesos)
Total expenditure and net lending282.3348.8378.7439.3502.9544.2
Current expenditure226.6296.4305.8363.6403.7456.1
Personnel services78.792.7109.1135.4172.8198.5
Maintenance and other operational expens34.646.847.065.458.063.4
Interest payments76.5108,1101.1111.6110.6131.5
Allotments to local government units27.837.441.445.356.456.9
Subsidies9.111.57.25.95.95.9
Capital expenditure44.843.464.569.693.686.5
Infrastructure and other capital outlays37.933.652.757.579.171.3
Transfers to LGUs6.99.811.812.114.515.1
Equity and net lending10.99.08.46.15.61.6
Equity 1/6.83.14.64.94.21.3
Loans less repayments4.25.93.81.21.40.3
(In percent of total expenditure and net lending)
Total expenditure and net lending100.0100.0100.0100.0100.0100.0
Current expenditure80.385.080.782.880.383.8
Personnel services27.926.628.830.834.436.5
Maintenance and other operational expens12.313.412.414.911.511.6
Interest payments27.131.026.725.422.024.2
Allotments to local government units9.810.710.910.311.210.5
Subsidies3.23.31.91.31.21.1
Capital expenditure15.912.417.015.818.615.9
Infrastructure and other capital outlays13.49.613.913.115.713.1
Transfers to LGUs2.42.83.12.82.92.8
Equity and net lending3.92.62.21.41.10.3
Equity 1/2.40.91.21.10.80.2
Loans less repayments1.51.71.00.30.30.1
(In percent of GNP)
Total expenditure and net lending18.820.119.219.419.919.5
Current expenditure15.117.115.516.116.016.3
Personnel services5.25.35.56.06.87.1
Maintenance and other operational expens2.32.72.42.92.32.3
Interest payments5.16.25.14.94.44.7
Allotments to local government units1.92.22.12.02.22.0
Subsidies0.60.70.40.30.20.2
Capital expenditure3.02.53.33.13.73.1
Infrastructure and other capital outlays2.51.92.72.53.12.6
Transfers to LGUs0.50.60.60.50.60.5
Equity and net lending0.70.50.40.30.20.1
Equity 1/0.50.20.20.20.20.0
Loans less repayments0.30.30.20.10.10.0
Source: Data provided by the Philippine authorities.

Including CARP land acquisition and credit.

Source: Data provided by the Philippine authorities.

Including CARP land acquisition and credit.

Table 14.Philippines: Operations of Social Security Institutions, 1993–98 1/(In billions of pesos)
199319941995199619971998
Revenues43.745.849.154.263.684.6
Contributions 2/23.726.531.534.736.557.8
Of which: National government 3/4.63.55.44.82.813.3
Other revenues20.119.217.619.527.126.8
Of which: National government securities12.212.49.27.99.012.8
Expenditures39.250.550.752.764.080.3
Social security benefits21.324.526.329.030.740.2
Operating and other expenditures3.511.06.37.86.812.1
Net lending14.315.018.115.926.528.0
Of which : National government7.1-7.21.66.94.313.5
Surplus/deficit4.6-4.8-1.61.6-0.54.2
Surplus/deficit before net
lending to national government11.7-12.00.08.53.817.7
Source: Data provided by the Philippine authorities.

Social Security System (SSS) and Government Service Insurance System (GSIS) including Philippine Health Insurance Corporation (PHIC) starting 1997.

By employees and employers.

National government’s contribution, as employer, to the GSIS.

Source: Data provided by the Philippine authorities.

Social Security System (SSS) and Government Service Insurance System (GSIS) including Philippine Health Insurance Corporation (PHIC) starting 1997.

By employees and employers.

National government’s contribution, as employer, to the GSIS.

Table 15.Philippines: Local Governments Budgetary Operations, 1993–98(In billions of pesos)
19931994199519961997 1/1998 1/
Revenue44.357.666.975.496.7106.9
Local source revenue16.321.726.128.737.446.7
Property taxes4.94.27.39.910.412.8
Business taxes5.38.88.48.712.515.8
Nontax revenue6.18.710.410.114.518.1
Grants and aid28.035.940.846.759.360.2
Statutory allotments27.535.240.145.958.559.5
Special aid from national government0.50.70.70.80.80.7
Expenditure38.553.064.972.492.5104.9
Current34.146.156.564.183.092.0
Ofwhich: economic development5.37.49.19.711.614.2
Capital outlays4.46.98.48.39.512.9
Surplus/deficit5.84.62.03.04.22.0
Source: Data provided by Philippine authorities.

Preliminary actual.

Source: Data provided by Philippine authorities.

Preliminary actual.

Table 16.Philippines: Public Sector Infrastructure Program, 1993–98(In billions of pesos)
19931994 1/1995 1/1996 1/1997 1/1998 2/
Transportation10.419.721.226.331.834.6
Highways7.414.313.621.921.821.2
Railways0.20.30.60.60.60.2
Airports and airways1.12.15.12.22.97.6
Ports/shore protection/lighthouses1.62.71.61.13.12.4
Mass transit0.10.30.30.53.43.2
Communications1.01.81.11.12.02.2
Water resources5.45.97.013.08.99.0
Irrigation2.42.72.63.32.13.5
Water supply2.01.21.85.23.71.9
Food control and drainage1.02.02.64.53.13.6
Power and rural electrification31.039.020.020.928.222.3
Power26.435.316.820.027.121.4
Rural electrification0.60.10.00.91.10.9
Other4.03.63.20.00.00.0
Social infrastructure1.830.842.628.831.130.0
School buildings1.03.35.05.14.53.1
Related infrastructure0.827.537.623.726.626.9
Total49.697.291.990.1102.098.1
Source: Data provided by the Philippine authorities.

Figures calculated on an obligations basis.

Preliminary actual.

Source: Data provided by the Philippine authorities.

Figures calculated on an obligations basis.

Preliminary actual.

Table 17.Philippines: Statement of Financial Operations of 14 Major Monitored Public Corporations, 1993–98(In billions of pesos)
199319941995199619971998
Total receipts112.3107.289.2113.7117.8147.0
Operating receipts102.469.273.496.9105.6133.4
Sales of goods and services97.964.269.992.0101.8129.9
Current subsidies4.54.93.54.93.83.6
Other9.938.015.816.812.213.6
Current expenditures96.474.868.193.399.9141.0
Operating expenditures73.037.240.157.970.3108.6
Of which: Wages and salaries4.85.56.88.19.58.2
Other23.337.728.035.429.632.4
Of which: Interest payments11.112.114.212.212.919.1
Tax payments to the national
government8.611.16.44.53.03.2
Interest on national
government advances0.50.60.00.91.50.7
Dividend payments0.611.10.510.54.71.3
Capital expenditures41.642.022.331.635.844.0
Acquisition of fixed capital assets33.939.523.826.930.531.3
Change in inventories1.11.50.52.83.210.5
Other6.61.0-2.02.02.12.2
Internal cash generation16.032.321.120.417.86.0
Financing requirement25.69.71.311.217.938.0
External financing (net)21.915.44.516.112.316.8
Domestic financing (net)3.8-5.7-3.2-4.95.721.2
National government equity 1/5.61.50.51.20.10.6
National government net lending 1/1.51.90.8-0.40.30.5
Domestic bank credits (net)1.40.8-3.7-3.4-1.112.5
Other domestic financing (net)-4.8-9.9-0.9-2.36.37.6
Source: Data provided by the Philippine authorities.

Taken from corporations’ accounts, may differ from national government accounts.

Source: Data provided by the Philippine authorities.

Taken from corporations’ accounts, may differ from national government accounts.

Table 18.Philippines: Cash Flows of Fourteen Major Public Corporations, 1993–98(In billions of pesos)
199319941995199619971998
Internal cash generation16.032.321.120.417.86.0
National Power Corporation7.714.512.315.310.74.9
Philippine National Oil Corporation0.913.94.7-6.6-2.2-1.5
Metropolitan Water and Sewerage System1.21.20.60.91.40.8
National Irrigation Administration0.0-0.1-0.10.00.10.1
National Development Company1.8-0.10.33.33.10.2
Light Rail Transit Authority0.20.30.20.20.60.5
National Water Utilities Administration0.40.50.50.60.20.2
National Electrification Authority0.40.10.00.2-0.2-0.1
National Housing Authority0.80.71.12.30.70.6
Philippine National Railways0.00.00.10.10.2-0.2
Philippine Ports Authority1.01.31.11.71.01.9
National Food Authority1.60.10.22.72.0-1.4
Philippine Economic Zone Authority0.00.00.20.00.20.2
Metro Manila Transit Corporation 1/-0.10.0
Capital expenditure41.642.022.331.635.844.0
National Power Corporation28.435.016.819.224.921.0
Philippine National Oil Corporation5.94.14.94.31.41.5
Metropolitan Water and Sewerage System1.20.90.81.21.01.2
National Irrigation Administration0.00.00.00.00.00.0
National Development Company4.70.0-3.10.00.51.0
Light Rail Transit Authority0.10.20.30.50.64.2
National Water Utilities Administration0.30.40.50.70.70.6
National Electrification Authority0.70.10.00.81.11.0
National Housing Authority0.60.50.20.30.61.4
Philippine National Railways0.20.30.60.60.60.2
Philippine Ports Authority1.01.01.00.71.01.3
National Food Authority-1.9-0.50.13.13.410.5
Philippine Economic Zone Authority0.40.30.30.20.00.0
Metro Manila Transit Corporation 1/-0.10.0
Balance (Financing Requirement)-25.6-9.7-1.3-11.2-17.9-38.0
National Power Corporation-20.7-20.5-4.5-3.9-14.2-16.2
Philippine National Oil Corporation-5.09.8-0.2-10.9-3.6-3.0
Metropolitan Water and Sewerage System0.00.2-0.2-0.40.4-0.4
National Irrigation Administration0.0-0.1-0.10.00.10.1
National Development Company-2.9-0.13.43.22.6-0.8
Light Rail Transit Authority0.10.1-0.1-0.20.0-3.8
National Water Utilities Administration0.00.20.0-0.1-0.5-0.4
National Electrification Authority-0.30.00.0-0.7-1.3-1.1
National Housing Authority0.20.20.91.90.1-0.8
Philippine National Railways-0.2-0.3-0.5-0.5-0.4-0.4
Philippine Ports Authority0.00.30.11.00.00.6
National Food Authority3.60.60.1-0.5-1.4-11.9
Philippine Economic Zone Authority-0.4-0.3-0.1-0.20.20.1
Metro Manila Transit Corporation 1/0.00.0
Total financing25.69.71.311.217.938.0
(In percent of GNP)1.70.60.10.50.71.4
Net external financing21.915.44.516.112.316.8
Net domestic financing3.8-5.7-3.2-4.95.721.2
Of which: National government transfers7.23.41.30.80.51.1
Source: Data provided by the Philippine authorities.

Dropped from the list of monitored GOCCs starting September 1994 due to its privatization.

Source: Data provided by the Philippine authorities.

Dropped from the list of monitored GOCCs starting September 1994 due to its privatization.

Table 19.Philippines: Public Sector Operating and Maintenance Expenditures by Function, 1993–98 1/(In millions of pesos)
199319941995199619971998
National Government
Economic services6,99011,73013,83515,85716,02617,474
Agriculture and agrarian2,3123,4574,9056,6036,6914,221
National resources7001,6121,4411,1781,6311,318
Trade and industry3539008859621,0221,055
Tourism70165149111129147
Power and energy266389235213187333
Water, transportation and
communications2,9684,4075,5125,2514,9546,906
Others3218007081,5391,4123,494
Social services8,25712,07912,12512,02715,28021,974
Education, culture, and manpower
development4,7836,7096,9617,0628,18511,328
Health2,8463,6963,0813,2164,4435,306
Social security, labor and housing5261,5041,9101,4822,2622,088
Others1021701732663893,251
Other services 2/13,74823,02720,99120,81820,54424,911
Total National Government28,99546,83646,95148,70251,85064,359
Economic and
social services15,25523,81025,95927,88431,30639,448
(In percent of GNP)1.01.21.31.21.21.4
Major public corporations
Metropolitan Water and Sewerage
System5206447271,6121,2021,019
Philippine National Oil Corporation824,264 3/3,1741,6912,8103,635 4/
National Irrigation Administration137200218200231242
National Food Authority4067325049141,1692,895
Source: Data provided by the Philippine authorities.

Derived by applying the functional classification of obligation expenditures to cash disbursements.

Defense and general public services.

Includes expenses related to the privatization of Petron Corporation.

Includes repayment of accounts payable from 1996 and 1997.

Source: Data provided by the Philippine authorities.

Derived by applying the functional classification of obligation expenditures to cash disbursements.

Defense and general public services.

Includes expenses related to the privatization of Petron Corporation.

Includes repayment of accounts payable from 1996 and 1997.

Table 20.Philippines: Functional Classification of National Government Expenditures, 1993–1998 1/(Annual percentage changes)
199319941995199619971998
(In billions of pesos)
General public services40.456.160.876.487.897.5
Defense 2/20.421.625.529.927.728.8
Economic services75.984.894.7101.6125.0111.6
Agriculture and agrarian reform12.615.417.122.629.718.7
Natural resources3.44.04.65.39.16
Trade and industry2.55.05.94.24.73.2
Power and energy6.65.83.21.11.50.9
Water Resource Development
and Flood Control9.63.43.62.66.34.2
Transportation and communications23.233.537.941.445.944.3
Others18.017.722.424.427.834.3
Social services71.072.292.6118.6150.5174.6
Education, culture, and
manpower development39.942.457.172.190104.3
Health, nutrition, population control7.27.47.810.913.413.5
Social security, labor, and employment8.44.66.49.719.220.7
Housing and community development1.41.23.15.02.31.6
Other14.116.618.220.825.734.6
Total207.7234.7273.6326.5390.9412.4
(In percent of GNP)
General public services2.73.23.13.43.53.5
Defense1.41.21.31.31.11.0
Economic services5.14.94.84.55.04.0
Social services4.74.24.75.26.06.2
(In percent of total)
General public services19.523.922.223.422.523.6
Defense9.89.29.39.27.17.0
Economic services36.536.134.731.132.027.0
Social services34.230.833.836.338.542.3
Source: Data provided by the Philippine authorities.

Net of interest payments and net lending.

Derived by applying functional classification of obligation expenditures to cash disbursement.

Source: Data provided by the Philippine authorities.

Net of interest payments and net lending.

Derived by applying functional classification of obligation expenditures to cash disbursement.

Table 21.Philippines: Military Expenditure of the National Government, 1993–98 1/2/
199319941995199619971998 3/
(In millions of pesos)
Total military expenditure21,13224,40130,51032,26937,40538,412
By economic category
Personnel services13,31016,28420,25321,22327,59730,274
Maintenance and other operating expenses6,6096,5627,7519,0018,7537,708
Capital outlays1,2131,5552,5062,0451,055430
By functions:
Defense20,61823,59029,55930,51828,85428,390
Health286492622811559674
Education228319329480470428
Others (Social security, housing)----7,5218,118
(In percent of GNP)
Total military expenditure1.41.41.61.41.51.4
Personnel services0.90.91.00.91.11.1
Maintenance and other operating expenses0.40.40.40.40.30.3
Capital outlays0.10.10.10.10.00.0
(As percentage of total expenditure)
By economic category6.746.618.207.757.617.27
Personnel services4.244.415.455.105.615.73
Maintenance and other operating expenses2.111.782.082.161.781.46
Capital outlays0.390.420.670.490.210.08
By function6.746.618.207.646.085.58
Defense6.576.397.947.335.875.37
Health0.090.130.170.190.110.13
Education0.070.090.090.120.100.08
Source: Data provided by the Philippine authorities.

Excludes Philippine National Police which is under the Department of the Interior and local governments as well as the Armed Force Modernization Fund.

Data are in an obligation basis.

Preliminary actual.

Source: Data provided by the Philippine authorities.

Excludes Philippine National Police which is under the Department of the Interior and local governments as well as the Armed Force Modernization Fund.

Data are in an obligation basis.

Preliminary actual.

Table 22.Philippines: Summary of Monetary Accounts, 1993–98(In billions of pesos)
199319941995199619971998
Dec.Dec.Dec.Dec.Mar.Jun.Sep.Dec.Mar.Jun.Sep.Dec.
Bangko Sentral ng Pilipinas
Reserve money171.7182.4212.7243.3223.8211.9218.5266.5223.7205.5187.3239.8
Net foreign assets56.791.8118.4232.3249.8217.6246.8211.9220.1261.2271.8232.7
Net domestic assets115.090.694.311.0-26.0-5.7-28.354.63.6-55.7-84.57.1
Credit to public sector182.0151.3156.0135.562.6104.583.0151.2137.7151.3127.3138.9
National Government166.2139.2151.8133.760.8101.680.1148.2134.7148.4124.4134.7
Assistance to financial institutions4.24.03.23.23.24.78.98.215.617.818.018.2
Total rediscounting7.35.35.96.56.16.66.66.66.86.97.77.3
Open market instruments 1/-48.7-31.5-23.3-91.6-61.0-82.5-30.812.8-20.1-51.9-80.3-29.2
Other items net-29.8-38.5-47.5-42.7-36.9-39.0-96.0-124.2-136.5-179.8-157.2-128.1
Monetary survey 2/
Net foreign assets104.7123.6117.969.975.1-10.7-51.6-76.9-66.1-67.10.616.5
Net domestic assets394.8507.2668.5844.0860.8966.71,076.01,251.31,222.41,240.91,143.41,202.8
Domestic credit682.1821.61,084.01,507.71,499.71,618.11,777.41,922.91,853.61,899.21,872.31,868.9
Public274.1299.8335.3377.2325.9356.4404.0468.2451.1478.5443.0459.7
National Government, net216.2243.5283.9322.8267.1293.6322.7379.6365.4381.4351.8360.8
Private408.0521.7748.71,130.51,173.81,261.71,373.51,454.71,402.51,420.71,429.31,409.2
Resident FCDUs 3/-136.2-158.8-206.7-317.6-336.1-348.8-367.7-433.4-402.1-435.0-489.8-477.9
Net other items-151.1-155.6-208.8-346.1-302.9-302.5-333.8-238.2-229.1-223.2-239.0-188.1
Total liquidity499.5630.8786.4913.9935.8956.11,024.41,174.41,156.31,173.81,144.01,219.3
M3480.3607.6761.4881.4901.8923.4987.71,066.01,057.41,082.81,065.11,144.6
Narrow money133.9152.0184.9222.0216.3224.3222.7258.3241.9251.2238.4281.5
Quasi-money341.8451.0570.3652.8678.3692.3755.6795.6803.4820.7818.4856.9
Deposit substitutes4.64.66.26.67.26.89.412.112.110.98.36.1
Other liabilities19.223.225.032.534.032.636.8108.498.991.078.974.8
Source: Data provided by the Philippine authorities.

Mostly reverse repurchase agreements.

Effective February 1996 Development Bank of the Philippines was reclassified from specialized government bank to commercial bank and hence was included.

Foreign currency deposit units.

Source: Data provided by the Philippine authorities.

Mostly reverse repurchase agreements.

Effective February 1996 Development Bank of the Philippines was reclassified from specialized government bank to commercial bank and hence was included.

Foreign currency deposit units.

Table 23.Philippines: Factors Affecting Base Money, 1993–98 1/(In billions of pesos)
199319941995199619971998
DecDec.Dec.Dec.Mar.Jun.SepDecMar.Jun.Sep.Dec.
Base money 2/175.8196.1229.4262.1243.0238.1276.6304.3290.9273.5259,5316.2
(12-month percentage change)14.511.617.014.29.18.728.816.119.714.9-6.23.9
Stock of reserve eligible securities
outstanding4.14.14.24.34.24.14.44.34.44.24.24.1
Reserve deficiency0.00.00.00.00.06.33.40.00.00.03.912.5
Government securities9.612.514.515.015.850.333.562.863.864.159.8
Reserve money 3/171.7182.4212.7243.3223.8211.9218.5266.5223.7205.5187.3239.8
Currency issue98.0111.5130.8150.3132.2130.6135.4181.7153.5153.4144.1185.6
Cash in treasury vault-0.2-0.20.00.0-0.10.00.00.00.00.00.00.0
Reserve balance of banks73.971.181.992.991.781.383 184.870.252.143.254.2
Net foreign assets56.791.81184232.3249.8217.6246.8211.9220.1261.2271.8232.7
Net international reserves99.6129.3155.6263.8279.6259.2299.0266.7270.3346.4361.5313.1
Gross international reserves164.0173.8203 7308.8315.2298.4371.4350.5346.8444.7465.4421.6
Short-term foreign liabilities-64.4-44.5-48.1-44.9-35.6-39.2-72.4-83.8-76.5-98.3-103.9-108.5
Medium- and long-term foreign liabilities-42.9-37.5-37.2-31.5-29.8-41.6-52.2-54.8-50.2-85.2-89.7-80.4
Net domestic assets115.090.694.311.0-26.0-5.7-28.354.63.6-55.7-84.57.1
Net credit to public sector182.0151.3156.0135.562.6104.583.0151.2137.7151.3127.3138.9
Of which:
Net credit to national government-166.2139.2151.8133.760.8101.680.1148.2134.7148.4124.4134.7
Holding of treasury bills 4/171.6120.6137.2139.874.3104.583.9129.395.9102.396.2103.6
Deposits-113.8-84.5-73.4-106.5-115.0-105.2-96.9-78.3-65.0-56.9-63.8-59.5
Net credits to 14 corporations0.40.20.00.00.00.00.00.00.00.00.00.0
Assistance to financial institutions4.24.03.23.23.24.78.98.215.617.818.018.2
Total rediscounting7.35.35.96.56.16.66.66.66.86.97.77.3
Open market instruments 5/-48.7-31.5-23.3-91.6-61.0-82.5-30.812.8-20.1-51.9-80.3-29.2
Other items, net-29.8-38.5-47.5-42.7-36.9-39.0-96.0-124.2-136.5-179.8-157.2-128.1
Source: Data provided by the Philippine authorities.

Foreign assets and liabilities converted into pesos at current exchange rates

Growth rates refer to end period data, therefore they differ from program targets which refer to 10 day test periods.

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.

Starting December 1992. excluding Agricultural Loan Fund investments in treasury bills.

Source: Data provided by the Philippine authorities.

Foreign assets and liabilities converted into pesos at current exchange rates

Growth rates refer to end period data, therefore they differ from program targets which refer to 10 day test periods.

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.

Starting December 1992. excluding Agricultural Loan Fund investments in treasury bills.

Table 24.Philippines: Reserve Position of Commercial Banks, 1993–98 1/2/(In billions of pesos)
199319941995199619971998
Dec.Dec.Dec.Dec.Mar.Jun.Sep.Dec.Mar.Jun.Sep.Dec.
Required reserves89.799.3111.8130.0126.7130.0165.6157.0158142141168.8
Available reserves 4/91.1101.1118.4138.6135.5123.7162.2159.2163.3146137.1156.3
Cash on hand14.215.519.726.924.622.624.436.525.925.925.638.2
Reserves balances with the
Central Bank 5/72.871.982.092.991.781.283.184.970.252.143.254.2
Reserve-eligible securities4.14.14.24.34.24.14.44,34.44.24.24.1
Government securities9.612.514.515.015.850.333.562.863.864.159.8
Excess (deficiency)1.41.86.68.68.8-6.3-3.42.25.34-3.9-12.5
Sources: Data provided by the Philippine authorities; and staff estimates.

Against deposits and deposit substitutes.

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).

Excludes cash and reserve-eligible securities in excess of 75 percent of required reserves.

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.

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

Against deposits and deposit substitutes.

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).

Excludes cash and reserve-eligible securities in excess of 75 percent of required reserves.

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 25.Philippines: Public Sector Securities Outstanding, 1993–98(In billions of pesos)
199319941995199619971998
Dec.Dec.Dec.Dec.Mar.Jun.Sep.Dec.Mar.Jun.Sep.Dec.
National government securities624.2605.9662.1706.4704.2697.9694.8708.7711.2747.5745.8789.2
Treasury bills413.3368.2391.2393.3386.3384.5386.4392.2403.7430.1422.4443.1
Auctioned 1/203.9172.8158.6166.3161.3161.4143.1133.2133.2137.2120.6113.6
Negotiated 2/209.4195.4232.6227.0225.0223.1243.3259.0270.6292.9301.8329.6
Treasury notes148.5175.5183.8226.3231.2230.8225.8234.1224.9234.9240.9258.1
Treasury bonds61.161.185.985.985.982.382.382.382.382.382.382.3
Other1.31.11.20.90.90.30.30.10.20.20.25.6
Public corporations4.14.55.24.85.15.15.15.86.16.36.66.8
Monetary institutions24.84.60.60.30.20.10.00.00.00.00.00.0
Total securities outstanding653.1615.0668.0711.4709.5703.1699.9714.5717.3753.8752.4796.1
Sources: Data provided by the Philippine authorities; and staff estimates.

Including tap series.

Starting end-December 1993, includes treasury bills issued to the central bank as part of restructuring (special series for BSP and GOCCs.)

Mainly converted from blocked peso accounts.

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

Including tap series.

Starting end-December 1993, includes treasury bills issued to the central bank as part of restructuring (special series for BSP and GOCCs.)

Mainly converted from blocked peso accounts.

Table 26.Philippines: Monetary Survey, 1993–98 1/
199319941995199619971998
Dec.Dec.Dec.Dec.Mar.Jun.Sep.Dec.Mar.Jun.Sep.Dec.
Total liquidity499.5630.8786.4913.9935.8956.11024.41174.41156.31173.81144.01219.3
M3480.3607.6761.4881.4901.8923.4987.71066.01057.41082.81065.11144.6
Narrow money133.9152.0184.9222.0216.3224.3222.7258.3241.9251.2238.4281.5
Quasi-money341.8451.0570.3652.8678.3692.3755.6795.6803.4820.7818.4856.9
Deposit substitutes4.64.66.26.67.26.89.412.112.110.98.36.1
Other liabilities19.223.225.032.534.032.636.8108.498.991.078.974.8
Net foreign assets104.7123.6117.969.975.1-10.7-51.6-76.9-66.1-67.10.616.5
Net domestic assets394.8507.2668.5844.0860.8966.71076.01251.31222.41240.91143.41202.8
Domestic credit682.1821.61084.01507.71499.71618.11777.41922.91853.61899.21872.31868.9
Public274.1299.8335.3377.2325.9356.4404.0468.2451.1478.5443.0459.7
National government216.2243.5283.9322.8267.1293.6322.7379.6365.4381.4351.8360.8
Other57.856.351.454.458.862.881.288.685.797.191.298.9
Private408.0521.7748.71130.51173.81261.71373.51454.71402.51420.71429.31409.2
Resident FCDUs 2/-136.2-158.8-206.7-317.6-336.1-348.8-367.7-433.4-402.1-435.0-489.8-477.9
Net other items-151.1-155.6-208.8-346.1-302.9-302.5-333.8-238.2-229.1-223.2-239.0-188.1
M324.626.525.315.817.318.923.520.917.317.37.87.4
Net domestic assets22.627.231.726.320.830.740.648.242.028.46.3-3.9
Private sector credit37.628.243.551.036.733.133.828.719.512.64.1-3.1
M331.635.038.938.635.336.238.739.141.737.536.937.5
Currency in circulation5.55.55.75.44.24.24.34.55.64.64.54.5
Net foreign assets6.67.16.03.12.9-0.4-2.0-1.9-3.0-2.7-3.4-2.3
Net domestic assets26.229.234.137.033.737.942.142.449.043.643.443.3
Private sector credit26.830.038.249.546.049.453.854.457.052.150.549.7
Source: Data provided by the Philippine authorities.

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.

Foreign currency deposit units.

Source: Data provided by the Philippine authorities.

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.

Foreign currency deposit units.

Table 27.Philippines: Selected Interest Rates, 1993–98 1/(In percent)
199319941995199619971998
Dec.Dec.Dec.Dec.Mar.Jun.Sep.Dec.Mar.Jun.Sep.Dec.
(End of period)
Manila reference rates
MRR 6014.89.811.411.811.09.913.617.316.813.913.913.7
MRR 9015.08.810.311.110.39.611.514.114.71212.213.4
MRR 18014.19.110.410.38.98.410.512.913.712.312.112.4
Average of all maturities14.79.611.111.710.89.813.417.116.813.913.813.6
Average lending rate16.413.414.614.513.813.217.420.720.917.817.718.1
91-day treasury bill rate15.910.312.011.610.510.513.916.715.81513.813.5
Reverse RP (term)0.014.013.411.110.510.713.812.51314.614.213.6
Interbank call loan rate24.112.014.111.210.513.219.621.413.213.315.514
(Period average)
Manila reference rates
MRR 609.98.69.911.810.610.315.118.117.614.114.113.7
MRR 9013.28.98.811.09.49.912.414.815.312.712.613.3
MRU 18012.28.49.410.38.48.711.613.413.711.81213
Average of all maturities12.98.69.811.610.410.214.917.917.414.114.113.6
Average lending rate14.813.413.714.813.713.318.220.420.11614.614.8
91 -day treasury bill rate12.512.711.711.79.511.015.317.716.59714.00413.82213.43
Reverse RP (term) rate0.010.412.311.110.210.513.91216.114.513.913.5
Interbank call loan rate19.210.412.111.210.214.415.713.613.313.315.513.9
Source: Data provided by the Philippine authorities.

End-period data refer to the average for the last week of each period.

Source: Data provided by the Philippine authorities.

End-period data refer to the average for the last week of each period.

Table 28.Philippines: Balance of Payments, 1997–2004 1/(In millions of U.S. dollars)
199719981999199920002001200220032004
Prog.Prog.ProjProj.Proj.Proj.Proj.
EBS/99/6Revised
Trade balance-11,127-28-2,322684-194-1,270-2,463-3,802-5,296
(in percent of GNP)-13.00.0-3.00.9-0.2-1.4-2.5-3.6-4.6
Exports, f.o.b.25,22829,49634,10033,91939,02344,81051,45159,00867,563
Imports, f.o.b.36,35529,52436,42233,23539,21746,08053,91462.81072,859
Imports, non-oil33,31427,61433,96030,77336,12542,25849,14756,83565,370
Imports, oil3,0411,9102,4622,4623,0923,8224,7675,9757,489
Services (net)5,6968871,9085914577731,2811,6892,116
Service receipts22,83513,88115,81214,72615,65116,64217,70318,86820,139
Remittances/FCD withdrawals11,7488,3289,3118,9119,2679,63810,02310,42510,842
Other11,0875,5536,5015,8156,3847,0047,6808,4439,297
Service payments17,13912,99413,90414,13515,19415,86916,42217,17918,023
Interest2,5672,5162,9242,9863,2993,1842,8592,5892,296
Other14,57210,47810,98011,14911,89512,68513,56314,59015,727
Transfers (net)1,080435858389369356345333323
Current account-4,3511,2944441,664632-141-837-1,780-2,857
(In percent of GNP)-5.11.90.62.10.7-0.2-0.9-1.7-2.5
Financial account988651,1681,4961,7952,4963,9285,8526,977
Foreign investment7621,6721,4931,7131,4991,6261,7611,9042,194
Direct investment1,1131,5921,1939386957868799791,080
Portfolio investment-351803007758048408829251,114
MLT loans and bonds4,1481,7682,4983,3111,5167871,2671,4331,786
Inflows7,7245,7916,7657,6176,4117,2417,6117,6278,068
Outflows 1/3,5764,0234,2674,3064,8956,4546,3446,1946,282
Short-term, including trade-related495-1,521-1,270-1,0037361,2841,0421,1091,146
Commercial banks’ NFA (increase -) 2/1,188-1,320-836-1,522-2,108-1,317-2621,2821,722
Other (including errors and omissions) 3/-5,605-534-717-1,003150116120124129
o/w: Commercial banks’ NFA operations0370-825-1,12000001
on account of BSP (increase -)
Overall balance-3,3631,3591,6123,1602,4272,3553,0914,0724,120
Net international reserves (increase -)3,363-1,359-1,612-3,160-2,427-2,355-3,091-4,072-4,120
BSP gross reserves (increase -)2,977-2,038-2,309-3,927-2,679-2,346-2,600-3,199-3,552
Fund credit (net)435651697683252-9-491-873-568
Purchases7007307527372610000
Repurchases-265-79-55-54-8-9-491-873-568
Change in other BSP liabilities-492808400000
Memorandum items:
BSP gross reserves8,76810,80612,90014,73317,41219,75822,35825,55729,109
(In months of imports of goods and services)2.03.03.13.73.83.83.83.83.8
BSP adjusted gross reserves 4/7,5689,60611,70013,40816,08718,43321,03324,23227,784
(In months of imports of goods and services)1.72.72.83.43.53.63.63.63.7
BSP NIR6,6728,0319,44411,19113,61815,97219,06323,13527,255
Monitored external debt 5/50,72853,50957,80456,41958,49360,95964,27069,21876,911
(In percent of GNP)59.375.574.671.068.867.365.865.667.5
Short-term debt11,51410,24511,6009,703
(In percent of adjusted reserves)152.1106.799.172.4
Debt-service ratio 6/11.912.812.312.814.114.913.411.910.1
Export volume (percent change)23.119.511.512.713.813.713.613.513.4
Import volume (percent change)16.4-12.87.710.515.915.214.413.713.4
Export value (percent change)22.816.915.615.015.014.814.814.714.5
Import value (percent change)14.0-18.814.612.618.017.517.016.516.0
Sources: Philippine authorities and staff estimates.

Includes net repurchase of Philippine bonds in secondary markets by residents.

Commercial banks’ NFA differ from the monetary survey due to differences in coverage. Excludes FCDU and NDF operations.

Includes FCDU and NDF operations, and errors and omissions. The $750 ING repayment is also included.

Gross reserves less gold and securities pledged as collateral against short-term liabilities.

Monitored external liabilities are defined as external debt plus liabilities of foreign banks in the Philippines to their headquarters, branches, and agencies, some external debt not registered with the central bank, and private capital lease arrangements.

In percent of exports of goods and services.

Sources: Philippine authorities and staff estimates.

Includes net repurchase of Philippine bonds in secondary markets by residents.

Commercial banks’ NFA differ from the monetary survey due to differences in coverage. Excludes FCDU and NDF operations.

Includes FCDU and NDF operations, and errors and omissions. The $750 ING repayment is also included.

Gross reserves less gold and securities pledged as collateral against short-term liabilities.

Monitored external liabilities are defined as external debt plus liabilities of foreign banks in the Philippines to their headquarters, branches, and agencies, some external debt not registered with the central bank, and private capital lease arrangements.

In percent of exports of goods and services.

Table 29.Philippines: External Indicators, 1993 -98
199319941995199619971998
(In millions of U.S. dollars, end period)
Gross official reserves 1/4,7216,3726,66210,4457,5689,606
(In months of imports
of goods and services)2.52.72.22.81.72.7
Net international reserves
of the central bank3,4965,2975,92810,0356,6718,031
(In percent of GNP)
Exports20.620.522.923.829.443.2
Imports31.832.534.637.042.443.3
Trade balance-11.2-11.9-11.7-13.1-13.00.0
Current account-5.5-4.5-4.3-4.6-5.11.9
(Annual percent change)
Export volume13.214.017.020.723.119.5
Export unit price2.34.010.6-2.4-7.0-2.0
Import volume19.918.614.522.816.4-12.8
Import unit price1.12.28.0-1.6-6.2-7.2
Terms of trade1.21.82.4-0.8-0.95.5
Memorandum items:
Peso/dollar exchange rate
Annual average27.126.425.726.229.540.9
End-of-period27.724.426.226.340.039.1
Source: Data provided by the Philippine authorities and staff estimates.

Adjusted for gold- and security-backed borrowing.

Source: Data provided by the Philippine authorities and staff estimates.

Adjusted for gold- and security-backed borrowing.

Table 30.Philippines: Volume, Unit Prices, and Values of Principal Exports, 1993–98(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)
199319941995199619971998
Prelim.
Coconut oil
Volume8598491,3397931,1091,178
Price416560616720607599
Value358475826571673706
Desiccated coconut
Volume937573707772
Price8979349331,2201,1521,016
Value847068858873
Copra meal/cake
Volume488574756475570540
Price9392881199265
Value455367565335
Sugar
Volume324182153318198185
Price314333430429418432
Value10261661368380
Lumber
Volume (000 cu. m)89418714614444
Price (US$/cu. m)292236209171178227
Value261018252610
Plywood
Volume (000 cu. m)40101712146
Price (US$/cu. m)435428341362363333
Value1746552
Copper concentrates
Volume334293282159117101
Price327385476329371248
Value109113134524425
Copper metal
Volume13713712012696102
Price1,9331,9632,8432,3512,4051,737
Value264270341297232178
Gold
Volume (troy oz.)151176416202149114
Price (US$/troy oz.)339370370270330298
Value516562554934
Iron ore
Volume3,9194,6664,6924,4354,7183,381
Price161616161918
Value627474709060
Bananas
Volume1,1531,1551,2131,2531,1501,140
Price196186184188188190
Value226215224237217216
Fish, fresh or preserved (value)343379378295291306
Other nonmanufactured (value)7568249341,0651,114861
Garments (value)2,2722,3752,5702,4232,3492,356
Electronics (value)3,5514,9847,4139,98813,05217,156
Other manufactured (value)2,9063,2563,8854,6846,0876,354
Special transactions
and re-exports (value)2032553814997751,044
Total exports11,37513,48317,44720,54325,22829,496
Source: Data provided by the Philippine authorities.
Source: Data provided by the Philippine authorities.
Table 31.Philippines: Composition of Imports, 1993–98
199319941995199619971998
Est.
(In millions of U.S. dollars)
Mineral fuels and lubricants2,0162,0402,4613,0083,0742,021
Oil1,3161,3081,9312,4582,4581,433
Volume (mn. bbls.)8386117130127114
Price ($/bbl.)161517191913
Nonfuel imports15,58119,29323,93028,87733,28127,503
Capital goods5,6106,8688,02910,47214,36912,051
Raw materials and intermediate goods7,8559,60612,17414,05814,63411,586
Consumer goods1,5872,1092,7843,3313,0912,621
Special transactions 1/5297109431,0161,1871,245
Total17,59721,33326,39131,88536,35529,524
(In percent of total)
Mineral fuels and lubricants11.59.69.39.48.56.8
Nonfuel imports88.590.490.790.691.593.2
Capital goods31.932.230.432.839.540.8
Raw materials and intermediate goods44.645.046.144.140.339.2
Consumer goods9.09.910.510.48.58.9
Special transactions 1/3.03.33.63.23.34.2
Total100.0100.0100.0100.0100.0100.0
Source: Data provided by the Philippine authorities.

Imports on consignment (for export use).

Source: Data provided by the Philippine authorities.

Imports on consignment (for export use).

Table 32.Philippines: Nonmerchandise Trade, 1993–98(In millions of U.S. dollars)
Item199319941995199619971998
Prelim.
Nonmerchandise trade, net2,5073,9644,7656,8005,696887
Earnings7,49710,55014,37419,00622,83513,881
Freight and merchandise insurance156185252331391294
Other transportation715429343638
Travel1,1789731,1241,5462,3411,418
Investment income5487731,1471,7531,9561,499
Profits, earnings, and dividends70116344700589302
Interest income4786578031,0531,3671,197
Central bank219322345476568587
Commercial banking system259335458577799610
Government56192418712
Nonmerchandise insurance12454211616
Personal income2,2763,0093,8694,3065,7424,932
Peso conversions of FCDs1,6802,8154,8275,8636,0063,410
Commissions and fees173207164373260181
Construction activity10610182737
Operating expenses4766956738221,214539
Other services8611,8102,2013,9214,9011,505
Payments4,9906,5869,60912,20617,13912,994
Freight and merchandise insurance1,1761,3001,9502,2852,6021,886
Other transportation27818113240113109
Travel1301964221,2661,9351,950
Investment expense1,8871,9192,6712,7203,0172,919
Profits, earnings, and dividends326311469470394318
Reinvested earnings432923445685
Interest expenses1,5181,5792,1792,2062,5672,516
Government181520374920
Nonmerchandise insurance647776426831
Personal income1313155700
Commissions and fees150275340775623551
Construction activity2323651,186511218
Other services1,2512,5873,9183,7988,2215,310
Source: Data provided by the Philippine authorities.
Source: Data provided by the Philippine authorities.
Table 33.Philippines: Direction of Trade, 1993–98(In percent)
Exports, f.o.b.Imports, f.o.b.
199319941995199619971998199319941995199619971998
Prelim.Prelim.
United States38.438.135.333.934.934.220.018.518.418.519.721.8
Japan16.015.015.717.916.614.322.924.322.622.420.420.4
European Union, of which:18.218.018.017.918.520.912.810.310.214.014.911.0
Germany5.24.94.04.14.23.53.53.63.53.83.22.9
Netherlands3.23.84.65.46.67.91.41.31.21.01.40.8
United Kingdom4.84.75.34.64.36.02.21.82.11.51.51.1
France1.81.41.21.10.90.91.11.11.21.03.41.7
Middle East, of which:2.31.81.31.20.90.88.47.48.58.57.35.9
Saudi Arabia0.60.40.40.30.10.14.24.46.25.22.91.9
Kuwait0.10.10.10.10.10.01.10.40.10.10.00.1
Iraq0.00.00.00.00.00.00.00.00.00.00.10.1
ASEAN, of which: 1/3.75.47.98.57.26.75.34.96.07.07.49.2
Indonesia0.40.50.70.70.80.41.91.72.22.01.92.0
Malaysia1.41.61.83.32.53.92.02.02.22.52.63.2
Singapore3.35.35.76.06.46.25.66.85.95.56.05.9
Australia1.01.00.80.80.80.62.72.82.82.52.62.3
Hong Kong4.84.84.74.24.64.55.05.24.84.34.34.4
Korea1.92.22.51.81.91.75.15.25.25.26.07.4
BRO 2/0.10.10.10.10.00.00.50.91.31.51.10.6
China1.51.21.21.61.01.11.01.42.22.12.44.1
Other12.012.312.512.113.515.116.319.318.014.013.812.9
All countries100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0
Source: Data provided by the Philippine authorities.

Association of South-East Asian Nations.

Baltics, Russia and other.

Source: Data provided by the Philippine authorities.

Association of South-East Asian Nations.

Baltics, Russia and other.

Table 34.Philippines; International Reserves of the Banking System, 1993–98(In millions of U.S. dollars; end of period)
199319941995199619971998
Monetary authorities (net)3,4965,2975,92810,0356,6728,031
Assets5,9227,1227,76211,7458,76810,806
Liabilities2,4261,8251,8341,7102,0962,776
of which: IMF1,2191,0647284058891,562
Commercial banks (net) 1/912238-1,336-5,838-7,415-6,392
Assets4,0085,0285,1706,8036,4406,432
Liabilities3,0964,7906,50612,64113,85512,824
Banking system4,4085,5354,5924,197-7431,638
Assets9,93012,15012,93218,54815,20817,238
Liabilities5,5226,6158,34014,35115,95115,600
Source: Data provided by the Philippine authorities.

Monetary claims on, and liabilities to, nonresidents.

Source: Data provided by the Philippine authorities.

Monetary claims on, and liabilities to, nonresidents.

Table 35.Philippines: Total External Debt, 1993–98
199319941995199619971998
(in millions of U.S. dollars)
External debt
Short term5,0355,1975,2797,2078,4397,185
Of which: commercial banks3831,1561,8003,2453,6113,571
Medium and long term29,18832,38733,27434,66836,12239,070
Of which: commercial banks1,6272,1332,4402,7893,7704,208
IMF1,3121,1398144058721,562
Total35,53538,72339,36742,28045,43347,817
Monitored external liabilities 1/
Short term11,51310,245
Of which: commercial banks6,6936,631
Medium and long term38,34341,702
Of which: commercial banks5,0665,436
IMF8721,562
Total50,72853,509
(in percent of total external debt)
External debt
Short term14.213.413.417.018.615.0
Of which: commercial banks1.13.04.67.77.97.5
Medium and long term82.183.684.582.079.581.7
Of which: commercial banks4.65.56.26.68.38.8
IMF3.72.92.11.01.93.3
(in percent of total monitored external liabilities)
Monitored external liabilities 1/
Short term22.719.1
Of which: commercial banks13.212.4
Medium and long term75.677.9
Of which: commercial banks10.010.2
IMF1.72.9
(in percent of GNP)
External debt
Short term9.17.96.98.49.910.1
Of which: commercial banks0.71.82.43.84.25.0
Medium and long term52.849.343.740.242.255.1
Of which: commercial banks2.93.23.23.24.45.9
IMF2.41.71.10.51.02.2
Total64.258.951.749.053.167.5
Monitored external liabilities 1/
Short term13.514.5
Of which: commercial banks7.89.4
Medium and long term44.858.8
Of which: commercial banks5.97.7
IMF1.02.2
Total59.375.5
Sources: Data provided by the Philippines authorities; and staff estimates

Monitored external liabilities are defined as external debt plus liabilities of foreign banks in the Philippines to their headquarters, branches, and agencies, some external debt not registered with the central bank, and private capital lease arrangements.

Sources: Data provided by the Philippines authorities; and staff estimates

Monitored external liabilities are defined as external debt plus liabilities of foreign banks in the Philippines to their headquarters, branches, and agencies, some external debt not registered with the central bank, and private capital lease arrangements.

Table 36.Philippines: External Debt by Type of Debt and Creditor, 1993–98(In millions of U.S. dollars)
19931994199519961997September 1998
Medium-Medium-Medium-Medium-MediumMedium
and Long-Short-and Long-Short-and Long-Short-and Long-Short-and Long-Short-and Long-Short-
TermTermTotalTermTermTotalTermTermTotalTermTermTotalTermTermTotalTermTermTotal
External debt
By type of debt30,5005,03535,53533,5275,19638,72334,0885,27939,36734,6687,20741,87536,9938,44045,43338,4367,97246,408
Nonmonetary 1/28,7933,44432,23731,2953,28534,58031,5412,37433,91530,6132,63233,24531,6913,07834,76933,0851,94035,025
Public 2/26,55238926,94127,6309127,72126,5947026,66424,1102324,13322,2522022,27222,3964122,437
Private2,2413,0555,2963,6653,1946,8594,9472,3047,2516,5032,6099,1129,4393,05812,49710,6891,89912,588
Banking system1,7071,5913,2982,2321,9114,1432,5472,9055,4524,0564,5758,6315,3025,36210,6645,3506,03211,382
Central bank801,2081,288997568551071,1051,2121121,3031,4157951,7042,4991,4752,2043,679
Commercial banks1,6273832,0102,1331,1553,2882,4401,8004,2403,9443,2727,2164,5073,6588,1653,8753,8287,703
By creditor30,5005,03535,53533,5255,19738,72234,0895,27939,36834,6687,20741,87536,9948,43945,43338,4367,97346,408
Commercial banks2,1772,6984,8752,3572,3054,6621,8993,2075,1062,4834,9317,4143,3635,5098,8724,1854,4819,026
Other financial institutions2001023023904608501,1221171,2393066539594078971,3047044791,183
Suppliers’ credits9502,2353,1851,1342,4153,5499461,6422,5881,0651,5232,5888331,5262,3598251,0431,868
Multilateral, of which:9,20209,2029,85909,8599,61709,6178,63408,6348,63808,6388,98008,980
World Bank4,59704,5974,85504,8554,99504,9954,67604,6764,14604,1464,05604,056
AsDB2,89202,8923,33103,3313,33103,3313,11703,1173,09103,0913,06903,069
IMF1,31201,3121,13901,1398140814405040588908891,16201,162
Export credit agencies. of which:3,99703,9974,48704,4873,93903,9394,67704,6774,71804,7184,97904,979
Japan2,34402,3443,14903.1492,64502,6453,27003,2703,12803,1283,10203,102
United States154015475507556950695588058871507159960996
Other bilateral, of which:9,37209,37210,546010,54610,454010,4548,747158,7628,519708,5898,5821258,706
Japan7,57707,5778,69408,6948,41808,4186,93906,9396,26206,2626,24806,248
United Stales684068464706476560656501050163106316030603
Other4,60204,6024,752174,7696,1123136,4258,756858,84110,51643710,95310,1811,48511,666
Monitored external liabilities 3/
Short term10,81610,122
Of which: commercial banks6,6555,732
Medium and long term39,66239,383
Of which: commercial banks5,1954,283
Total50,47849,505
Of which: commercial banks11,85010,015
Memorandum items
Gross foreign exchange liabilities of commercial banks
from the monetary survey 4/
a. Broad definition 5/8,01011,25014,32126,45728,03028,720
b Balance of payments definition 63,0964,7906,50612,64115,71916,193
External debt according to the BIS 7/6,5448,06713,351
Vis-a-vis banks3,7694,9519,362
Vis-a-vis nonbanks2,7753,1163,989
Sources: Data provided by the Philippine authorities; and BIS (International Banking and Financial Market Developments).

Includes prefinancing of exports.

For 1993, includes central bank Board of Liquidators.

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 bank, and private capital lease agreements.

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

Includes liabilities to residents.

Excludes liabilities to residents.

External position of reporting banks vis-a-vis the Philippines.

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

Includes prefinancing of exports.

For 1993, includes central bank Board of Liquidators.

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 bank, and private capital lease agreements.

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

Includes liabilities to residents.

Excludes liabilities to residents.

External position of reporting banks vis-a-vis the Philippines.

Table 37.Philippines: External Debt Service, 1993–98
199319941995199619971998
(In millions of U.S. dollars)
Debt service before rescheduling
and accumulation of arrears3,5944,9075,0325,0265,5975,061
Principal (excluding IMF)2,0123,0562,4942,5412,8432,437
Multilateral471566682657633597
Bilateral8271,2571,3851,1541,3421,125
Banks and financial institutions 1/540843193200590426
Other 2/174390234530278289
IMF repurchase64272359279186108
Interest1,5181,5792,1792,2062,5682,516
Multilateral633711634593542505
Bilateral642742784634579551
Banks and financial institutions15232363550707640
Other9194398429740820
Rescheduling8184780000
Paris Club21100000
Commercial banks6074780000
Change in arrears0178-178000
Debt service after rescheduling
and changes in arrears3,5114,2514,8545,0265,5975,061
(In percent of exports of goods and services)
Debt-service ratio (including IMF)
Before rescheduling22.920.415.812.711.912.8
Ratio of interest payments
(before rescheduling) to GNP2.72.42.92.53.03.7
Sources: Data provided by the Philippine authorities; and staff estimates.

Excluding monetary liabilities and debt conversions.

Figures for 1995–97 include some debt-equity and bond-equity conversions, as well as some prepayments.

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

Excluding monetary liabilities and debt conversions.

Figures for 1995–97 include some debt-equity and bond-equity conversions, as well as some prepayments.

Table 38.Philippines: Selected Indicators on the Banking System as of December 31,1998(In billions of pesos, unless otherwise indicated)
Commercial BanksThriftRuralBanking
ExpandedNon-Exp.ForeignTotalBanksBanks 1/System
Physical composition
Number of banks21201253117826996
Total number of branches3519650114180135711146651
Balance Sheet
Total assets2028.6216.8310.42555.8209.858.22823.8
Of which: Loan portfolio (net)1209.0130.9141.41481.3124.240.21645.7
Deposit liabilities1317.9140.0128.21586.1131.737.61755.4
Of which: Foreign currency480.449.770.8600.98.10.0609.0
Capital258.944.27.8310.928.49.0348.3
Annual Income and Expenses
Total operating income184.020.625.0229.616.72.7249.0
Of which: Interest income166.018.419.5203.914.92.1220.9
Net income before tax22.40.43.826.60.00.226.8
Trust Assets364.322.027.4413.75.5419.2
Source: Bangko Sentral ng Pilipinas

Data for rural banks in Sections II and III is for June 30, 1998.

Source: Bangko Sentral ng Pilipinas

Data for rural banks in Sections II and III is for June 30, 1998.

Table 39.Philippines: Deposit Liabilities of the Banking System, 1993–98(Annual percentage changes)
19971998
1993199419951996JuneDecemberJuneDecember
Banking system638.9786.11000.01270.51411.01630.81708.81719.7
Commercial banks556.8693.1873.81119.61232.11457.91542.61550.0
Expanded531.0772.1993.61256.01291.41317.9
Nonexpanded162.1101.7126.0201.9251.2232.1
Thrift banks51.665.291.1120.4143.7136.3129.6132.1
Rural banks 2/13.417.623.330.335.236.636.637.6
Specialized government banks17.110.311.70.2
Banking system100.0100.0100.0100.0100.0100.0100.0100.0
Commercial banks87.288.287.488.187.389.490.390.1
Expanded0.067.677.278.20.077.075.676.6
Nonexpanded0.020.610.29.90.012.414.713.5
Thrift banks8.18.39.19.510.28.47.67.7
Rural banks 2/2.12.22.32.42.52.22.12.2
Specialized government banks2.71.31.20.0
Banking system29.323.027.227.128.421.15.5
Commercial banks30.524.526.128.130.225.26.3
Expanded45.428.726.44.9
Nonexpanded-37.223.960.215.0
Thrift banks24.626.339.732.113.2-9.8-3.1
Rural banks 2/27.730.833.029.720.93.82.7
Specialized government banks10.5-39.813.6-98.0
Sources: Bangko Sentral ng Pilipinas; and Fund staff estimates.

Consolidated with commercial banks after 1996.

Data for December 1998 correspond to June.

Sources: Bangko Sentral ng Pilipinas; and Fund staff estimates.

Consolidated with commercial banks after 1996.

Data for December 1998 correspond to June.

Table 40.Philippines: Loans of the Banking System, 1993–98(Annual percentage changes)
19971998
1993199419951996JuneDecemberJuneDecember
(Billions of pesos)
Total loans567.0722.0980.41377.31601.71753.61772.01714.2
Commercial banks506.4637.2866.31221.81419.01573.21595.41542.5
Thrift banks45.165.789.2122.1145.8139.6135.8130.5
Rural banks 1/15.519.124.933.436.940.840.941.2
(12-month growth rates)
Total loans36.927.335.840.527.310.6-2.2
Commercial banks38.125.836.041.028.812.4-2.0
Thrift banks30.145.835.737.014.3-6.9-6.5
Rural ba Rural banks 1/22.723.130.034.322.210.71.0
Sources: Bangko Sentral ng Pilipinas; and Fund staff estimates.

Data for December 1998 correspond to June.

Sources: Bangko Sentral ng Pilipinas; and Fund staff estimates.

Data for December 1998 correspond to June.

Table 41.Philippines: Deposits in Commercial Banks’ Foreign Currency Deposit Units (FCDUs), 1993–98
19971998
1993199419951996JuneDecemberJune
(Millions of U.S. dollars)
Residents’ deposits4914.06459.77881.612079.013223.810813.010348.4
Nonresidents’ deposits367.9710.9870.91893.73120.43044.23239.8
Total FCDU deposits5281.97170.68752.513972.816344.213857.213588.3
(Growth rates)
Residents’ deposits31.522.053.336.1-10.5-21.7
Nonresidents’ deposits93.222.5117.4144.460.83.8
Total FCDU deposits35.822.159.648.7-0.8-16.9
(Percent of total FCDU deposits)
Residents’ deposits93.090.190.086.480.978.076.2
Nonresidents’ deposits7.09.910.013.619.122.023.8
Total FCDU deposits100.0100.0100.0100.0100.0100.0100.0
Sources: Bangko Sentral ng Pilipinas; and Fund staff estimates.
Sources: Bangko Sentral ng Pilipinas; and Fund staff estimates.
Table 42.Philippines: Indicators of Concentration in the Banking System as of June 30, 1998

(Largest 10 banks in each category as percent of total) 1/

Commercial BanksThriftRuralBanking
ExpandedNon-Exp.ForeignTotalBanksBanksSystem
Total resources74.477.695.060.871.516.755.2
Total loan portfolio72.376.494.561.973.816.555.8
Nonperforming loans (NPLs)68.0112.690.858.168.313.348.3
NPLs + Restr. loans + ROPOA 1/71.1108.690.558.968.716.948.7
Loan loss provisions77.969.295.468.784.611.960.3
Demand liabilities59.087.299.553.870.820.351.6
Capital72.758.078.259.354.915.252.5
Net income before tax77.6-13.0104.268.066.8
Source: Bangko Sentral ng Pilipinas; and Fund staff estimates.

Banks ranked according to total resources.

Source: Bangko Sentral ng Pilipinas; and Fund staff estimates.

Banks ranked according to total resources.

Table 43.Philippines: Selected Financial Ratios of the Banking System, 1993–98(Percentages)
1998
19931994199519961997JuneDecember
Capital adequacy
Total banking system 1/19.218.618.816.816.017.117.6
Commercial banks18.617.918.716.615.916.917.5
Specialized govt. banks 2/26.223.520.4
Thrift banks15.018.217.919.417.619.619.8
Rural banks 3/21.917.917.415.817.417.417.6
Profitability
Return on assets (ROA) 4/
Total banking system 1/1.942.032.072.161.660.371.00
Commercial banks1.831.851.922.171.670.361.07
Specialized govt. banks 2/3.054.914.77
Thrift banks2.282.132.091.921.38-0.020.16
Rural banks2.282.152.532.582.362.361.04
Return on equity (ROE) 5/
Total banking system 1/15.115.414.816.312.42.66.6
Commercial banks14.814.814.216.913.02.67.3
Specialized govt. banks 1/16.024.725.1
Thrift banks18.613.913.811.97.5-0.10.8
Rural banks11.711.914.915.514.414.46.2
Liquidity ratio 6/
Total banking system 1/44.744.339.935.833.736.835.9
Commercial banks45.845.740.336.334.537.936.7
Specialized govt. banks 2/44.734.939.3
Thrift banks36.438.538.132.326.927.329.3
Rural banks32.532.732.328.524.824.825.7
Source: Bangko Sentral ng Pilipinas

Banking system data for December 1998 are calculated using June data in the case of the rural banks.

Consolidated with commercial banks after 1995.

After 1994, unadjusted net worth, data reported for June 1998 corresponds to December 1997.

ROA = Net profit before tax/Total assets.

ROE = Net profit before tax/capital.

Liquid assets/liquid liabilities.

Source: Bangko Sentral ng Pilipinas

Banking system data for December 1998 are calculated using June data in the case of the rural banks.

Consolidated with commercial banks after 1995.

After 1994, unadjusted net worth, data reported for June 1998 corresponds to December 1997.

ROA = Net profit before tax/Total assets.

ROE = Net profit before tax/capital.

Liquid assets/liquid liabilities.

Table 44.Philippines: Nonperforming Loans of the Banking System, 1993–98
19971998
1993199419951996JuneDecemberJuneDecember
(In billions of pesos)
Nonperforming loans (NPLs)29.934.039.048.464.594.9172.0188.8
Commercial banks23.825.128.034.247.973.7142.7160.0
Thrift banks2.75.57.09.511.314.922.521.4
Rural banks 1/3.33.54.04.75.46.36.87.4
Loan loss provisions14.414.616.819.122.340.049.968.5
Commercial banks13.312.013.815.118.534.843.861.3
Thrift banks0.62.02.43.33.14.45.26.3
Rural banks 1/0.50.60.70.70.70.80.90.9
(Percentages)
Ratio of NPLs to total loans5.34.74.03.54.05.49.711.0
Commercial banks4.73.93.22.83.44.78.910.4
Thrift banks6.08.47.97.77.710.716.516.4
Rural banks 1/21.318.216.114.114.615.416.718.0
Ratio of loan loss provisions
to nonperforming loans48.343.043.139.534.642.129.036.3
Commercial banks55.847.949.244.338.747.230.738.3
Thrift banks22.736.833.834.727.229.323.329.2
Rural banks 1/15.417.717.214.413.312.712.712.7
(Percentage growth)
Nonperforming loans (NPLs)5.513.914.823.996.2166.598.9
Commercial banks6.05.111.822.1115.6198.2117.0
Thrift banks-0.6102.528.234.357.698.943.5
Rural banks 1/7.14.915.018.232.826.418.3
Loan loss provisions6.71.415.113.4109.1123.771.5
Commercial banks6.9-9.914.99.9129.6136.576.3
Thrift banks3.0228.617.638.033.470.743.0
Rural banks 1/6.920.811.4-0.917.221.118.6
Sources: Bangko Sentral ng Pilipinas; and Fund staff estimates.

Data for June 1998 correspond to March 1998.

Sources: Bangko Sentral ng Pilipinas; and Fund staff estimates.

Data for June 1998 correspond to March 1998.

Table 45.Philippines: Minimum Capital Requirements in the Banking System(In millions of pesos)
BeforeNew Requirements
Dec. 31, 1998Dec. 31, 1998Dec. 31, 1999Dec. 31,2000
Expanded commercial banks3,5004,5004,9505,400
Commercial banks1,6252,0002,4002,800
Thrift banks
Within Metro Manila200250325400
Outside Metro Manila40405264
Rural banks
Within Metro Manila 1/20202632
Cities of Cebu and Davao 1/556.58
Smaller cities and municipalities2-32-32.6-3.93.2-4.8
Source: Bangko Sentral ng Pilipinas

For existing banks only; no new rural banks are presently allowed in Manila, Cebu or Davao.

Source: Bangko Sentral ng Pilipinas

For existing banks only; no new rural banks are presently allowed in Manila, Cebu or Davao.

Table 46.Selected Asian Countries: Schedule of Provisions for Probable Loan Losses(Percent of loan amount)
Philippines
BeforeBeforeNew requirements
12/31/9810/1/9812/31/984/15/9910/1/984/1/9910/1/99IndonesiaKoreaThailand 1/
Specific loan loss provisions
Especially mentioned loans02.55522
Substandard loans
Collateralized012.525152020
Uncollateralized252525152020
Doubtful loans505050507550
Loss100100100100100100
General Loan Loss Provisions01.01.5210.51
Source: Bangko Sentral ng Pilipinas

Total provisioning requirements are phased in gradually, starting 12/31/98; provisioning requirements will increase by 20 percent every six months, until full provisioning has been reached by 12/31/2000.

Phased in 0.25 percent every six months, starting with 0.25 percent on 12/31.98, reaching 1 percent on 12/31/2001.

Source: Bangko Sentral ng Pilipinas

Total provisioning requirements are phased in gradually, starting 12/31/98; provisioning requirements will increase by 20 percent every six months, until full provisioning has been reached by 12/31/2000.

Phased in 0.25 percent every six months, starting with 0.25 percent on 12/31.98, reaching 1 percent on 12/31/2001.

Other Resources Citing This Publication