Information about Asia and the Pacific Asia y el Pacífico
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Philippines

Author(s):
International Monetary Fund
Published Date:
June 1998
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Information about Asia and the Pacific Asia y el Pacífico
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Philippines: Selected Economic Indicators, 1992-97
Nominal GNP (1997):US$87 billion
Labor force (1997):30.4 million
GNP per capita (1997):US$1,170
Quota:SDR 633.4 million
Sources: Philippine authorities; Fund staff estimates; and IMF Information Notice System.

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

With all privatization receipts below the line.

End-period, adjusted for changes in reserve requirement.

Data before 1997 refer to external debt. Data for 1997 refer to a broader measure, which includes other banking sector foreign liabilities.

Before rescheduling, as a percentage of goods and services.

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

End year.

199219931994199519961997
GNP and prices (percentage change)
Real GNP1.62.15.25.06.95.8
Real GDP0.32.14.44.85.75.1
CPI (annual average)8.97.69.18.18.45.1
CPI (end year)8.28.47.210.95.26.1
Investment and saving (percent of GNP)
Gross investment20.823.623.521.623.323.9
National saving18.918.119.017.318.818.7
Public finances (percent of GNP)
National Government balance 1/−1.1−1.6−1.7−1.3−0.4−0.9
Total revenue17.617.218.417.918.018.5
Total expenditure and net lending18.718.820.119.218.619.4
Consolidated public sector balance−1.9−1.7−0.5−0.1−0.2−0.9
Underlying consolidated public sector balance 2/−3.0−2.2−2.3−1.4−0.6−1.4
Monetary sector (percentage change, end of period)
Broad money (M3)11.024.626.525.315.820.9
Base money 3/9.222.220.323.614.216.1
Interest rate (91-day Treasury bill, in percent)16.212.512.711.712.412.8
Bank credit to private sector24.637.628.243.551.028.7
Balance of payments (percentage change)
Export value11.115.818.529.417.822.8
Import value20.521.221.223.720.815.0
Current account (percent of GNP)−1.6−5.5−4.5−4.3−4.5−5.2
Financial account (US$ billions)0.72.04.14.18.01.1
Foreign direct investment (net)0.70.91.31.41.31.2
Other0.01.22.82.76.7−0.1
Overall balance (US$ billions)−0.2−1.01.10.84.1−3.4
Monitored external liabilities (percent of GNP) 4/57.462.056.449.648.156.9
Debt service ratio (percent) 5/26.322.920.416.215.511.1
Reserves, adjusted (months of imports) 6/2.92.52.72.22.81.7
Exchange rate
Pesos per U.S. dollar (average)25.527.126.425.726.229.5
Nominal effective exchange rate (1990=100) 7/103.8101.3116.3105.8109.284.7
Real effective exchange rate (1990=100) 7/115.4111.3127.0125.0132.3106.9
Sources: Philippine authorities; Fund staff estimates; and IMF Information Notice System.

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

With all privatization receipts below the line.

End-period, adjusted for changes in reserve requirement.

Data before 1997 refer to external debt. Data for 1997 refer to a broader measure, which includes other banking sector foreign liabilities.

Before rescheduling, 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.

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

With all privatization receipts below the line.

End-period, adjusted for changes in reserve requirement.

Data before 1997 refer to external debt. Data for 1997 refer to a broader measure, which includes other banking sector foreign liabilities.

Before rescheduling, 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)3401,170
Poverty incidence (percent)5235.5
Income distribution (percent)
Lowest 20 percent56.5
Highest 20 percent5647.8
Demographic
Population (million)4274.3
Growth rate (percent)2.64.6
Population density (per sq. km.)144245
Urban population (percent of total)35.653.1
Life expectancy (years)59.165.3
Crude birth rate (per ‘000 population)36.630.0
Crude death rate (per ‘000 population)9.76.0
Labor force
Total labor force (million)1630.4
Agriculture (percent of total)53.339.0
Industry (percent of total)16.114.6
Education
Adult illiteracy (percent)5.4
Pupil/teacher ratio: primary school2936.3
Enrollment (percent of age group)
Primary108109
Secondary4674
Tertiary27.727.8
Health
Infant mortality (per ‘000 live births)54.040.1
Population per physician9,1008,117
Population per nurse2,6912,684
Access to safe water (percent of population)5081
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, 1992-97(Annual percentage changes)
199219931994199519961997
GNP by expenditure
Consumption2.93.33.93.84.74.8
Private3.33.03.73.84.65.0
Government−0.96.26.13.65.23.6
Gross domestic investment7.87.98.73.515.610.0
Fixed investment6.48.77.55.212.012.2
Construction4.610.63.79.215.915.8
Durable equipment8.88.111.42.29.69.4
Breeding stock and orchard development1.01.92.63.96.08.5
Change in stocks 1/0.3−0.10.3−0.40.9−0.4
Domestic demand3.84.24.93.77.06.0
Net exports 1/−1.21.20.1−0.6−2.5−0.9
Exports of goods and nonfactor services4.36.219.812.020.38.9
Imports of goods and nonfactor services8.711.514.516.021.18.7
GNP by industrial origin
Agriculture, fishery, and forestry0.42.12.60.93.12.8
Industry−0.51.65.87.26.35.7
Mining and quarrying6.70.7−7.05.9−1.5−3.2
Manufacturing−1.70.75.06.85.64.0
Construction2.85.78.96.510.916.3
Electricity, gas, and water0.72.913.913.07.54.1
Services1.02.54.24.96.55.6
Transportation, communication, and storage1.42.64.25.87.47.9
Trade1.62.54.05.65.54.2
Finance and housing0.62.04.04.98.37.7
Other private and government0.42.84.83.85.74.6
services
Gross domestic product0.32.14.44.85.75.1
Net factor income from abroad 1/1.20.00.90.31.20.7
Gross national product1.62.15.25.06.95.8
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, 1992-97(In billions of pesos)
199219931994199519961997
GNP by expenditure
Consumption1,1501,2721,4421,6281,8532,073
Private1,0191,1231,2591,4121,5951,760
Government131149183217258313
Gross domestic investment288354407424531613
Fixed investment283351400423508600
Construction132149165184231276
Durable equipment126177208210245286
Breeding stock and orchard development242527303338
Change in stocks63702313
Domestic demand1,4381,6251,8492,0522,3842,686
Net exports−66−125−107−149−215−227
Export of goods and nonfactor services3944625736939221,136
Imports of goods and nonfactor services4605876798421,1371,363
Statistical discrepancy 1/−20−26−49327−6
Gross domestic product1,3521,4751,6931,9062,1972,452
Net factor income from abroad2326435387113
Gross national product1,3751,5001,7361,9592,2832,565
GNP by industrial origin
Agriculture, fishery, and forestry295319373413470487
Industry444482551613697778
Mining and quarrying161717181716
Manufacturing327350394438495538
Construction687996107128159
Electricity, gas, and water333645495765
Services6136747708811,0291,188
Transportation, communication, and storage76788389101119
Trade194208231262295317
Financing and housing139157182209245282
Other204231274321384470
Gross domestic product1,3521,4751,6931,9062,1972,452
Net factor income from abroad2326435387113
Gross national product1,3751,5001,7361,9592,2832,565
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, 1992-97
Industry Group199219931994199519961997199219931994199519961997
(In billions of pesos at current prices)(Percent change; constant prices)
Food133.3140.7164.2176.2209.6220.2−2.9−1.65.52.86.60.3
Beverage15.815.717.920.723.326.3−2.3−6.76.06.17.88.1
Tobacco9.49.110.110.611.612.91.4−3.63.8−0.78.06.4
Textiles10.110.510.011.211.211.0−12.0−0.7−7.46.3−2.0−3.6
Footwear and clothing22.125.227.130.429.631.20.67.15.58.1−8.82.2
Wood and cork products5.96.85.65.85.86.3−17.96.7−19.42.5−3.76.9
Furniture and fixtures4.85.25.96.97.18.2−11.2−3.86.911.32.012.9
Paper and paper products3.02.93.23.93.93.7−11.7−8.44.319.4−2.5−7.3
Publishing and printing4.34.55.05.56.06.7−0.4−6.24.66.31.35.0
Leather and leather products0.20.20.20.30.30.4−5.7−2.71.415.013.016.8
Rubber products4.23.83.84.44.34.1−5.4−13.7−4.211.8−8.2−4.9
Chemicals and chemical products25.428.931.235.739.244.2−8.33.31.38.15.86.1
Petroleum and coal products35.533.934.536.940.842.811.5−0.74.77.88.81.2
Nonmetallic mineral products10.211.714.117.119.622.3−5.79.810.714.17.511.0
Basic metals8.19.210.013.413.613.7−20.87.23.926.8−3.9−0.5
Metal products8.08.79.09.811.311.05.01.6−1.15.010.8−4.5
Machinery (except electrical)3.53.94.35.16.07.15.04.07.017.315.314.7
Electrical machinery13.216.022.728.133.745.63.014.922.713.514.730.8
Transportation equipment3.95.16.17.28.07.415.221.87.816.61.5−10.7
Miscellaneous manufactures5.97.38.99.310.512.5−19.28.913.32.26.412.4
Gross value added in manufacturing326.8349.6393.8438.2495.4537.5−1.70.75.06.85.64.0
Source: Data provided by the Philippine authorities.
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)
First Half
199219931994199519961997
Palay rice
Area under cultivation3,1983,2823,6513,7583,9511,624
Yield2.92.92.92.82.93.0
Production9,1299,43410,53810,54111,2844,846
Wholesale price (per 50 kg.) 1/474539606752870832
Corn
Area under cultivation3,3313,1493,0062,6922,7361,045
Yield1.41.51.51.51.51.8
Production4,6194,7984,5194,1294,1511,842
Wholesale price (per 50 kg.) 2/282266304363393379
Fruit and nuts
Production8,4368,6958,8928,9819,2874,055
Coconut products
Area under cultivation3,0773,0753,0833,0653,0933,093
Yield3.73.73.64.03.91.9
Copra price (per 100 kg) 3/7496398508531,108996
Production (copra equivalent)2,5342,5172,4902,7072,6521,337
Domestic use2,5332,5162,4902,7062,6511,337
Export
Copra342724343
Coconut oil7817397021,136602309
Desiccated coconut85931171137032
Centrifugal sugar
Area under cultivation267384402302375
Farmgate price (per kg.)9.07.99.514.013.611.1
Source: Data provided by the Philippine authorities.

Average wholesale price of special rice.

Average wholesale price of yellow and white corn grain.

Millgate price with 6% moisture content.

Source: Data provided by the Philippine authorities.

Average wholesale price of special rice.

Average wholesale price of yellow and white corn grain.

Millgate price with 6% moisture content.

Table 5.Philippines: Investment and Saving, 1992-97(In percent of GNP)
199219931994199519961997
Gross domestic investment20.923.623.521.623.323.9
Public4.85.74.84.54.44.8
Private16.217.918.717.118.919.1
Gross national saving19.418.119.017.318.818.7
Public1.64.43.13.13.83.4
Private17.813.715.914.214.915.4
Foreign saving1.65.44.54.34.55.2
Public saving-investment gap−3.2−1.2−1.7−1.4−0.6−1.4
Private saving-investment gap1.6−4.2−2.8−3.0−4.0−3.7
Sources: Data provided by the Philippine authorities.
Sources: Data provided by the Philippine authorities.
Table 6.Philippines: Price Developments, 1992-97(Annual percentage changes)
Weights199219931994199519961997
Consumer prices 1/
End of period (all items)8.28.47.210.95.26.1
Period average (all items)100.08.97.69.18.18.45.1
Food, beverages,
and tobacco58.56.96.18.39.59.71.9
Clothing4.410.77.54.83.33.53.8
Housing and repairs13.317.512.613.010.79.59.7
Fuel, light, and water5.46.07.36.93.06.68.9
Services10.87.17.88.96.49.513.2
Miscellaneous7.613.08.411.00.9−3.82.0
Wholesale prices 2/4.5−1.18.23.29.11.13/
GNP deflator 4/8.35.110.07.49.06.2
Source: Data provided by the Philippine authorities.

For the Philippines as a whole.

Period averages for Metro Manila.

First six months of 1997.

Period averages.

Source: Data provided by the Philippine authorities.

For the Philippines as a whole.

Period averages for Metro Manila.

First six months of 1997.

Period averages.

Table 7.Philippines: Labor Market Developments, 1992-97
199219931994199519961997
(In thousands of persons)
Population64,26065,65067,04068,35069,95071,540
Total labor force26,29026,87927,65428,38029,73330,355
Unemployed2,5942,4972,6222,7042,5462,640
Unemployment rate (percent)9.89.39.59.58.68.7
Total employed23,69624,38225,03225,67627,18627,715
Agriculture10,72611,13911,28611,14711,64511,314
Industry3,8233,8043,9494,1394,4304,631
Mining and quarrying147135111107113130
Manufacturing2,5232,4572,5392,6172,6962,732
Construction1,0621,1101,1871,3021,5041,637
Utilities91102112114118132
Services9,1469,4409,79910,39111,11211,771
Transportation and communications1,2041,2911,3931,4771,6301,742
Trade3,2763,3893,5203,7674,0134,138
Finance444503490535614688
Government services4,2034,2444,3864,6004,8505,196
Other1913101246
(In percent of total employment)
Total employed100.0100.0100.0100.0100.0100.0
Agriculture45.345.745.143.442.840.8
Industry16.115.615.816.116.316.7
Mining and quarrying0.60.60.40.40.40.5
Manufacturing10.610.110.110.29.99.9
Construction4.54.64.75.15.55.9
Utilities0.40.40.40.40.40.5
Services38.638.739.140.540.942.5
Transportation and communications5.15.35.65.86.06.3
Trade13.813.914.114.714.814.9
Finance1.92.12.02.12.32.5
Government services17.717.417.517.917.818.7
Other0.10.10.00.00.00.0
Source: Data provided by the Philippine authorities.
Source: Data provided by the Philippine authorities.
Table 8.Philippines: Wages and Productivity, 1992-97
199219931994199519961997
(In pesos)
Minimum wages
Agriculture
Plantation
National capital region108.0108.0135.0135.0155.0175.0
Outside national capital region79.0-112.079.0-102.087.0-128.076.0-128.093.8-145.094.4-150.0
Nonplantation
National capital region97.597.5124.5124.5144.5164.0
Outside national capital region58.5-82.558.5-82.562.1-107.562.1-107.576.5-125.079.9-130.0
Nonagriculture
Nationa capital region118.0119.4145.0145.0165.0185.0
Outside national capital region89.0-113.089.0-127.093.0-138.092.1-138.094.0-155.0101.0-175.0
(In percent)
Minimum wages (real growth)
Agriculture
Plantation
National capital region−10.9−9.511.6−9.410.05.9
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−11.0−9.514.0−9.411.26.5
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−16.1−2.78.4−9.49.05.2
Outside national capital region(-8.3)-(-0.6)4.7(-16.2)-(-1.1)(-6.2)-(-9.6)1.3-9.22.7-7.9
Productivity (real growth)
All sectors−3.0−0.81.72.1−0.23.1
Agriculture3.7−1.71.32.1−1.35.8
Industry−5.62.21.92.0−0.71.2
Of which: Manufacturing−7.53.41.63.62.52.6
Services−0.7−0.70.4−1.0−0.5−0.3
Source: Data provided by the Philippine authorities.
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)
199219931994199519961997 1/
Regular gasoline9.509.508.508.509.9910.63
Premium gasoline10.0010.009.009.0010.7412.10
Diesel oil7.007.007.007.008.077.83
Kerosene7.007.007.007.007.276.94
Aviation fuel13.3913.3913.3913.399.839.90
LPG5.265.265.265.266.707.11
Fuel oil2.662.652.652.654.174.52
Weighted average5.375.665.425.266.977.15
Source: Department of Energy.

1997 prices are as of September 23.

Source: Department of Energy.

1997 prices are as of September 23.

Table 10.Phillippines: Consolidated Public Sector Balance, 1992-97
199219931994199519961997
(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−16.0−21.90.0−3.8−7.0−14.4
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 balance5.4−7.92.6−9.24.8−0.8
Adjustments for intra-PSBR transfers0.914.77.62.81.52.5
Borrowing requirement of remaining
public sector−5.814.8−0.814.117.913.5
Surplus of government financial
institutions (GFIs)3.86.13.15.06.64.3
Net income of the Central Bank of
the Philippines−22.0−16.1
Net income of BSP5.33.6−0.80.3
Local government1.25.95.01.95.72.8
Social security8.211.7−12.00.08.53.8
Adjustment for transfers within the
public sector3.17.2−2.23.5−2.12.3
(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/−1.2−1.50.0−0.2−0.1−0.6
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.

Includes privatization revenue and excludes net deficit from restructuring the central bank.

CPSB less privatization receipts of the national government and monitored corporations.

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

Includes privatization revenue and excludes net deficit from restructuring the central bank.

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)
199219931994199519961997
Revenue and grants 1/242.7260.4348.8374.7432.0483.1
Tax revenue208.7230.2271.3310.5367.9412.1
Domestic135.1147.5189.0212.6263.0314.6
Income and profits70.174.891.9109.4136.4168.0
Excise27.630.339.641.148.463.0
Sales tax/license 2/27.833.536.543.359.363.0
Other9.69.021.118.919.020.6
International trade taxes73.682.782.397.9104.997.5
Import duties and taxes 3/72.982.081.697.6104.694.8
Other 4/0.70.70.70.30.32.7
Nontax revenue34.030.277.564.264.171.0
Domestic30.228.276.863.263.369.3
Other offices19.221.126.525.435.142.7
Sequestered assets0.20.115.31.30.30.0
Sales of assets1.71.614.621.65.79.4
Interest on central bank deposits7.54.85.51.20.80.5
Transfers from central bank12.713.421.316.5
Interest from government-owned
nonfinancial corporations1.50.62.20.30.50.2
ESAF1.70.50.00.00.00.0
Foreign grants1.71.50.71.00.61.7
Domestic grants0.40.00.00.00.00.0
Total expenditure and net lending258.7282.3348.8378.5434.3497.6
Current expenditure214.9226.6296.4305.8328.5398.4
Personnel services74.378.792.7109.1135.4172.8
Maintenance and operations33.734.646.847.048.751.8
Interest payments79.676.5108.1101.1106.6105.5
Domestic63.156.288.879.289.187.4
CB restructuring29.028.430.127.5
External16.520.319.321.917.518.1
Subsidies 5/11.29.111.47.212.611.9
Tax expenditure7.73.94.43.66.76.0
Allotments to local government unit (LGU)16.127.837.441.445.356.4
Capital expenditure and net lending43.755.752.472.975.799.2
Capital expenditure50.244.843.464.569.693.6
Infrastructure and other capital outlays46.137.833.652.757.579.1
Transfers to local government units4.16.99.811.812.114.5
Equity and net lending−6.99.49.08.43.23.0
CARP land acquisition and credit0.51.50.00.02.92.6
Balance−16.0−21.90.0−3.8−2.3−14.5
Excluding CB restructuring16.311.26.6−3.5
Total financing16.021.90.13.82.614.5
Net foreign financing14.412.9−11.6−13.3−5.9−6.8
Net domestic financing1.69.011.617.18.521.3
Sources: Data provided by the Philippine authorities; and Fund staff estimates.

Including receipts from privatization and gross revenues from restructuring the old central bank.

Including domestic VAT.

Including VAT on imports.

Including travel tax.

Including transfer to the Oil Price Stabilization Fund (OPSF) and tax expenditures.

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

Including receipts from privatization and gross revenues from restructuring the old central bank.

Including domestic VAT.

Including VAT on imports.

Including travel tax.

Including transfer to the Oil Price Stabilization Fund (OPSF) and tax expenditures.

Table 12.Philippines: National Government Revenues and Grants, 1992-97
199219931994199519961997
(In billions of pesos)
Total revenue and grants 1/242.7260.4348.8374.7410.5466.6
Tax revenue208.7230.2271.3310.5367.9412.1
Taxes on net income and profits70.174.891.9109.4136.4168.0
Taxes on domestic production and consumption55.463.776.084.4107.7126.0
Sales and business taxes27.833.536.543.359.363.0
VAT18.322.825.529.440.944.9
Excises 2/27.630.339.641.148.463.0
Tobacco products8.810.311.713.815.015.9
Alcoholic beverages8.28.29.710.111.113.4
Petroleum products8.08.710.610.116.129.3
Taxes on international trade and transactions73.682.782.397.9104.997.5
Import duties and import taxes72.982.081.697.6104.694.8
Other 3/0.70.70.70.30.32.7
Other domestic taxes 4/9.69.021.118.919.020.6
Nontax revenue 5/34.030.277.664.142.854.5
(In percent of total revenue)
Total revenue and grants 1/100.0100.0100.0100.0100.0100.0
Tax revenue86.088.477.882.989.688.3
Taxes on net income and profits28.928.726.329.233.236.0
Taxes on domestic production and consumption22.824.521.822.526.227.0
Sales and business taxes11.512.910.511.614.413.5
VAT7.58.87.37.810.09.6
Excises 2/11.411.611.411.011.813.5
Tobacco products3.64.03.43.73.73.4
Alcoholic beverages3.43.12.82.72.72.9
Petroleum products3.33.33.02.73.96.3
Taxes on international trade and transactions30.331.823.626.125.520.9
Import duties and import taxes30.031.523.426.025.520.3
Other 3/0.30.30.20.10.10.6
Other domestic taxes 4/4.03.56.05.04.64.4
Nontax revenue 5/14.011.622.217.110.411.7
(In percent of GNP)
Total revenue and grants 1/17.517.420.119.018.018.2
Tax revenue15.115.315.615.816.316.1
Taxes on net income and profits5.15.05.35.66.86.5
Taxes on domestic production and consumption4.04.24.44.35.24.9
Sales and business taxes2.02.22.12.22.62.5
VAT1.31.51.51.51.81.7
Excises 2/2.02.02.32.12.12.5
Tobacco products0.60.70.70.70.70.6
Alcoholic beverages0.60.50.60.70.50.5
Petroleum products0.60.60.60.50.71.1
Taxes on international trade and transactions5.35.54.75.04.63.8
Import duties and import taxes5.35.54.75.04.63.7
Other 3/0.10.00.00.00.00.1
Other domestic taxes 4/0.70.61.21.00.80.8
Nontax revenue 5/2.52.04.53.31.92.1
Source: Data provided by the Philippine authorities.

Including receipts from privatization and excluding gross income from restructuring the old central bank.

Data on the components of excises are based on Bureau of Internal Revenue collections.

Including exchange tax and travel tax.

Including property taxes.

Including grants and Economic Support Fund (ESF).

Source: Data provided by the Philippine authorities.

Including receipts from privatization and excluding gross income from restructuring the old central bank.

Data on the components of excises are based on Bureau of Internal Revenue collections.

Including exchange tax and travel tax.

Including property taxes.

Including grants and Economic Support Fund (ESF).

Table 13.Philippines: National Government Expenditures and Net Lending, 1992-97
199219931994199519961997
(In billions of pesos)
Total expenditure and net lending258.7282.3348.8378.5404.2470.1
Current expenditure214.9226.6296.4305.8328.5370.9
Personnel services74.478.792.7109.1135.4172.8
Maintenance and other operational expenses33.734.646.847.065.451.8
Interest payments79.576.5108.1101.176.578.0
Allotments to local government units16.127.837.441.445.356.4
Subsidies11.29.111.57.25.911.9
Capital expenditure50.244.843.464.569.693.6
Infrastructure and other capital outlays46.137.933.652.757.579.1
Transfers to local government units (LGUs)4.16.99.811.812.114.5
Equity and net lending−6.410.99.08.46.15.6
Equity 1/−9.16.83.14.64.94.2
Loans less repayments2.74.25.93.81.21.4
(In percent of total expenditure and net lending)
Total expenditure and net lending100.0100.0100.0100.0100.0100.0
Current expenditure83.180.385.080.881.378.9
Personnel services28.827.926.628.833.536.7
Maintenance and other operational expenses13.012.313.412.416.210.9
Interest payments30.727.131.026.718.916.6
Allotments to local government units6.29.810.710.911.212.0
Subsidies4.33.23.31.91.52.5
Capital expenditure19.415.912.417.017.219.9
Infrastructure and other capital outlays17.813.49.613.914.216.8
Transfers to LGUs1.62.42.83.13.012.0
Equity and net lending−2.53.92.62.21.61.2
Equity 1/−3.52.40.91.21.20.9
Loans less repayments1.01.51.71.00.30.3
(In percent of GNP)
Total expenditure and net lending18.718.820.119.217.718.3
Current expenditure15.515.117.115.514.414.5
Personnel services5.45.25.35.55.96.7
Maintenance and other operational expenses2.42.32.72.42.92.0
Interest payments5.75.16.25.13.43.0
Allotments to local government units1.21.92.22.12.02.2
Subsidies0.80.60.70.40.30.5
Capital expenditure3.63.02.53.33.23.6
Infrastructure and other capital outlays3.32.51.92.72.63.1
Transfers to LGUs0.30.50.60.60.50.6
Equity and net lending−0.50.70.50.40.10.2
Equity 1/−0.70.50.20.20.10.2
Loans less repayments0.20.30.30.20.10.1
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, 1992-96 1/(In billions of pesos)
19921993199419951996
Revenues36.643.745.849.154.3
Contributions 2/19.723.726.531.534.8
From national government 3/3.74.64.45.44.8
Other revenues16.920.119.217.619.5
National government securities12.112.211.89.27.9
Expenditures3439.250.550.752.7
Social security benefits16.321.324.526.329.0
Operating and other expenditures3.53.56.86.37.8
Net lending14.214.319.218.115.9
To national government 4/5.57.1−7.21.66.9
Surplus/deficit2.74.6−4.8−1.61.6
Surplus/deficit before net
lending to national government8.211.7−12.00.08.5
Source: Data provided by the Philippine authorities.

Social Security System (SSS) and Government Service Insurance System (GSIS).

By employees and employers.

National governments contribution, as employer, to the GSIS.

Mainly net lending operations of the SSS.

Source: Data provided by the Philippine authorities.

Social Security System (SSS) and Government Service Insurance System (GSIS).

By employees and employers.

National governments contribution, as employer, to the GSIS.

Mainly net lending operations of the SSS.

Table 15.Philippines: Local Governments Budgetary Operations, 1992-96(In billions of pesos)
19921993199419951996
Revenue27.644.457.666.975.9
Local source revenue11.816.421.726.128.5
Property taxes3.94.94.27.39.9
Business taxes3.55.38.88.48.7
Nontax revenue 1/4.46.18.710.410.1
Grants and aid15.828.035.940.849.5
Statutory allotments15.427.535.240.148.7
Special aid from National Government0.40.50.70.70.8
Expenditure26.538.552.665.072.3
Current22.634.146.156.564.1
Economic development3.65.37.49.19.7
Capital outlays3.94.46.98.48.3
Surplus/deficit1.25.95.01.93.5
Source: Data provided by Philippine authorities.

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.

Source: Data provided by Philippine authorities.

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 16.Philippines: Public Sector Infrastructure Program, 1992-96(In billions of pesos)
199219931994 1/1995 1/1996 1/
Transportation12.410.419.721.226.3
Highways9.17.414.313.621.9
Railways0.80.20.30.60.6
Airports and airways0.91.12.15.12.2
Ports/shore protection/lighthouses1.11.62.71.61.1
Mass transit0.50.10.30.30.5
Communications1.81.01.81.11.1
Water resources6.45.45.9713.0
Irrigation2.02.42.72.63.3
Water supply3.32.01.21.85.2
Food control and drainage1.11.022.64.5
Power and rural electrification17.431392020.9
Power16.326.435.316.820.0
Rural electrification1.10.60.100.9
Other04.03.63.20.0
Social infrastructure1.91.830.842.628.8
School buildings0.81.03.35.05.1
Related infrastructure1.10.827.537.623.7
Total39.949.697.291.990.1
Source: Data provided by the Philippine authorities.

Figures calculated on an obligations basis.

Source: Data provided by the Philippine authorities.

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)
Jan-Sept.
199219931994199519961997
Total receipts104.2112.3107.289.2113.788.5
Operating receipts96.2102.469.173.496.980.6
Sales of goods and services93.997.964.269.992.077.7
Current subsidies2.34.54.93.54.92.8
Other8.09.938.015.816.87.9
Current expenditures88.896.474.868.193.370.6
Operating expenditures70.773.037.240.157.952.5
Wages and salaries4.34.85.56.88.17.0
Other current expenditures18.123.337.728.035.418.2
Interest payments8.311.112.114.212.28.3
Tax payments to the national government3.58.611.16.44.52.1
Interest on national government advances0.90.50.60.00.90.0
Dividend payments0.20.611.10.510.51.2
Capital expenditures26.141.642.022.331.628.1
Acquisition of fixed capital assets21.233.939.523.826.923.5
Change in inventories0.31.11.50.52.83.1
Other4.66.61.0−2.02.01.5
Internal cash generation15.416.032.321.120.417.9
Financing requirement−10.7−25.6−9.7−1.3−11.2−10.2
External financing (net)6.721.915.44.516.28.1
Domestic financing (net)4.03.8−5.7−3.2−4.92.1
National government equity 1/0.65.61.50.51.20.0
National government net lending 1/1.31.51.90.8−0.40.4
Domestic bank credits (net)3.71.40.8−3.7−3.4−0.8
Other domestic financing (net)−1.7−4.8−9.9−0.9−2.32.5
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 14 Major Public Corporations, 1992-97(In billions of pesos)
Jan.-Sept.
199219931994199519961997
Internal cash generation15.416.032.321.120.417.9
National Power Corporation10.57.714.512.315.38.2
Philippine National Oil Corporation4.10.913.94.7−6.6−0.1
Metropolitan Water and Sewerage System1.01.21.20.60.81.7
National Irrigation Administration−0.10.0−0.1−0.1−0.10.0
National Development Company−0.11.8−0.10.33.32.9
Light Rail Transit Authority0.20.20.30.20.20.5
National Electrification Authority−0.30.40.10.00.2−0.1
National Housing Authority1.00.80.71.12.30.4
National Food Authority−1.91.60.10.22.72.6
Other1.01.41.71.82.31.8
Capital expenditure26.141.642.022.331.628.0
National Power Corporation17.928.435.016.819.218.2
Philippine National Oil Corporation3.15.94.14.94.32.4
Metropolitan Water and Sewerage System1.61.20.90.81.20.6
National Irrigation Administration0.10.00.00.00.00.0
National Development Company2.34.70.0−3.10.10.3
Light Rail Transit Authority0.10.10.20.30.50.3
National Electrification Authority1.10.70.10.00.81.0
National Housing Authority0.80.60.50.20.30.4
National Food Authority−3.4−1.9−0.50.13.13.3
Other2.51.91.72.32.11.5
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 Corporation1.0−5.09.8−0.2−10.9−2.4
Metropolitan Water and Sewerage System−0.60.00.3−0.2−0.41.0
National Irrigation Administration−0.20.0−0.1−0.1−0.10.0
National Development Company−2.4−2.9−0.13.43.22.5
Light Rail Transit Authority0.10.10.1−0.1−0.20.1
National Electrification Authority−1.4−0.30.00.0−0.7−1.2
National Housing Authority0.20.20.20.91.90.0
National Food Authority1.53.50.60.1−0.5−0.7
Other−1.5−0.50.0−0.50.20.5
Total financing10.725.69.71.211.210.2
(In percent of GNP)0.81.70.60.10.50.6
Net external financing6.721.915.44.516.18.1
Net domestic financing3.93.8−5.7−3.2−4.92.1
National government transfers1.97.23.41.32.9
Source: Data provided by the Philippine authorities.
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)
19921993199419951996
National government
Economic services8,4366,99011,73013,83515,857
Agriculture and agrarian reform3,0512,3123,4574,9056,603
National resources9057001,6121,4411,178
Trade and industry320353900885962
Tourism9570165149111
Power and energy410266389235213
Water, transportation, and communications3,2942,9684,4075,5125,251
Other3613218007081,539
Social services10,4878,25712,07912,12512,027
Education, culture, and manpower
development5,5714,7836,7096,9617,062
Health4,1372,8463,6963,0813,216
Social security, labor, and housing7595261,5041,9101,482
Other20102170173266
Other services 2/14,94713,74823,02720,99120,818
Total33,87028,99546,83646,95148,702
Economic and social services19,01515,25523,81025,95927,884
(In percent of GNP)1.41.01.21.31.2
Major public corporations
Metropolitan Water and Sewerage System5045206441,8131,954
Philippine National Oil Corporation175824,2643/105918
National Irrigation Administration2201372008731,028
National Food Authority1,0104067322,519344
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.

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.

Table 20.Philippines: Functional Classification of National Government Expenditure, 1992-96
19921993199419951996
(In billions of pesos)
General public services 1/36.040.456.160.876.4
Defense 2/25.520.421.725.529.9
Economic services58.675.988.899.4101.6
Agriculture and agrarian reform12.112.619.421.922.6
Natural resources2.43.44.04.65.3
Trade and industry1.42.55.05.94.2
Power and energy2.06.65.83.21.1
Water recourse development
and flood control4.09.63.43.62.6
Transportation and communications27.623.233.537.941.4
Other9.118.017.722.324.4
Social services67.971.072.292.6118.6
Education, culture, and
manpower development40.339.942.457.172.1
Health, nutrition, and population control10.87.27.47.810.9
Social security, labor, and employment8.58.44.66.49.7
Housing and community development0.21.41.23.15.0
Other8.114.116.618.220.8
Total188.0207.7238.8278.3326.5
(In percent of GNP)
General public services2.62.73.23.13.3
Defense1.81.41.21.31.3
Economic services4.25.15.15.14.5
Social services4.94.74.24.75.2
(In percent of total)
General public services19.119.523.521.823.4
Defense13.69.89.19.29.2
Economic services31.236.537.235.731.1
Social services36.134.230.233.336.3
Source: Data provided by the Philippine authorities.

Net of interest payments and net lending.

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

Source: Data provided by the Philippine authorities.

Net of interest payments and net lending.

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/
19921993199419951996
(In millions of pesos)
Total military expenditure17,46221,13224,40130,51032,269
By economic category
Personnel services11,70313,31016,28420,25321,223
Maintenance and other operating expenses5,5146,6096,5627,7519,001
Capital outlays2451,2131,5552,5062,045
By function
Defense17,07220,61823,59029,55930,978
Health189286492622811
Education201228319329480
(In percent of GNP)
Total military expenditures1.31.41.41.61.4
Personnel services0.80.90.91.00.9
Maintenance and other operating expenses0.40.40.40.40.4
Capital outlays0.00.10.10.10.1
(As percentage of total expenditure)
Total6.77.57.18.17.8
Personnel services4.54.74.75.45.1
Maintenance and other operating expenses2.12.31.92.02.2
Capital outlays0.10.40.40.70.5
Defense6.67.36.87.87.4
Health0.10.10.10.20.1
Education0.10.10.10.10.1
Source: Data provided by the Philippine authorities.

Excludes Philippine National Police which is under the Department of the Interior and Local Government.

Source: Data provided by the Philippine authorities.

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)
199219931994199519961997
Dec.Dec.Dec.Dec.Mar.Jun,Sep.Dec.Mar.Jun.Sep.Dec.
Bangko Sentral ng Pilipinas
Reserve money144.8171.7182.4212.7206.1201.5196.3243.3223.8211.9218.5266.5
Net foreign assets38.156.791.8118.4142.2184.0219.9232.3249.8217.6246.8212.4
Net domestic assets106.7115.090.694.363.917.5−23.611.0−26.0−5.7−28.354.1
Credit to public sector−104.0182.0151.3156.0193.4140.183.0135.562.6104.583.0155.9
National government−107.5166.2139.2151.8189.3136.081.2133.760.8101.680.1152.9
Assistance to financial institutions13.94.24.03.23.23.23.23.23.24.78.98.2
Total rediscounting4.77.35.35.95.35.35.96.56.16.66.66.6
Open market instruments 1/−90.8−48.7−31.5−23.3−81.7−84.2−77.8−91.6−61.0−82.5−30.812.8
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 assets76.5104.7123.6117.989.074.368.069.975.1−10.7−51.6
Net domestic assets324.6394.8507.2668.5712.4739.4765.3844.0860.8966.71,076.0
Domestic credit277.1682.1821.61,084.01,241.01,319.61,358.51,507.71,499.71,618.11,777.4
Public−18.6274.1299.8335.3382.2371.5332.0377.2325.9356.4404.0
National government (net)−43.9216.2243.5283.9339.5310.2271.5322.8267.1293.6322.7
Private295.7408.0521.7748.7858.8948.21,026.51,130.51,173.81,261.71,373.51,455.5
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 items142.0−151.1−155.6−208.8−298.0−325.6−323.3−346.1−302.9−302.5−333.8
Total liquidity401.1499.5630.8786.4801.4813.7833.4913.9935.8956.11,024.4
M3385.4480.3607.6761.4769.1776.7799.5881.4901.8923.4987.71,066.0
Narrow money112.1133.9152.0184.9183.0182.6189.6222.0216.3224.3222.7
Quasi-money269.8341.8451.0570.3580.0588.3603.5652.8678.3692.3755.6
Deposit substitutes3.54.64.66.26.15.86.46.67.26.89.4
Other liabilities15.719.223.225.032.337.033.832.534.032.636.8
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 in the monetary survey.

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 in the monetary survey.

Foreign currency deposit units.

Table 23.Philippines: Factors Affecting Base Money, 1992-97 1/(In billions of pesos)
199219931994199519961997
Dec.Dec.Dec.Dec.Mar.Jun.Sep.Dec.Mar.Jun.Sep.Dec.
Base money 2/153.6175.8196.1229.4222.8219.0214.7262.1243.0238.1276.6304.3
(12-month percentage change)9.214.511.517.013.920.613.214.29.18.728.816.1
Stock of reserve eligible securities outstanding4.14.14.14.24.24.24.34.34.24.14.44.3
Reserve deficiency4.70.00.00.00.00.00.50.00.06.33.40.0
Government securities9.612.512.513.313.614.515.015.850.333.5
Reserve money 3/144.8171.7182.4212.7206.1201.5196.3243.3223.8211.9218.5266.5
Currency issue88.398.0111.5130.8115.4112.8113.0150.3132.2130.6135.4181.6
Cash in treasury vault−0.3−0.2−0.20.00.00.00.00.0−0.10.00.00.0
Reserve balance of banks56.873.971.181.990.788.783.392.991.781.383.184.9
Net foreign assets38.156.791.8118.4142.2184.0219.9232.3249.8217.6246.8212.4
Net international reserves91.599.6129.3155.6178.6218.6254.1263.8279.6259.2299.0266.7
Gross international reserves133.4164.0173.8203.7226.6264.2301.1308.8315.2298.4371.4350.5
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 assets106.7115.090.694.363.917.5−23.611.0−26.0−5.7−28.354.1
Net credit to public sector−104.0182.0151.3156.0193.4140.183.0135.562.6104.583.0155.9
Of which:
Net credit to national government107.5−166.2139.2151.8189.3136.081.2133.760.8101.680.1152.9
Holding of Treasury bills 4/27.4171.6120.6137.2154.1138.3128.1139.874.3104.583.9129.3
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 corporations0.50.40.20.00.00.00.00.00.00.00.00.0
Assistance to financial institutions13.94.24.03.23.23.23.23.23.24.78.98.2
Total rediscounting4.77.35.35.95.35.35.96.56.16.66.66.6
Open market instruments 5/−90.8−48.7−31.5−23.3−81.7−84.2−77.8−91.6−61.0−82.5−30.812.8
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.

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 ten-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.

Mostly reverse repurchase agreements.

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 ten-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.

Mostly reverse repurchase agreements.

Table 24.Philippines: Reserve Position of Commercial Banks, 1992-97 1/2/(In billions of pesos)
199219931994199519961997
Dec.Dec.Dec.Dec.Mar.Jun.Sep.Dec.Mar.Jun.Sep.Dec.
Required reserves 3/80.389.799.3111.8116.7116.6120.6130.0126.7130.0165.6157.0
Available reserves 4/73.091.1101.1118.4122.9121.8119.9138.6135.5123.7162.2159.2
Cash on hand13.514.215.519.714.715.618.726.924.622.624.436.5
Reserves balances with the
Central Bank 5/56.072.871.982.090.788.783.392.991.781.283.184.9
Reserve-eligible securities3.54.14.14.24.24.24.34.34.24.14.44.3
Government securities9.612.513.313.313.614.515.015.850.333.5
Excess (deficiency)−7.31.41.86.66.25.2−0.78.68.8−6.3−3.42.2
Sources: Data provided by the Philippine authorities; and Fund staff estimates.

Against deposits and deposit substitutes.

Includes the Land Bank of the Philippines.

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 Fund staff estimates.

Against deposits and deposit substitutes.

Includes the Land Bank of the Philippines.

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, 1992-97(In billions of pesos)
199219931994199519961997
Dec.Dec.Dec.Dec.Mar.Jun.Sep.Dec.Mar.Jun.Sep.Dec.
National government securities432.0622.8604.6660.8678.5692.7725.5705.4703.2697.6694.5705.7
Treasury bills336.0413.3368.2391.2400.4408.5421.4393.3386.3384.5386.4392.0
Auctioned247.1186.4172.8158.6165.5172.7180.0166.3161.3161.4138.4128.5
Negotiated 1/61.0209.4195.4232.6234.9235.8241.4226.5224.5222.1238.4250.6
Tap series27.917.50.00.00.00.00.00.00.00.04.710.0
Cash management bills0.00.00.00.00.00.00.00.50.51.04.92.9
Treasury notes84.9148.4175.3183.7192.2198.2218.2226.2231.0230.8225.8231.4
Treasury bonds11.161.161.185.985.986.085.985.985.982.382.382.3
Central bank securities90.840.731.523.381.784.477.891.661.582.830.72.4
Regular short-term bills20.916.84.60.60.60.60.60.20.20.10.00.0
Special series46.60.00.00.00.00.00.00.00.00.00.00.0
Long-term notes and bonds 2/1.20.00.00.00.00.00.00.00.00.00.00.0
Reverse repurchase agreements22.123.926.922.781.183.877.291.461.382.730.72.4
Public corporations2.42.32.22.11.61.71.61.51.31.21.11.1
Total securities outstanding525.2665.8638.3686.2761.8778.8804.9798.5766.0781.6726.3709.2
Sources: Data provided by the Philippine authorities; and Fund staff estimates.

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 Fund staff estimates.

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, 1992-97 1/
199219931994199519961997
Dec.Dec.Dec.Dec.Mar.Jun.Sep.Dec.Mar.Jun.Sep.Dec.
(In billions of pesos; end of period)
Total liquidity401.1499.5630.8786.4801.4813.7833.4913.9935.8956.11,024.4
M3385.4480.3607.6761.4769.1776.7799.5881.4901.8923.4987.71,066.0
Narrow money112.1133.9152.0184.9183.0182.6189.6222.0216.3224.3222.7
Quasi-money269.8341.8451.0570.3580.0588.3603.5652.8678.3692.3755.6
Deposit substitutes3.54.64.66.26.15.86.46.67.26.89.4
Other liabilities15.719.223.225.032.337.033.832.534.032.636.8
Net foreign assets76.5104.7123.6117.989.074.368.069.975.1−10.7−51.6
Net domestic assets324.6394.8507.2668.5712.4739.4765.3844.0860.8966.71,076.0
Domestic credit277.1682.1821.61,084.01,241.01,319.61,358.51,507.71,499.71,618.11,777.4
Public−18.6274.1299.8335.3382.2371.5332.0377.2325.9356.4404.0
National government−43.9216.2243.5283.9339.5310.2271.5322.8267.1293.6322.7
Other25.357.856.351.442.761.360.454.458.862.881.2
Private295.7408.0521.7748.7858.8948.21.026.51,130.51.173.81,261.71,373.51,455.5
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 items142.0−151.1−155.6−208.8−298.0−325.6−323.3−346.1−302.9−302.5−333.8
(12-month change, in percent)
M311.024.626.525.320.523.422.015.817.318.923.520.9
Net domestic assets−14.822.627.231.731.639.437.626.320.830.740.6
Private sector credit24.637.628.243.549.455.355.451.036.733.133.828.7
(Percent of GNP)
M327.831.635.038.933.734.035.038.635.236.038.541.6
Currency in circulation5.45.55.55.74.44.34.15.44.24.24.3
Net foreign assets5.16.67.16.03.93.33.03.12.9−0.4−2.0
Net domestic assets21.726.229.234.131.232.433.537.033.637.741.9
Private sector credit21.226.830.038.237.641.545.049.545.849.253.556.7
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, 1992-97 1/(In percent)
199219931994199519961997
Dec.Dec.Dec.Dec.Mar.Jun.Sep.Dec.Mar.Jun.Sep.Dec.
(End of period)
Manila reference rates
MRR 6013.814.89.811.412.012.211.911.810.610.315.118.1
MRR 9014.115.08.810.311.511.311.411.09.49.912.414.8
MRR 18011.914.19.110.410.610.910.410.38.48.711.613.4
Average of all maturities13.714.79.611.111.912.011.711.610.410.214.917.9
Average lending rate18.216.413.414.615.114.714.214.813.713.318.225.5
91-day Treasury bill rate14.515.910.312.012.913.111.611.79.511.015.317.7
Reverse RP (term) rate0.00.014.013.412.712.511.311.110.210.513.912.0
Interbank call loan rate23.224.112.014.113.812.011.711.210.214.415.713.6
(Period average)
Manila reference rates
MRR 6015.09.98.69.911.912.312.111.811.09.913.617.3
MRR 9014.213.28.98.810.611.310.611.110.39.611.514.1
MRR 18014.212.28.49.410.110.910.610.38.98.410.512.9
Average of all maturities14.812.98.69.811.412.111.911.710.89.813.417.1
Average lending rate18.214.813.413.714.915.014.914.513.813.217.420.7
91-day Treasury bill rate16.012.512.711.712.712.912.111.610.510.513.916.7
Reverse RP (term) rate14.10.010.412.312.712.611.511.110.510.713.812.5
Interbank call loan rate17.719.210.412.114.014.411.711.210.513.219.621.4
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: External Indicators, 1992-97
199219931994199519961997
(In millions of U.S. dollars; end period)
Gross adjusted official reserves 1/4,6384,7216,3726,66210,4457,568
(In months of imports
of goods and services)2.92.52.72.22.81.7
Net international reserves
of the central bank3,6623,4965,2975,92810,0356,672
(In percent of GNP)
Exports18.220.620.522.923.629.0
Imports26.931.832.534.636.642.1
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 volume5.123.713.716.020.123.7
Export unit value5.8−6.44.411.5−2.0−0.7
Import volume19.419.517.413.320.917.4
Import unit value1.01.43.29.2−0.1−2.0
Terms of trade4.8−7.71.02.2−1.91.3
Memorandum items:
Peso/dollar exchange rate
Annual average25.51327.12026.41725.71426.21629.471
End-of-period25.09627.69924.41826.21426.28839.975
Source: Data provided by the Philippine authorities.

Adjusted for gold- and security-backed borrowing.

Source: Data provided by the Philippine authorities.

Adjusted for gold- and security-backed borrowing.

Table 29.Philippines: Balance of Payments, 1992-97 1/(In millions of U.S. Dollars)
199219931994199519961997
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.9,82411,37513,48317,44720,54325,228
Imports, f.o.b.14,51917,59721,33326,39131,88536,680
Services (net)3,0202,5073,9644,7656,8396,640
Service receipts7,4437,49710,55014,37419,00622,654
Remittances/FCD withdrawals3,4853,9565,8248,69610,16911,380
Other3,9583,5414,7265,6788,83711,274
Service payments4,4234,9906,5869,60912,16716,014
Interest1,7031,5181,5792,1792,1672,472
Other2,7203,4725,0077,43010,00013,542
Transfers (net)817699936882589321
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 account6552,0324,0964,1068,0211,128
Foreign investment7378121,5581,6091,168−2,644
Direct investment6758641,2891,3611,3381,181
Portfolio investment62−52269248−170−3,825
MLT loans and bonds−1,5321,6376571,4542,6904,489
Inflows5,7374,3873,7134,1056,3297,092
Outflows7,2682,7503,0562,6513,6392,603
Short-term capital660−1481,002−56540614
Commercial banks’ NFA (increase -) 2/290−2996745644,2111,222
Other (including errors and omissions)50030205535−588−2,553
Overall balance−203−9841,1468094,107−3,363
Rescheduling1,695818478000
Paris Club1,0072110000
Commercial banks688607478000
Technical arrears 3/00178−17800
Net international reserves (increase -)−1,492166−1,802−631−4,1073,363
BSP gross reserves (increase -)−868−584−1,200−640−3,9832,977
Fund credit (net)61112−219336323451
Purchases2151755300701
Repurchases−154−63−272−336−323−250
Change in other BSP liabilities−685638−383345199−65
Memorandum items:
BSP adjusted gross reserves 4/4,6384,7216,3726,66210,4457,568
(In months of imports of goods and services)2.92.52.72.22.81.7
Sources: Philippine authorities and Fund staff estimates.

From 1995, the balance of payments are based on an improved methodology with better estimates of service inflows.

Commercial banks’ NFA will differ from the monetary survey due to difference in coverage.

Arrears resulting from the voluntary cancellation of the July 1994 Paris Club rescheduling arrangement.

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

Sources: Philippine authorities and Fund staff estimates.

From 1995, the balance of payments are based on an improved methodology with better estimates of service inflows.

Commercial banks’ NFA will differ from the monetary survey due to difference in coverage.

Arrears resulting from the voluntary cancellation of the July 1994 Paris Club rescheduling arrangement.

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)
199219931994199519961997
Prelim.
Coconut oil
Volume8828598491,3397931,109
Price545416560616720607
Value481358475826571673
Desiccated coconut
Volume859375737077
Price1,0308979349331,2201,152
Value888470688588
Copra meal/cake
Volume540488574756475570
Price9893928811992
Value534553675653
Suffer
Volume208324182153318198
Price421314333430429418
Value88102616613683
Lumber
Volume (‘000 cu. m.)60894187146144
Price (US$/cu. m.)310292236209171178
Value192610182526
Plywood
Volume (’000 cu. m.)854010171214
Price (US$/cu. m.)369435428341362363
Value31174655
Copper concentrates
Volume350334293282159117
Price399327385476329371
Value1401091131345244
Copper metal
Volume9813713712012696
Price2,2171,9331,9632,8432,3512,405
Value217264270341297232
Gold
Volume (troy oz.)382151176416202149
Price (US$/troy oz.)335339370370270330
Value1285165625549
Iron ore
Volume3,8833,9194,6664,6924,4354,718
Price161616161619
Value636274747090
Bananas
Volume8211,1531,1551,2131,2531,150
Price192196186184188188
Value158226215224237217
Fish, fresh or preserved (value)290343379378295291
Other nonmanufactured (value)6407568249341,0651,114
Garments (value)2,1402,2722,3752,5702,4232,349
Electronics (value)2,7533,5514,9847,4139,98813,052
Other manufactured (value)2,4402,9063,2563,8854,6846,087
Special transactions
and re-exports (value)135203255381499775
Total exports9,82411,37513,48317,44720,54325,228
Source: Data provided by the Philippine authorities.
Source: Data provided by the Philippine authorities.
Table 31.Philippines: Composition of Imports, 1992-97
199219931994199519961997
Est.
(In millions of U.S. dollars)
Mineral fuels and lubricants2,0502,0162,0402,4613,0083,133
Oil1,6271,3161,3081,9312,4582,503
Volume (mn. bbls.)918386117130129
Price (US$/bbl.)181615171919
Nonfuel imports12,46915,58119,29323,93028,87733,547
Capital goods4,0235,6106,8688,02910,47214,430
Raw materials and intermediate goo6,7597,8559,60612,17414,05814,811
Consumer goods1,2411,5872,1092,7843,3313,139
Special transactions 1/4465297109431,0161,167
Total14,51917,59721,33326,39131,88536,680
(In percent of total)
Mineral fuels and lubricants14.111.59.69.39.48.5
Nonfuel imports85.988.590.490.790.691.5
Capital goods27.731.932.230.432.839.3
Raw materials and intermediate goo46.644.645.046.144.140.4
Consumer goods8.59.09.910.510.48.6
Special transactions 1/3.13.03.33.63.23.2
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, 1992-97(In millions of U.S. dollars)
Item199219931994199519961997
Est.
Nonmerchandise trade (net)3,0202,5073,9644,7656,8396,640
Earnings7,4437,49710,55014,37419,00622,654
Freight and merchandise insurance153156185252331391
Other transportation1287154293438
Travel9441,1789731,1241,5462,173
Investment income4795487731,1471,7531,951
Profits, earnings, and dividends11070116344700593
Interest income3694786578031,0531,358
Central bank191219322345476559
Commercial banking system178259335458577799
Government247561924189
Nonmerchandise insurance15124542116
Personal income2,2222,2763,0093,8694,3065,400
Peso conversions of FCDs1,2631,6802,8154,8275,8635,980
Commissions and fees252173207164373262
Construction activity4106101819
Operating expenses8954766956738221,214
Other services8418611,8102,2013,9215,201
Payments4,4234,9906,5869,60912,16716,014
Freight and merchandise insurance9421,1761,3001,9502,2852,720
Other transportation28327818113240109
Travel1021301964221,2662,025
Investment expense2,1081,8871,9192,6712,6812,902
Profits, earnings, and dividends363326311469470394
Reinvested earnings424329234436
Interest expenses1,7031,5181,5792,1792,1672,472
Government31815203747
Nonmerchandise insurance486477764270
Personal income7131315570
Commissions and fees124150275340775622
Construction activity252323651,186493
Other services7811,2512,5873,9183,7987,026
Source: Data provided by the Philippine authorities.
Source: Data provided by the Philippine authorities.
Table 33.Philippines: Direction of Trade, 1992-97(In percent)
Exports, f.o.b.Imports, f.o.b.
199219931994199519961997199219931994199519961997
Jan.-Oct.Jan.-Oct.
United States39.038.438.135.333.935.118.020.018.518.418.519.9
Japan17.716.015.015.717.816.921.222.924.322.622.420.7
European Union, of which:18.917.317.117.317.117.511.710.110.310.210.110.2
Germany5.35.24.94.04.14.24.63.53.63.53.83.3
Netherlands4.13.23.84.65.46.41.21.41.31.21.01.5
United Kingdom4.84.84.75.34.54.32.12.21.82.11.51.6
France1.81.81.41.21.10.91.51.11.11.21.01.6
Middle East, of which:2.12.31.81.31.20.99.68.47.48.58.57.6
Saudi Arabia0.60.60.40.40.30.16.04.24.46.25.23.2
Kuwait0.10.10.10.10.10.10.61.10.40.10.10.0
Iraq0.00.00.00.00.00.00.00.00.00.00.00.0
ASEAN, of which:1/5.17.010.613.614.413.69.310.811.611.912.513.5
Indonesia0.40.40.50.70.70.91.22.01.72.22.01.9
Malaysia1.31.41.61.83.32.42.72.02.02.22.52.6
Singapore2.63.35.35.76.06.43.85.66.85.95.46.0
Australia1.11.01.00.80.80.82.82.72.82.82.52.7
Hong Kong SAR4.74.84.84.74.24.65.05.05.24.84.34.3
Korea1.81.92.22.51.81.94.85.15.25.25.25.8
BR0 2/0.10.10.10.10.10.00.60.50.91.31.41.4
China1.21.51.21.21.64.51.31.01.42.22.15.0
Other8.39.78.17.57.14.115.713.512.412.112.59.0
All countries100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0
Source: Data provided by the Philippine authorities.

Association of Southeast Asian Nations.

The Baltics, Russia, and other former Soviet Union countries.

Source: Data provided by the Philippine authorities.

Association of Southeast Asian Nations.

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)
199219931994199519961997
Prelim.
Monetary authorities (net)3,6623,4965,2985,92810,0356,672
Assets5,3385,9227,1227,76211,7458,768
Liabilities1,6762,4261,8241,8341,7102,096
of which: IMF1,1001,2191,064728405889
Commercial banks (net) 1/613912238−1,336−5,838−7,415
Assets3,9364,0085,0285,1706,8038,778
Liabilities3,3233,0964,7906,50612,64116,193
Banking system4,2754,4085,5364,5924,197−743
Assets9,2749,93012,15012,93218,54817,546
Liabilities4,9995,5226,6148,34014,35118,289
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, 1992-97
Prelim.
1992199319941995199619971997
Sep.Dec.
(In millions of U.S. dollars)
Total30,93434,28237,07937,77841,87546,24246,114
Medium- and long-term 1/24,57828,03730,74331,68534,26336,75235,988
IMF1,1001,2101,139814405931855
Short-term5,2565,0355,1975,2797,2078,5599,271
Nonmonetary3,3393,4443,2852,3742,6322,956
Central bank4951,2087561,1051,3031,204
Commercial banks1,4223831,1561,8003,2734,399
(In percent of total)
Total100.0100.0100.0100.0100.0100.0100.0
Medium- and long-term 1/79.581.882.983.981.879.578.0
IMF3.63.53.12.21.02.01.9
Short-term17.014.714.014.017.218.520.1
Nonmonetary10.810.08.96.36.36.4
Central bank1.63.52.02.93.12.6
Commercial banks4.61.13.14.87.89.5
(In percent of GNP)
Total57.462.056.449.648.169.353.0
Medium- and long-term45.650.746.841.639.355.141.4
IMF2.02.21.71.10.51.41.0
Short-term9.89.17.96.98.312.810.7
Nonmonetary6.26.25.03.13.0
Central bank0.92.21.21.51.5
Commercial banks2.60.71.82.43.8
Short-term (in percent of total)17.014.714.014.017.218.520.1
Memorandum item;
GNP (current, in millions
of U.S. dollars)53,88955,32165,72976,18087,08566,68886,952
Source: Data provided by the Philippine authorities.

Including central bank borrowings on-lent to the public and private sector.

Source: Data provided by the Philippine authorities.

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)
19921993199419951996September 1997December 1997
Medium

and Long

Term
Short

Term
TotalMedium

and Long

Term
Short

Term
TotalMedium

and Long

Term
Short

Term
TotalMedium

and Long

Term
Short

Term
TotalMedium

and Long

Term
Short

Term
TotalMedium

and Long

Term
Short

Term
TotalMedium

and Long

Term
Short

Term
Total
External Debt
By type of debt25,6785,25630,93429,2475,03534,28231,8825,19737,07932,4995,27937,77834,6687,20741,87537,6818,56146,24246,1149,27155,385
Nonmonetary 1/23,3813,33926,72028,4353,44431,87930,7673,28634,05331,2172,37533,59230,6132,63233,24532,3062,95735,163
Public 2/21,41033521,74526,19438926,58327,1029127,19326,2707026,34024,1102324,13323,5341023,544
Private1,9713,0044,9752,2413,0555,2963,6653,1956,8604,9472,3057,2526,5032,6099,1128,6722,94711,619
Banking system2,2971,9174,2148121,5912,4031,1151,9113,0261,2822,9054,1874,0564,5768,6325,4755,60411,079
Central bank1,8084952,303801,2081,288997568551071,1051,2121121,3031,4156041,2041,808
Commercial banks4891,4221,9117323831,1151,0161,1552,1711,1751,8002,9753,9443,2737,2174,8714,4009,271
By creditor25,6785,25630,93429,2475,03534,28231,8825,19737,07932,4995,27937,77834,6687,20741,87537,6818,56226,242
Commercial banks5,8843,1999,0832,9842,6985,6822,3572,3314,6881,8993,2075,1062,4834,9317,4142,5315,5788,109
Other financial institutions2241003242011023033904518411,1221171,2393066539593241,1081,432
Suppliers’ credits1,0061,9572,9639502,2353,1851,1342,4153,5499451,6422,5871,0651,5232,5888131,5142,327
Multilateral, of which:7,08507,0857,84707,8478,21608,2168,02808,0288,63408,6348,84608,846
World Bank3,47303,4733,93603,9363,98503,9854,09504,0954,67604,6764,28904,289
AsDB2,11302,1132,30002,3002,55802,5582,64302,6433,11703,1173,17303,173
IMF1,10001,1001,21001,2101,13901,139814081440504059310931
Export credit agencies, of which:3,35103,3513,99703,9974,48704,4873,93903,9394,67704,6775,02005,020
Japan1,77301,7732,54402,5443,14903,1492,64502,6453,27003,2703,42003,420
United States952095285408547550755695069558805887160716
Other bilateral, of which:7,97707,9779,37209,37210,546010,54610,454010,4548,747158,7628,983909,073
Japan6,17606,1767,57707,5778,69408,6948,41808,4186,93906,9396,77806,778
United States702070268406846470647656065650105016580658
Other15101513,89603,8964,75204,7526,1123136,4258,756858,84111,16427211,436
Monitored External Liabilities 3/
Short term
Of which commercial banks10,81610,122
Medium and long term6,6555,732
Of which: commercial banks39,66239,383
Total5,1954,283
Of which: commercial banks50,47849,505
Memorandum items11,85010,015
Gross foreign exchange liabilities
of commercial banks
from the monetary survey 4/
a. Broad definition 5/7,0688,01011,25014,32126,45728,03028,720
b. Balance of payments definition 6/3,3233,0964,7906,50612,64115,71916,193
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 bqank, 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 bqank, 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, 1993-97
19931994199519961997
Jun.
(In millions of U.S. dollars)
Debt service before rescheduling
and accumulation of arrears4,3304,9075,1666,1292,570
Principal (excluding IMF)2,7483,0562,6513,6391,196
Multilateral473566694763318
Bilateral9571,2571,4331,265651
Banks and financial institutions 1/80184323127779
Other 2/5173902931,334148
IMF repurchase64272336323113
Interest1,5181,5792,1792,1671,261
Multilateral633711634561268
Bilateral642742784624289
Banks and financial institutions15232363552435
Other9194398430269
Rescheduling818478000
Paris Club2110000
Commercial banks607478000
Change in arrears0178−17800
Debt service after rescheduling
and changes in arrears3,5114,2515,3446,1292,570
(In percent of exports of goods and services)
Debt-service ratio (including IMF)
Before rescheduling22.920.416.215.5
After rescheduling and changes in arrears18.618.416.215.5
Ratio of interest payments
(before rescheduling) to GNP2.72.42.92.5
Sources: Data provided by the Philippine authorities; and Fund 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 Fund 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.

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