# EDGAR Filing Document

**Accession Number:** 0001030717
**File Stem:** 0001193125-23-004101
**Filing Date:** 2023-1
**Character Count:** 160213
**Document Hash:** 457b9bcbf9c41322684f60d4c8a65554
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-004101.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001193125-23-004101

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20211231

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC OF THE PHILIPPINES
- **CENTRAL INDEX KEY:** 0001030717
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-11554
- **FILM NUMBER:** 23516472

**BUSINESS ADDRESS:**
- **STREET 1:** 3RD FLOOR, AYUNTAMIENTO BUILDING CABILDO
- **STREET 2:** ST CORNER A. SORIANO AVE INTRAMUROS
- **CITY:** MANILA
- **STATE:** R6
- **ZIP:** 1002
- **BUSINESS PHONE:** 917-806-6107

**MAIL ADDRESS:**
- **STREET 1:** 3RD FLOOR, AYUNTAMIENTO BUILDING CABILDO
- **STREET 2:** ST CORNER A. SORIANO AVE INTRAMUROS
- **CITY:** MANILA
- **STATE:** R6
- **ZIP:** 1002

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM 18-K/A** 

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**For Foreign Governments and Political Subdivisions Thereof** 

**AMENDMENT No. 4** 

**TO** 

**ANNUAL REPORT** 

**OF** 

## REPUBLIC OF THE PHILIPPINES
**(Name of Registrant)** 

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**Date of end of last fiscal year: December 31, 2021** 

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**SECURITIES REGISTERED\*** 

**(As of the close of the fiscal year)** 

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| | | |
|:---|:---|:---|
| **Title of Issue** | **Amount as to**<br> **Which Registration**<br> **is Effective** | **Names of**<br> **Exchanges on**<br> **Which Registered** |
| N/A | N/A | N/A |

---

**Name and address of person authorized to receive notices** 

**and communications from the Securities and Exchange Commission:** 

**Senen T. Mangalile** 

**Consul General** 

**Philippine Consulate General** 

**556 Fifth Avenue** 

**New York, New York 10036-5095** 

*It is requested that copies of notices and communications from the* 

*Securities and Exchange Commission be sent to:* 

**Amit Singh, Esq.** 

**Linklaters Singapore Pte. Ltd.** 

**One George Street #17-01** 

**Singapore 049145** 

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\* The Registrant is filing this annual report on a voluntary basis.

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**EXPLANATORY NOTE** 

This amendment to the Republic of the Philippines' (the "Republic") Annual Report on Form 18-K for the fiscal year ended December 31, 2021 (the "Annual Report") comprises:

(a) Pages numbered 1 to 4 consecutively.

(b) The following exhibits:

Exhibit 99.E – Recent Developments

This amendment to the Annual Report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions Thereof.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Republic of the Philippines has duly caused this Amendment No. 4 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Manila, Republic of the Philippines on the 9th day of January, 2023.

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| | |
|:---|:---|
|  | REPUBLIC OF THE PHILIPPINES |
| By | /s/ Rosalia V. De Leon |
| **Rosalia V. De Leon**<br> **Treasurer of the Philippines** | **Rosalia V. De Leon**<br> **Treasurer of the Philippines** |
| By | /s/ Mark Dennis Y.C. Joven |
|  **Mark Dennis Y.C. Joven**<br> **Undersecretary** | **Mark Dennis Y.C. Joven**<br> **Undersecretary** |

---

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99E: | [Recent Developments](d612903dex99e.htm) |

---

## Ex-99.E

**Exhibit 99.E** 

**RECENT DEVELOPMENTS** 

**Selected Economic Information of the Republic of the Philippines** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **(₱ in billions, except as indicated)** | **(₱ in billions, except as indicated)** | **(₱ in billions, except as indicated)** | **(₱ in billions, except as indicated)** | **(₱ in billions, except as indicated)** | **(₱ in billions, except as indicated)** |
|  GDP (at then-current market prices) | 16556.7 | 18265.2 | 19517.9 | 17951.6 | 19410.6 | 15565.7 |
|  GDP (at constant 2018 prices) | 17176.0 | 18265.2 | 19382.8 | 17537.8 | 18538.1 | 14367.8 |
|  GDP per capita, PPP concept (in $ at then-current market prices)<sup>(2)</sup> | 8199 | 8793 | 9363 | 8457 | 9190 | 10490 |
|  GDP growth rate (%) (at constant 2018 prices) | 6.9 | 6.3 | 6.1 | (9.5) | 5.7 | 7.7 |
|  Consumer price inflation rate (2018 CPI basket)<sup>(3)</sup> | 2.9 | 5.2 | 2.4 | 2.4 | 3.9 | 5.8<sup>(4)</sup> |
|  Government surplus/(deficit) as % of GDP (at then-current market prices) | (2.1) | (3.1) | (3.4) | (7.6) | (8.6) | (6.5) |
|  Government debt at end of period as % of GDP (at then-current market prices) | 40.2 | 39.9 | 39.6 | 54.6 | 60.4 | 63.7 |
|  Public sector borrowing requirement<sup>(5)</sup> | (319.1) | (547.3) | (626.2) | (1350.8) | (1604.3) | N/A |
|  Consolidated public sector financial position<sup>(6)</sup> | (4.6) | (171.0) | (184.6) | (976.4) | (1073.0) | N/A |
|  Current account surplus/(deficit) as % of GDP (at then-current market prices) | (0.7) | (2.6) | (0.8) | 3.2 | (1.5)<sup>(14)</sup> | (6.1) |
|  Overall balance of payments position at end of period as % of GDP (at then-current market prices)<sup>(7)</sup> | (0.3) | (0.7) | 2.1 | 4.4 | 0.3 | (2.7) |
|  Direct domestic debt of the Government (in million ₱)<sup>(8)(9)</sup> | 4441260 | 4776859 | 5127600 | 6694687 | 8170414 | 9355236<sup>(10)</sup> |
|  Direct external debt of the Government (in million $)<sup>(9)(11)</sup> | 44261 | 47860 | 51252 | 64562 | 69803 | 73833<sup>(10)</sup> |
|  Public sector domestic debt<sup>(12)</sup> | 5830.7 | 6065.3 | 6307.7 | 6712.4 | 7315.0 | 6981.0<sup>(13)</sup> |
|  Public sector external debt<sup>(11)(12)</sup> | 2562.4 | 2891.8 | 2966.9 | 3406.7 | 3939.8 | 4207.6<sup>(13)</sup> |
|  Unemployment rate (%) | 5.7 | 5.3 | 5.1 | 10.3 | 7.8<sup>(14)</sup> | 4.5<sup>(15)</sup> |
|  Gross international reserves (in billion $)<sup>(10)(16)</sup> | 81.6 | 79.2 | 87.8 | 110.1 | 108.8 | 96.0<sup>(4)</sup> |

---

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Notes:

(1) Preliminary data as of September 30, 2022, unless otherwise stated.

(2) Figure represents annualized per capita GDP, PPP concept. Amounts in pesos have been translated into U.S.
dollars using the average Bangko Sentral reference exchange rates for the applicable period.

(3) Effective February 4, 2022, the base year of the Consumer Price Index ("CPI") was updated
from 2012 to 2018. The rebasing of the CPI is done periodically (1) to ensure that the CPI market basket continues to capture goods and services commonly purchased by households over time; (2) to update expenditure patterns of households;
and (3) to synchronize its base year with the 2018 base year of the GDP and other indices. 2022 figures are based on preliminary data as of September 30, 2022. 2022 data is an average of monthly inflation figures.

(4) Preliminary data for 2022.

(5) Represents the aggregate deficit or surplus of the Government, the Central Bank-Board of Liquidation (the
"CB-BOL"), the Oil Price Stabilization Fund and the major government-owned and controlled corporations ("GOCCs"), the debt of which comprises virtually all the debt incurred by GOCCs.

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(6) Comprises the aggregate deficit or surplus of the Government, the CB-BOL's accounts, the major GOCCs,
the Social Security System, the Government Service Insurance System, Bangko Sentral, the GFIs and local government units.

(7) Overall balance of payments has been revised to reflect late reports, post-audit adjustments and final data
from companies. See "Balance of Payments—Revisions" for a more detailed discussion of recent and pending revisions to previously reported data.

(8) Represents debt of the Government only and does not include other public sector debt. Includes direct debt
obligations of the Government, the proceeds of which are on-lent to GOCCs and other public sector entities, but excludes debt guaranteed by the Government and debt originally guaranteed by other public sector entities for which the guarantee has
been assumed by the Government.

(9) Amounts in original currencies were translated into U.S. dollars or pesos, as applicable, using the Bangko
Sentral reference exchange rates at the end of each applicable period.

(10) Preliminary data as of October 31, 2022.

(11) Represents debt of the Government, the major GOCCs, the CB-BOL, Bangko Sentral and the GFIs.

(12) Includes public sector debt, whether or not guaranteed by the Government.

(13) Preliminary data as of March 31, 2022 (as indicated).

(14) Preliminary data.

(15) Preliminary results as of October 2022 based on the October 2022 Labor Force Survey.

(16) Comprises the holdings by Bangko Sentral of gold reserves, foreign investments, foreign exchange and SDRs,
including Bangko Sentral's reserve position in the IMF.

*Sources: Philippine Statistics Authority; Bureau of the Treasury; Department of Finance, Bangko Sentral.* 

**Recent Economic Indicators** 

The following table sets out the performance of certain of the Republic's principal economic indicators for the specified periods.

***Years 2017 – 2022***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  GDP growth (constant 2018 prices) (%) | 6.9 | 6.3 | 6.1 | (9.5) | 5.7 | 7.7 |
|  GNI growth (constant 2018 prices) (%) | 6.8 | 5.9 | 5.4 | (11.5) | 1.7 | 10.1 |
| Inflation rate (2018 CPI basket)(%) | 2.9 | 5.2 | 2.4 | 2.4 | 3.9 | 5.8<sup>(2)</sup> |
|  Unemployment rate | 5.7 | 5.3 | 5.1 | 10.3 | 7.8<sup>(3)</sup> | 4.5<sup>(4)</sup> |
|  91-day T-bill rate (%) | 2.2 | 3.5 | 4.7 | 2.0 | 1.1 | 4.1<sup>(5)</sup> |
|  External position | (863) | (2306) | 7843 | 16022 | 1345 | (7875)<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance of payments ($ million) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export growth (%) | 21.2 | 0.3 | 2.9 | (9.8) | 12.5<sup>(3)</sup> | 6.3<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Import growth (%) | 17.6 | 11.9 | (0.2) | (20.2) | 30.5<sup>(3)</sup> | 22.7<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External debt ($ billion) | 73.1 | 79.0 | 83.6 | 98.5 | 106.4 | 107.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross ($ billion) | 81.6 | 79.2 | 87.8 | 110.1 | 108.8 | 96.0<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net ($ billion) | 81.6 | 79.2 | 87.8 | 110.1 | 108.8 | 96.0<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Months of retained imports<sup>(6)</sup> | 7.8 | 6.9 | 7.6 | 12.3 | 9.7 | 7.3<sup>(5)(7)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic credit growth (%) | 13.9 | 14.9 | 10.7 | 4.7 | 8.2 | 11.0<sup>(8)</sup> |

---

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Notes:

(1) Preliminary data for the six months ended September 30, 2022, unless otherwise stated.

(2) Preliminary data for 2022.

(3) Preliminary data.

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(4) Preliminary results as of October 2022 based on the 2022 Annual Estimates of Labor Force Survey October
rounds.

(5) Preliminary data for 2022.

(6) Preliminary data as of October 31, 2022.

(7) Number of months of average imports of goods and payment of services and primary income that can be financed
by reserves.

(8) Preliminary data as of December 15, 2022.

*Sources: Philippine Statistics Authority, Bangko Sentral.* 

**GDP and Major Financial Indicators** 

***Gross Domestic Product***

In the first nine months of 2022, GDP grew by 7.7% compared with growth of 4.9% in the first nine months of 2021. The largest contributor was the gradual reopening of the economy which saw the services sector record 8.9% growth in the first nine months of 2022 at constant 2018 market prices compared to 4.4% in the first nine months of 2021. GNI grew by 10.1% in the first nine months of 2022 compared to a contraction of 0.6% during the same period in 2021 at constant 2018 market prices. Net primary income grew by 86.5% in the first nine months of 2022 at constant 2018 market prices compared to a contraction of 63.0% during the same period in 2021.

The following table shows GDP by sector, net primary income and GNI at current market prices for the specified periods.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Domestic Product by Major Sector**<br>**(at current market price)** | **Gross Domestic Product by Major Sector**<br>**(at current market price)** | **Gross Domestic Product by Major Sector**<br>**(at current market price)** | **Gross Domestic Product by Major Sector**<br>**(at current market price)** | **Gross Domestic Product by Major Sector**<br>**(at current market price)** | **Gross Domestic Product by Major Sector**<br>**(at current market price)** | **Percentage of<br>GDP** | **Percentage of<br>GDP** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** | **2017** | **2022<sup>(1)</sup>** |
|  | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(%)** | **(%)** |
|  Agriculture, forestry and fishing sector | 1685956 | 1762616 | 1721539 | 1828424 | 1954345 | 1465609 | 10.2 | 9.4 |
|  **Industry sector** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining and quarrying | 148094 | 163322 | 161656 | 137060 | 185284 | 222926 | 0.9 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 3228580 | 3488331 | 3614016 | 3169921 | 3423404 | 2503763 | 19.5 | 16.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, steam, water, and waste management | 505119 | 557030 | 607881 | 611051 | 650876 | 576556 | 3.1 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 1106154 | 1373841 | 1535727 | 1180199 | 1347446 | 1170780 | 6.7 | 7.5 |
|  Total | 4987948 | 5582525 | 5919281 | 5098232 | 5607011 | 4474026 | 30.2 | 28.7 |
|  **Service sector** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale and retail trade; repair of motor vehicles and motorcycles | 2926502 | 3237304 | 3517653 | 3317371 | 3503236 | 2797179 | 17.7 | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport and storage | 637191 | 697839 | 757661 | 551045 | 604919 | 568069 | 3.8 | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accommodation and food service activities | 346119 | 403289 | 431778 | 253013 | 285244 | 271226 | 2.1 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information and communication | 490330 | 515925 | 562834 | 593039 | 640192 | 500122 | 3.0 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial and insurance activities | 1326583 | 1498147 | 1681870 | 1823979 | 1961922 | 1652291 | 8.0 | 10.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate and ownership of dwellings | 1076332 | 1189673 | 1255644 | 1081612 | 1138901 | 918944 | 6.5 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional and business services | 1110458 | 1159265 | 1219757 | 1137558 | 1220837 | 967234 | 6.7 | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public administration and defense; compulsory social activities | 642127 | 767706 | 890688 | 950590 | 1030438 | 760249 | 3.9 | 4.9 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Domestic Product by Major Sector**<br>**(at current market price)** | **Gross Domestic Product by Major Sector**<br>**(at current market price)** | **Gross Domestic Product by Major Sector**<br>**(at current market price)** | **Gross Domestic Product by Major Sector**<br>**(at current market price)** | **Gross Domestic Product by Major Sector**<br>**(at current market price)** | **Gross Domestic Product by Major Sector**<br>**(at current market price)** | **Percentage of<br>GDP** | **Percentage of<br>GDP** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** | **2017** | **2022<sup>(1)</sup>** |
|  | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(%)** | **(%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education | 649366 | 731607 | 778868 | 719494 | 796827 | 652022 | 3.9 | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Human health and social work activities | 289060 | 308268 | 329862 | 325260 | 385686 | 289090 | 1.7 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other services | 388679 | 411025 | 450429 | 271957 | 281010 | 249674 | 2.3 | 1.6 |
|  Total | 9882747 | 10920048 | 11877043 | 11024918 | 11849213 | 9626099 | 59.7 | 61.8 |
|  **Total GDP** | **16556651** | **18265190** | **19517863** | **17951574** | **19410568** | **15565733** | **100.0** | **100.0** |
|  **Net primary income** | **1826528** | **1947159** | **1954197** | **1360427** | **693869** | **879241** |  |  |
|  **Total GNI** | **18383179** | **20212349** | **21472060** | **19312001** | **20104437** | **16444974** |  |  |
|  Total GDP ($ billions)<sup>(2)</sup> | 316.6 | 330.9 | 383.7 | 361.7 | 394.1 | 290.9 |  |  |
|  Per capita GDP, PPP concept ($)<sup>(3)</sup> | 8199 | 8793 | 9363 | 8457 | 9190 | 10490 |  |  |

---

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Notes:

(1) Preliminary data for the first nine months of 2022.

(2) Calculated using the average exchange rate for the period indicated. See "-Monetary System-Foreign
Exchange System."

(3) Figure represents annualized per capita GDP, PPP concept. Based on preliminary data for the first six months
of 2022.

*Source: Philippine Statistics Authority.* 

The following table shows GDP by sector, net primary income and GDP at constant 2018 market prices for the specified periods.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Domestic Product by Major Sector**<br>**(at constant 2018 market prices)** | **Gross Domestic Product by Major Sector**<br>**(at constant 2018 market prices)** | **Gross Domestic Product by Major Sector**<br>**(at constant 2018 market prices)** | **Gross Domestic Product by Major Sector**<br>**(at constant 2018 market prices)** | **Gross Domestic Product by Major Sector**<br>**(at constant 2018 market prices)** | **Gross Domestic Product by Major Sector**<br>**(at constant 2018 market prices)** | **Percentage of<br>GDP** | **Percentage of<br>GDP** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** | **2017** | **2022<sup>(1)</sup>** |
|  | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(%)** | **(%)** |
|  Agriculture, forestry and fishing sector | 1743134 | 1762616 | 1783855 | 1780391 | 1775358 | 1258852 | 10.1 | 8.8 |
|  **Industry sector** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining and quarrying | 160065 | 163322 | 168857 | 137493 | 144431 | 116727 | 0.9 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 3317641 | 3488331 | 3620456 | 3266302 | 3554737 | 2635031 | 19.3 | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, steam, water, and waste management | 523161 | 557030 | 591312 | 589213 | 615505 | 488236 | 3.0 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 1201714 | 1373841 | 1507244 | 1122308 | 1234811 | 982761 | 7.0 | 6.8 |
|  Total | 5202582 | 5582525 | 5887869 | 5115316 | 5549484 | 4222755 | 30.3 | 29.4 |
|  **Service sector** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale and retail trade; repair of motor vehicles and motorcycles | 3057552 | 3237304 | 3489299 | 3275537 | 3414326 | 2626274 | 17.8 | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport and storage | 648153 | 697839 | 742347 | 515149 | 547542 | 481315 | 3.8 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accommodation and food service activities | 371234 | 403289 | 425692 | 231811 | 248457 | 226587 | 2.2 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information and communication | 483683 | 515925 | 557007 | 585185 | 639123 | 497209 | 2.8 | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial and insurance activities | 1382521 | 1498147 | 1676448 | 1769952 | 1853154 | 1485734 | 8.0 | 10.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate and ownership of dwellings | 1129083 | 1189673 | 1238469 | 1031275 | 1053944 | 824077 | 6.6 | 5.7 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Domestic Product by Major Sector**<br>**(at constant 2018 market prices)** | **Gross Domestic Product by Major Sector**<br>**(at constant 2018 market prices)** | **Gross Domestic Product by Major Sector**<br>**(at constant 2018 market prices)** | **Gross Domestic Product by Major Sector**<br>**(at constant 2018 market prices)** | **Gross Domestic Product by Major Sector**<br>**(at constant 2018 market prices)** | **Gross Domestic Product by Major Sector**<br>**(at constant 2018 market prices)** | **Percentage of<br>GDP** | **Percentage of<br>GDP** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** | **2017** | **2022<sup>(1)</sup>** |
|  | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(₱ in millions, except as indicated)** | **(%)** | **(%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional and business services | 1117257 | 1159265 | 1182159 | 1068769 | 1135218 | 906796 | 6.5 | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public administration and defense; compulsory social activities | 666393 | 767706 | 871564 | 911188 | 962824 | 726423 | 3.9 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education | 671837 | 731607 | 766089 | 687610 | 744503 | 612389 | 3.9 | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Human health and social work activities | 309316 | 308268 | 323261 | 306903 | 350268 | 266602 | 1.8 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other services | 393233 | 411025 | 438691 | 258758 | 263851 | 232738 | 2.3 | 1.6 |
|  Total | 10230262 | 10920048 | 11711027 | 10642137 | 11213211 | 8886145 | 59.6 | 61.8 |
|  **Total GDP** | 17175978 | 18265190 | 19382751 | 17537843 | 18538054 | 14367752 | 100.0 | 100.0 |

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Note:

(1) Preliminary data for the first nine months of 2022.

*Source: Philippine Statistics Authority.* 

**Principal Sectors of the Economy** 

***Agriculture, Hunting, Forestry and Fishing Sector***

Production in the agriculture, forestry, and fishing sector grew by 0.8% in the first nine months of 2022 at constant 2018 market prices based on preliminary data, compared to a contraction of 1.0% during the same period in 2021 at constant 2018 market prices. Poultry and egg production was the main contributor to the increase with 9.0% growth at constant 2018 market prices in the first nine months of 2022 compared to a contraction of 1.6% during the same period in 2021 at constant 2018 market prices. This was followed by production of abaca with 8.5% growth and other animal production with 5.1% growth compared with contraction of 11.1% and lower growth of 3.0% for the same period in 2021, respectively, at constant 2018 market prices. This was partially offset by a reversal in sugarcane including muscovado-making in the farm at 25.6% in the first nine months of 2022, compared to growth of 9.7%, during the same period of 2021 at constant 2018 market prices.

***Industry Sector***

In the first nine months of 2022, the industry sector grew by 7.5% at constant 2018 market prices based on preliminary data, compared with growth of 8.0% during the same period in 2021. The lower rate of growth was primarily a result of lower growth in the manufacturing subsectors. Manufacturing grew by 5.3% in the first nine months of 2022 compared to a higher growth of 9.5% during the same period in 2021 at constant 2018 market prices. This was partially offset by an increase in construction subsector from growth of 6.5% in the first six months of 2021 to growth of 15.8% in the same period of 2022.

***Manufacturing Subsector***

In the first nine months of 2022, the manufacturing subsector grew by 5.3% compared to growth of 9.5% during the same period in 2021 at constant 2018 market prices. The largest contributor to the subsector's lower rate of growth was the manufacture of basic metals, which contracted by 2.8% in the first nine months of 2022, compared to a 35.4% growth during the same period in 2021 at constant 2018 market prices. This was partially offset by a reversal of 27.9% growth in the manufacture of machinery and equipment except electrical in the first nine months of 2022, compared to a contraction of 0.4% in the same period of 2021 at constant 2018 market prices.

------

***Service Sector***

In the first nine months of 2022, the service sector grew by 8.7% compared to growth of 3.1% in the same period of 2021 at constant 2018 market prices. In the first nine months of 2022 growth was recorded across the service sector, with in other services at 33.2%, transportation and storage at 25.9%, and accommodation and food service activities at 29.7%, compared to a contraction of 8.0% and lower growth rates of 1.7% and 2.5%, respectively, in the same period in 2021 at constant 2018 market prices.

***Net Primary Income***

In the first nine months of 2022, net primary income grew by 86.5% compared to a 63.0% contraction during the same period in 2021. Inflows arising from compensation and property income grew at 48.0% and 24.8%, respectively, in the first nine months of 2022, compared to contractions of 57.0% and 7.2%, respectively, for the same period in 2021 at constant 2018 market prices.

**Prices, Employment and Wages** 

***Inflation***

The following table sets out the CPI and inflation rate. 2017 and 2018 figures are presented based on the 2012 CPI basket. All other figures are based on the 2018 CPI basket.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Changes in Consumer Price Index** | **Changes in Consumer Price Index** | **Changes in Consumer Price Index** | **Changes in Consumer Price Index** | **Changes in Consumer Price Index** | **Changes in Consumer Price Index** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  Consumer price index | 111.5 | 117.3 | 102.4 | 104.8 | 108.9 | 115.3 |
|  Inflation rate | 2.9% | 5.2% | 2.4% | 2.4% | 3.9% | 5.8% |

---

------

Note:

(1) Preliminary data.

*Source: Bangko Sentral; Philippine Statistics Authority.* 

***Consumer Price Index***

The average inflation rate for 2022 was 5.8% based on preliminary data, higher than the average of 3.9% for 2021. The upward trend was due mainly to the higher annual growth rate in the price index for transport at 12.9%, alcoholic beverages and tobacco at 7.9%, and food and non-alcoholic beverages at 5.9%. The following increases in price indices in 2022 also contributed to the increase in average inflation rate in 2022: housing, water, electricity, gas and other fuels at 6.4%; clothing and footwear, 2.6%; furnishings, household equipment and routine household maintenance, 3.2%; recreation, sport and culture, 2.3%; restaurants and accommodation services, 4.1%; information and communication, 0.6% and personal care and miscellaneous goods and services, 3.0%.

***Producer Price Index***

The producer price index as of October 31, 2022 was 99.4, as compared to 92.7 as of October 31, 2021. The year-on-year PPI growth rate (2018=100) for these periods in 2021 and 2022 were 0.6% and 7.2%, respectively. The year-on-year increase in the PPI in October 2022 was attributable to annual expansions in the indices of 20 industry subdivisions, led by the manufacture of coke and refined petroleum products, which registered an annual growth of 14.4%. This was partially offset by contractions in the manufacture of machinery and equipment except electrical and printing and reproduction of recorded media subdivisions, with year-on-year declines of 3.0% and 0.1%, respectively, for the same periods in 2021 and 2022.

------

***Employment and Wages***

The following table presents selected employment estimates for various sectors of the economy.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Selected Employment Information** | **Selected Employment Information** | **Selected Employment Information** | **Selected Employment Information** | **Selected Employment Information** | **Selected Employment Information** |
|  | **2017** | **2018<sup>(1)</sup>** | **2019<sup>(2)</sup>** | **2020<sup>(3)</sup>** | **2021<sup>(4)</sup>** | **2022<sup>(5)</sup>** |
|  | **(all figures in percentages except as indicated)** | **(all figures in percentages except as indicated)** | **(all figures in percentages except as indicated)** | **(all figures in percentages except as indicated)** | **(all figures in percentages except as indicated)** | **(all figures in percentages except as indicated)** |
|  Employed persons (in thousands)<sup>(6)</sup> | 40334 | 41157 | 41961 | 39837 | 46274 | 47106 |
|  Unemployment rate | 5.7 | 5.3 | 5.1 | 10.3 | 6.6 | 4.5 |
|  **Employment share by sector**: |  |  |  |  |  |  |
|  Agriculture, hunting, forestry and fishing sector | 25.4 | 24.3 | 22.2 | 24.8 | 25.6 | 22.5 |
|  **Industry sector** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining and quarrying | 0.5 | 0.5 | 0.4 | 0.5 | 0.4 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 8.6 | 8.8 | 8.7 | 8.1 | 8.0 | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 8.8 | 9.4 | 9.8 | 9.4 | 9.1 | 9.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water supply, sewerage, waste management and remediation activities | 0.2 | 0.1 | 0.2 | 0.1 | 0.2 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, gas, steam and air conditioning supply | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total industry sector | 18.3 | 19.1 | 19.3 | 18.3 | 17.8 | 18.3 |
|  **Service sector** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport and storage | 7.8 | 7.8 | 8.2 | 7.4 | 6.5 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale and retail trade; repair of motor vehicles and motorcycles | 19.6 | 19.4 | 20.0 | 20.5 | 21.5 | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance and housing<sup>(7)</sup> | 7.7 | 8.0 | 8.5 | 8.4 | 8.2 | 7.7 |
|  Other services<sup>(8)</sup> | 21.3 | 21.4 | 21.9 | 20.6 | 20.4 | 22.2 |
|  Total service sector | 56.3 | 56.6 | 58.4 | 56.9 | 56.6 | 59.2 |
|  Total employed | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |

---

------

Notes:

(1) Annual estimates were based on the final results of the 2018 Labor Force Survey.

(2) Annual estimates were based on the final results of the 2019 Labor Force Survey.

(3) Annual estimates were based on the final results of the 2020 Labor Force Survey.

(4) Preliminary results as of December 31, 2021 based on the 2021 Annual Estimates of Labor Force Survey
December rounds.

(5) Preliminary results as of October 2022 based on the 2022 Annual Estimates of Labor Force Survey October
rounds.

(6) Does not include Overseas Filipino Workers.

(7) Sum of financial and insurance activities, real estate activities and public administration and defense;
compulsory social security subsectors.

(8) Sum of all other service sectors excluding transport and storage, wholesale and retail trade; repair of
motor vehicles and motorcycles, finance and housing.

*Sources: Philippine Statistics Authority; Annual Labor and Employment Status; Labor Force Survey.* 

In October 2022, based on preliminary data, the total number of employed persons in the Republic, excluding OFWs, was estimated at 47.1 million. The unemployment rate was 4.5% in October 2022 based on preliminary data, lower than the 7.4% unemployment rate recorded in October 2021. The rate of labor force participation was 64.2% in October 2022, higher than 62.6% in October 2021. In October 2022, workers in the Republic were primarily employed in the service sector, representing 59.2% of the total employed population in the Republic, of which workers in the wholesale and retail trade and repair of motor vehicles and motorcycles comprised 22.0% of the total employed. Workers in the agriculture, hunting, forestry and fishing sector and the industry sector comprised 22.5% and 18.3%, respectively, of the total employed in October 2022, compared to 24.6% and 17.8%, respectively, in October 2021.

------

The following tables present employment information in the Republic by gender and by age group:

---

| | | |
|:---|:---|:---|
|  | **Percentage Distribution of<br>Population 15 Years Old and**<br>**over by Employment Status,<br>by Age Group** | **Percentage Distribution of<br>Population 15 Years Old and**<br>**over by Employment Status,<br>by Age Group** |
| **Age Group** | **October 2021** | **October 2022** |
|  | **(Unemployed)**<br> **(all figures in Percentages)** | **(Unemployed)**<br> **(all figures in Percentages)** |
|  Both sexes 15 - 24 | 31.0 | 34.6 |
| 25 - 34 | 33.1 | 37.8 |
| 35 - 44 | 16.5 | 14.1 |
| 45 - 54 | 11.4 | 8.0 |
| 55 - 64 | 6.9 | 4.4 |
|  65 and over | 1.1 | 1.2 |
|  Not reported | 0.0 | 0.0 |
|  Total for all ages | 100.0 | 100.0 |

---

------

*Source: Philippine Statistics Authority; October 2022 Labor Force Survey.* 

---

| | | |
|:---|:---|:---|
|  | **Percentage Distribution of<br>Labor Force by Sex** | **Percentage Distribution of<br>Labor Force by Sex** |
|  | **October 2021** | **October 2022** |
|  | **(all figures in percentages)** | **(all figures in percentages)** |
|  Labor Force |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Male | 60.2 | 58.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Female | 39.8 | 41.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0 | 100.0 |
|  Employed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Male | 60.3 | 58.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Female | 39.7 | 41.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0 | 100.0 |
|  Unemployed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Male | 58.8 | 57.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Female | 41.2 | 42.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0 | 100.0 |

---

------

*Source: Philippine Statistics Authority; October 2022 Labor Force Survey.* 

As of October 2022, 34.6% of the total unemployed population consisted of young people aged 15 to 24 years old, higher than the 31.0% recorded as of October 2021. In terms of gender, the female population represented 41.1% and 42.3% of the employed and unemployed workforce, respectively, as of October 2022, whereas the male population represented 58.8% and 57.7% of the employed and unemployed workforce, respectively, in October 2022.

------

**Balance of Payments** 

The following table sets out the balance of payments of the Republic for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance of Payments** | **Balance of Payments** | **Balance of Payments** | **Balance of Payments** | **Balance of Payments** | **Balance of Payments** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Current account<sup>(2)</sup> | (2143) | (8877) | (3047) | 11578 | (6009) | (17815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 124126 | 129980 | 136889 | 119867 | 130184 | 103933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 126269 | 138857 | 139936 | 108289 | 136193 | 121748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods, Services, and Primary Income | (28295) | (35695) | (30996) | (15807) | (35469) | (40083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total exports | 97229 | 102373 | 108143 | 91627 | 99773 | 81061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total imports | 125525 | 138068 | 139139 | 107435 | 135242 | 121144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods and Services | (31522) | (39364) | (36272) | (19909) | (38718) | (43914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 86646 | 90374 | 94741 | 80034 | 87790 | 71451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 118168 | 129738 | 131013 | 99943 | 126508 | 115365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods | (40215) | (50972) | (49312) | (33775) | (52806) | (54377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 51814 | 51977 | 53477 | 48212 | 54227 | 42737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 92029 | 102949 | 102789 | 81987 | 107033 | 97114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services | 8693 | 11608 | 13039 | 13866 | 14088 | 10462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 34832 | 38397 | 41264 | 31822 | 33563 | 28714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 26139 | 26789 | 28225 | 17956 | 19475 | 18251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Income | 3226 | 3669 | 5276 | 4101 | 3249 | 3831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 10583 | 11999 | 13402 | 11594 | 11983 | 9610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 7357 | 8330 | 8125 | 7492 | 8734 | 5779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secondary Income | 26153 | 26818 | 27949 | 27386 | 29461 | 22268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 26897 | 27607 | 28746 | 28240 | 30411 | 22872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 745 | 788 | 797 | 854 | 950 | 604 |
|  Capital account<sup>(2)</sup> | 69 | 65 | 127 | 63 | 80 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 103 | 103 | 147 | 88 | 99 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 34 | 38 | 20 | 25 | 19 | 58 |
|  Financial account<sup>(3)</sup> | 2798 | (9332) | (8034) | (6906) | (7083) | (10320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets<sup>(4)</sup> | 6717 | 7522 | 7297 | 13286 | 9744 | (391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities<sup>(4)</sup> | 9515 | 16855 | 15331 | 20192 | 16827 | 9929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investment | (6952) | (5833) | (5320) | (3260) | (10011) | (3749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets<sup>(4)</sup> | 3305 | 4116 | 3351 | 3562 | 2402 | 2963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities<sup>(4)</sup> | 10256 | 9949 | 8671 | 6822 | 12413 | 6713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio investment | 2454 | 1448 | (2474) | (1680) | 10248 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets<sup>(4)</sup> | 1658 | 4740 | 2402 | 6567 | 7798 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities<sup>(4)</sup> | (796) | 3292 | 4876 | 8246 | (2450) | (910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial derivatives | (51) | (53) | (173) | (199) | (603) | (767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets<sup>(4)</sup> | (503) | (679) | (874) | (796) | (1105) | (1166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities<sup>(4)</sup> | (453) | (626) | (701) | (596) | (502) | (399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investment | 1750 | (4894) | (67) | (1767) | (6717) | (7792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets<sup>(4)</sup> | 2257 | (654) | 2417 | 3953 | 649 | (3266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities<sup>(4)</sup> | 508 | 4240 | 2484 | 5720 | 7366 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unclassified items<sup>(5)</sup> | (1588) | (2826) | 2729 | (2526) | 190 | (357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overall balance of payments position<sup>(6)</sup> | (863) | (2306) | 7843 | 16022 | 1345 | (7875)<sup>(7)</sup> |

---

------

Notes:

(1) Preliminary data for the nine months ended September 30, 2022, unless otherwise stated.

(2) Balances in the current and capital accounts are derived by deducting debit entries from credit entries.

------

(3) Balances in the financial account are derived by deducting net incurrence of liabilities from net
acquisition of financial assets.

(4) Negative values of Net Acquisition of Financial Assets indicate withdrawal/disposal of financial assets;
negative values of Net Incurrence of Liabilities indicate repayment of liabilities.

(5) Net unclassified items is an offsetting account to the overstatement or understatement in either receipts or
payments of the recorded balance of payments components relative to the overall balance of payments position.

(6) The overall balance of payments position is calculated as the change in the country's net international
reserves, less non-economic transactions (revaluation and gold monetization/demonetization). Alternatively, it can be derived by adding the current and capital account balances less financial account plus net unclassified items.

(7) Preliminary data for the eleven months ended November 30, 2022.

*Source: Department of Economic Statistics, Bangko Sentral.* 

**Overall Balance of Payments Performance** 

In the first eleven months of 2022, based on preliminary data, the overall balance of payments position of the Republic recorded a surplus of $7.9 billion, compared to a deficit of $0.4 billion in the same period of 2021. The higher deficit was primarily a result of the widening of the current account deficit on account of a higher trade deficit, as imports were higher due to both higher volumes of imports and higher prices of imported goods.

***Current Account***

In the first nine months of 2022, according to preliminary data, the current account recorded a deficit of $17.8 billion, compared to a deficit of $2.3 billion in the first nine months of 2021. This deficit was primarily due to a 48.9% increase in the trade-in-goods deficit from $36.5 billion in the first nine months of 2021 to $54.4 billion in the first nine months of 2022. This effect was partially offset by higher net receipts in both primary and secondary income in the first nine months of 2022 compared to the same period of 2021 (of $3.8 billion compared to $2.3 billion and $22.3 billion compared to $21.6 billion, respectively). In addition to imports growing more than exports during the first nine months of 2022, higher import prices and weakening global demand contributed to the restraints on the current account.

***Goods Trade***

In the first nine months of 2022, according to preliminary data, the trade-in-goods deficit increased by 48.9% to $54.4 billion, compared to $36.5 billion in the first nine months of 2021. The higher deficit was primarily the result of a 26.1% increase in imports, which increased to $97.1 billion in the first nine months of 2022 compared to $77.0 billion in the first nine months of 2021, which effect was partially offset by a 5.6% increase in exports, which increased to $42.7 billion in the first nine months of 2022 compared to $40.5 billion in the first nine months of 2021. Increases in both exports as well as imports of goods were mainly due to the gradual reopening of the domestic economy due to the relative easing of COVID<sup>-</sup>19 containment measures during most of the period.

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***Exports of Goods***

The following table sets out the Republic's exports of goods by major commodity group, as reported by the PSA.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** |
|  | **Annual** | **Annual** | **Annual** | **Annual** | **Annual** | **Annual** | **Growth<br>Rates** | **Growth<br>Rates** | **January-<br>October** | **January-<br>October** | **Growth<br>Rates** | **Percentage of<br>Total Exports** | **Percentage of<br>Total Exports** |
| **Commodities** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** | **2020** | **2021** | **2021** | **2022<sup>(1)</sup>** | **2022<sup>(1)</sup>** | **2017** | **2022<sup>(1)</sup>** |
|  |  |  |  |  |  |  | **(%)** | **(%)** |  |  | **(%)** | **(%)** | **(%)** |
|  | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** |
|  **Agricultural products** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Coconut products | 2051 | 1539 | 1294 | 1230 | 1940 | 2314 | (5.0) | 57.7 | 1514 | 2314 | 52.9 | 3.0 | 3.5 |
|  Sugar and products | 217 | 76 | 67 | 66 | 75 | 5 | (1.4) | 13.6 | 75 | 5 | (93.0) | 0.3 | 0.0 |
|  Fruits and vegetables | 1850 | 1980 | 2854 | 2624 | 2226 | 1886 | (8.0) | (15.2) | 1842 | 1886 | 2.4 | 2.7 | 2.9 |
|  Other agro-based products | 1013 | 990 | 953 | 864 | 999 | 935 | (9.3) | 15.6 | 812 | 935 | 15.2 | 1.5 | 1.4 |
|  Total agricultural based products | 5130 | 4585 | 5168 | 4784 | 5165 | 6075 | (7.4) | 8.0 | 4242 | 5140 | 21.2 | 7.5 | 9.2 |
|  Forest products | 184 | 257 | 358 | 297 | 377 | 306 | (16.9) | 26.9 | 315 | 306 | (2.7) | 0.3 | 0.5 |
|  Mineral products | 4285 | 4045 | 4675 | 5093 | 6721 | 6114 | 8.9 | 32.0 | 5800 | 6114 | 5.4 | 6.2 | 9.3 |
|  Petroleum products | 396 | 494 | 226 | 193 | 6 | 6 | (14.6) | (96.9) | 5 | 6 | 24.3 | 0.6 | 0.0 |
|  **Manufacturing** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Electronic products | 36536 | 38327 | 40022 | 37951 | 42496 | 37840 | (5.2) | 12.0 | 35103 | 37840 | 7.8 | 53.2 | 57.3 |
|  Other electronics | 3197 | 3302 | 3469 | 2724 | 3432 | 2909 | (21.5) | 26.0 | 2901 | 2909 | (0.3) | 4.7 | 4.4 |
|  Garments | 1099 | 974 | 928 | 652 | 742 | 702 | (29.7) | 13.8 | 615 | 702 | 14.1 | 1.6 | 1.1 |
|  Textile yarns/fabrics | 235 | 215 | 217 | 313 | 294 | 241 | 44.7 | (6.1) | 249 | 241 | (3.1) | 0.3 | 0.4 |
|  Footwear | 80 | 103 | 132 | 114 | 111 | 88 | (13.8) | (2.6) | 92 | 88 | (3.4) | 0.1 | 0.1 |
|  Travel goods and handbags | 485 | 597 | 745 | 420 | 647 | 605 | (43.6) | 54.0 | 519 | 605 | 16.6 | 0.7 | 0.9 |
|  Wood manufacturing | 1204 | 320 | 251 | 187 | 205 | 149 | (25.5) | 9.6 | 177 | 149 | (15.9) | 1.8 | 0.2 |
|  Furniture and fixtures | 337 | 353 | 299 | 344 | 381 | 255 | (15.2) | 10.8 | 322 | 255 | (20.9) | 0.5 | 0.4 |
|  Chemicals | 1786 | 1572 | 1508 | 1339 | 1936 | 1608 | (11.2) | 44.6 | 1591 | 1608 | 1.1 | 2.6 | 2.4 |
|  Non-metallic mineral manufacturing | 202 | 236 | 267 | 226 | 296 | 256 | (15.4) | 31.0 | 231 | 256 | 10.8 | 0.3 | 0.4 |
|  Machinery and transport equipment | 5093 | 4813 | 4031 | 2249 | 2371 | 1906 | (45.5) | 5.4 | 2038 | 1906 | (6.5) | 7.4 | 2.9 |
|  Processed food and beverages | 1395 | 1333 | 1330 | 1245 | 1461 | 1191 | (6.4) | 17.3 | 1224 | 1191 | (2.7) | 2.0 | 1.8 |
|  Iron and steel | 131 | 124 | 93 | 37 | 67 | 95 | (59.8) | 81.1 | 51 | 95 | 86.0 | 0.2 | 0.1 |
|  Baby carriages, toys, games and sporting goods | 214 | 222 | 269 | 237 | 294 | 278 | (11.9) | 24.1 | 257 | 278 | 8.2 | 0.3 | 0.4 |
|  Basketwork, wickerwork, and other articles of plaiting materials | 43 | 35 | 31 | 43 | 63 | 39 | 38.6 | 55.8 | 53 | 39 | (25.8) | 0.1 | 0.1 |
|  Miscellaneous | 729 | 1042 | 963 | 819 | 1018 | 762 | (15.0) | 24.3 | 859 | 762 | (11.3) | 1.1 | 1.2 |
|  Others | 4571 | 4639 | 4325 | 4881 | 5231 | 4366 | 12.8 | 7.2 | 4386 | 4366 | (0.5) | 6.7 | 6.6 |
|  Total Manufacturing | 57336 | 58207 | 58877 | 53779 | 61044 | 53289 | (8.7) | 13.5 | 50667 | 53289 | 5.2 | 83.4 | 80.7 |
|  Special transactions | 1382 | 1720 | 1623 | 1068 | 1265 | 1158.7 | (34.2) | 18.4 | 1072.6 | 1158.7 | 8.0 | 2.0 | 1.8 |
|  Total exports | 68713 | 69307 | 70927 | 65215 | 74653 | 66015 | (8.1) | 14.5 | 62101 | 66015 | 6.3 | 100.0 | 100.0 |

---

------

Note:

(1) Preliminary data for the ten months ended October 31, 2022.

*Source: Philippine Statistics Authority, Bangko Sentral.* 

------

The following table sets out the Republic's exports of goods by destination, as reported by the PSA.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Export of Goods by Destination** | **Export of Goods by Destination** | **Export of Goods by Destination** | **Export of Goods by Destination** | **Export of Goods by Destination** | **Export of Goods by Destination** | **Percentage of<br>Total Exports** | **Percentage of<br>Total Exports** |
| **Country/Region** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** | **2017** | **2022<sup>(1)</sup>** |
|  | **($ millions)** | **($ millions)** | **($ millions)** | **($ millions)** | **($ millions)** | **($ millions)** | **(%)** | **(%)** |
|  **North America<sup>(2)</sup>** | **10826** | **11849** | **12860** | **10971** | **13050** | **10270** | **15.8** | **17.6** |
|  United States | 9661 | 10636 | 11567 | 10018 | 11849 | 9211 | 14.1 | 15.8 |
|  **Europe<sup>(3)</sup>** | **10126** | **9465** | **8890** | **7570** | **9261** | **7267** | **14.7** | **12.5** |
|  European Union<sup>(4)</sup> | 9085 | 8373 | 7779 | 6536 | 8059 | 6318 | 13.2 | 10.8 |
|  **Asia**<sup>(5)</sup>  | **45513** | **45761** | **47101** | **44994** | **50371** | **39259** | **66.2** | **67.3** |
|  Japan | 10853 | 10323 | 10675 | 10034 | 10725 | 8357 | 15.8 | 14.3 |
|  People's Republic of China | 8017 | 8817 | 9814 | 9830 | 11553 | 8132 | 11.7 | 13.9 |
|  Hong Kong | 9024 | 9564 | 9625 | 9226 | 9932 | 7470 | 13.1 | 12.8 |
|  South Korea | 4334 | 2608 | 3241 | 2855 | 2574 | 2296 | 6.3 | 3.9 |
|  Singapore | 3973 | 4316 | 3832 | 3775 | 4195 | 3755 | 5.8 | 6.4 |
|  Taiwan | 2451 | 2521 | 2253 | 2121 | 2526 | 2126 | 3.6 | 3.6 |
|  Southeast Asia<sup>(6)</sup> | 6122 | 6832 | 6958 | 6441 | 7925 | 6468 | 8.9 | 11.1 |
|  **Oceania<sup>(7)</sup>** | **568** | **665** | **527** | **459** | **629** | **492** | **0.8** | **0.8** |
|  **Middle East<sup>(8)</sup>** | **1051** | **753** | **831** | **629** | **567** | **445** | **1.5** | **0.8** |
|  **Others<sup>(9)</sup>** | **629** | **814** | **717** | **592** | **775** | **580** | **0.9** | **1.0** |
|  **Total** | **68713** | **69307** | **70927** | **65215** | **74653** | **58313** | **100.0** | **100.0** |

---

------

Notes:

(1) Based on preliminary data for the nine months ended September 30, 2022.

(2) Includes the United States, Canada, and others.

(3) Includes the European Union, Switzerland, the Russian Federation, the United Kingdom and others.

(4) Includes Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, France, Federal
Republic of Germany, Finland, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden and Romania.

(5) Includes Japan, the People's Republic of China, Hong Kong, South Korea, Singapore, Taiwan, Indonesia,
Malaysia, Thailand, Brunei Darussalam, Vietnam, Myanmar, Laos, Bangladesh. Nepal, Pakistan, Sri Lanka, India, and others.

(6) Includes only Malaysia, Indonesia, Thailand, Brunei Darussalam, Cambodia, Vietnam, Myanmar and Laos.

(7) Includes Australia, New Zealand, Pacific Island, and others.

(8) Includes Iran, Iraq, Kuwait, Saudi Arabia, the United Arab Emirates (including Abu Dhabi), and others.

(9) Includes countries in Central America, South America (including Brazil), Africa, and others.

*Source: Philippine Statistics Authority, Bangko Sentral.* 

In the first ten months of 2022, according to preliminary PSA data, total exports of goods increased by 6.3% to $66.0 billion, from the $62.1 billion recorded in the first ten months of 2021. This was primarily a result of the relative easing of COVID-19 containment measures in effect during most of the period, which resulted in a 5.2% increase in exports of manufactured goods from $50.7 billion in the first ten months of 2021 to $53.3 billion in the first ten months of 2022. The 21.2% increase in exports of agricultural products from $4.2 billion in the first ten months of 2021 to $5.1 billion in the first ten months of 2022 also contributed to the increase in total exports of goods.

------

***Imports of Goods***

The following table sets out the sources of the Philippines' imports of goods by commodity group.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Imports of Goods by Commodity Group** | **Imports of Goods by Commodity Group** | **Imports of Goods by Commodity Group** | **Imports of Goods by Commodity Group** | **Imports of Goods by Commodity Group** | **Imports of Goods by Commodity Group** | **Imports of Goods by Commodity Group** | **Imports of Goods by Commodity Group** | **Imports of Goods by Commodity Group** | **Imports of Goods by Commodity Group** | **Imports of Goods by Commodity Group** | **Imports of Goods by Commodity Group** | **Imports of Goods by Commodity Group** |
|  | **Annual** | **Annual** | **Annual** | **Annual** | **Annual** | **Annual** | **Growth<br>Rates** | **Growth<br>Rates** | **January-<br>October** | **January-<br>October** | **Growth<br>Rate** | **Percentage of<br>Total<br>Imports** | **Percentage of<br>Total<br>Imports** |
| **Commodities** | **2017** | **2018** | **2019** | **2020** | **2021<sup>(1)</sup>** | **2022<sup>(2)</sup>** | **2020** | **2021** | **2021** | **2022<sup>(2)</sup>** | **2022<sup>(2)</sup>** | **2017** | **2022<sup>(2)</sup>** |
|  |  |  |  |  |  |  | **(%)** | **(%)** |  |  | **(%)** | **(%)** | **(%)** |
|  | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** |
|  Capital goods | 31469 | 35285 | 37434 | 29752 | 35468 | 31760 | (20.5) | 19.2 | 28871 | 31760 | 10.0 | 32.7 | 30.6 |
|  **Raw materials and intermediate goods** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Unprocessed raw materials | 4276 | 4851 | 3576 | 3576 | 4400 | 4986 | (8.7) | 23.0 | 3566 | 4986 | 39.8 | 4.4 | 3.8 |
|  Semi-processed raw materials | 32662 | 39979 | 37041 | 32893 | 43587 | 39747 | (11.2) | 32.5 | 35408 | 39747 | 12.3 | 34.0 | 37.5 |
|  Raw materials and intermediate goods | 36938 | 44830 | 40617 | 36158 | 47988 | 44733 | (11.0) | 32.7 | 38974 | 44733 | 14.8 | 38.4 | 41.2 |
|  Mineral fuels and lubricants | 10796 | 14041 | 13362 | 7635 | 13625 | 20342 | (42.9) | 78.55 | 10549 | 20342 | 92.8 | 11.2 | 11.2 |
|  **Consumer goods** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Durable | 9467 | 9804 | 10176 | 7196 | 9015 | 8730 | (29.3) | 25.3 | 7208 | 8730 | 21.1 | 9.9 | 7.6 |
|  Non-durable | 6931 | 8202 | 9081 | 8251 | 9841 | 9750 | (9.2) | 19.3 | 8103 | 9750 | 20.3 | 7.2 | 8.6 |
|  Total consumer goods | 16398 | 18006 | 19260 | 15447 | 18856 | 18480 | (19.8) | 22.1 | 15311 | 18480 | 20.7 | 17.1 | 16.2 |
|  Special transactions<sup>(1)</sup> | 493 | 680 | 920 | 820 | 946 | 680 | (10.8) | 15.4 | 798 | 680 | (14.8) | 0.6 | 0.8 |
|  Total imports | 96093 | 112841 | 111593 | 89812 | 116883 | 115994 | (19.5) | 30.1 | 94504 | 115994 | 22.7 | 100.0 | 100.0 |

---

------

Notes:

(1) Excludes value of goods that do not involve change in ownership such as consigned, returned/replacement and
temporarily imported goods.

(2) Preliminary data for the ten months ended October 31, 2022.

*Source: Philippine Statistics Authority, Bangko Sentral.* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Import of Goods by Source/Origin** | **Import of Goods by Source/Origin** | **Import of Goods by Source/Origin** | **Import of Goods by Source/Origin** | **Import of Goods by Source/Origin** | **Import of Goods by Source/Origin** | **Percentage of<br>Total Imports** | **Percentage of<br>Total Imports** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** | **2017** | **2022<sup>(1)</sup>** |
|  | **($ millions)** | **($ millions)** | **($ millions)** | **($ millions)** | **($ millions)** | **($ millions)** | **(%)** | **(%)** |
|  North America<sup>(2)</sup> | 8582 | 9007 | 8781 | 7555 | 8749 | 7591 | 9.0 | 7.2 |
|  United States | 7784 | 8062 | 8072 | 6922 | 7751 | 6706 | 8.1 | 6.4 |
|  **Europe<sup>(3)</sup>** | **7848** | **10854** | **11117** | **8052** | **9638** | **7871** | **8.2** | **7.5** |
|  European Union<sup>(4)</sup> | 6644 | 7901 | 8531 | 6036 | 7673 | 5966 | 6.9 | 5.7 |
|  **Asia<sup>(5)</sup>** | **71879** | **83184** | **84186** | **69460** | **91214** | **81102** | **74.9** | **77.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 10912 | 10818 | 10580 | 8616 | 11108 | 9574 | 11.4 | 9.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Republic of China | 17464 | 22015 | 25496 | 20868 | 26799 | 21034 | 18.2 | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 2715 | 3046 | 3598 | 2784 | 3268 | 2465 | 2.8 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 8465 | 11312 | 8477 | 6895 | 9351 | 10006 | 8.8 | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 3973 | 6174 | 6658 | 5622 | 6948 | 6538 | 5.8 | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 5090 | 5500 | 4753 | 4683 | 5763 | 5249 | 5.3 | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Asia<sup>(6)</sup> | 19616 | 22250 | 22465 | 18153 | 25453 | 24380 | 20.5 | 23.2 |
|  **Oceania<sup>(7)</sup>** | **2635** | **2461** | **2213** | **1443** | **2310** | **2606** | **2.7** | **2.5** |
|  **Middle East<sup>(8)</sup>** | **3800** | **5685** | **3704** | **1867** | **2999** | **3906** | **4.0** | **3.7** |
|  **Others<sup>(9)</sup>** | **1350** | **1650** | **717** | **1592** | **1974** | **1887** | **1.3** | **1.8** |
|  **Total** | **96093** | **112841** | **111593** | **89812** | **116883** | **104964** | **100.0** | **100.0** |

---

------

Notes:

(1) Based on preliminary data for the nine months ended September 30, 2022.

(2) Includes the United States, Canada, and others.

(3) Includes the European Union, Switzerland, the Russian Federation, the United Kingdom and others.

(4) Includes Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, France, Federal
Republic of Germany, Finland, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden and Romania.

(5) Includes Japan, the People's Republic of China, Hong Kong, South Korea, Singapore, Taiwan, Indonesia,
Malaysia, Thailand, Brunei Darussalam, Vietnam, Myanmar, Laos, Bangladesh. Nepal, Pakistan, Sri Lanka, India, and others.

(6) Includes only Malaysia, Indonesia, Thailand, Brunei Darussalam, Cambodia, Vietnam, Myanmar, and Laos.

(7) Includes Australia, New Zealand, Pacific Island, and others.

(8) Includes Iran, Iraq, Kuwait, Saudi Arabia, the United Arab Emirates (including Abu Dhabi), and others.

(9) Includes countries in Central America, South America (including Brazil), Africa, and others.

*Source: Philippine Statistics Authority, Bangko Sentral.* 

In the first ten months of 2022, according to preliminary PSA data, total imports of goods increased by 22.7% to $116.0 billion, from the $94.5 billion recorded in the first ten months of 2021. This was primarily a result of the relative easing of COVID-19 containment measures in effect during most of the period, which resulted in increases in imports of capital goods, raw materials and intermediate goods, mineral fuels and lubricants, and consumer goods by 10.0%, 14.8%, 92.8% and 20.7% to $31.8 billion, $44.7 billion, $20.3 billion, and $18.5 billion in the first ten months of 2022, respectively, from $28.9 billion, $39.0 billion, $10.6 billion, and $15.3 billion, respectively, in the first ten months of 2021.

***Services***

The following table sets out the Republic's services by sector for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Service Trade** | **Service Trade** | **Service Trade** | **Service Trade** | **Service Trade** | **Service Trade** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **($ in million)** | **($ in million)** | **($ in million)** | **($ in million)** | **($ in million)** | **($ in million)** |
|  Total services | 8693 | 11608 | 13039 | 13866 | 14088 | 10462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 34832 | 38397 | 41264 | 31822 | 33563 | 28714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 26139 | 26789 | 28225 | 17956 | 19475 | 18251 |
|  Manufacturing services on physical inputs owned by others | 3453 | 4140 | 4339 | 4152 | 5033 | 3816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 3453 | 4140 | 4339 | 4152 | 5033 | 3816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports |  |  |  |  |  |  |
|  Maintenance and repair services | (51) | (54) | (61) | (11) | (8) | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 80 | 83 | 110 | 59 | 42 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 132 | 136 | 171 | 70 | 50 | 119 |
|  Transport | (2533) | (2653) | (2280) | (2525) | (3493) | (2966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 2485 | 2703 | 2883 | 1669 | 1568 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 5018 | 5356 | 5164 | 4194 | 5060 | 4955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of which: Passenger | 768 | 865 | 787 | 460 | 163 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 1361 | 1475 | 1674 | 708 | 353 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 592 | 611 | 887 | 248 | 190 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of which: Freight | (3188) | (3434) | (3046) | (3132) | (3989) | (3744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 687 | 764 | 763 | 564 | 672 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 3875 | 4197 | 3809 | 3696 | 4661 | 4301 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Service Trade** | **Service Trade** | **Service Trade** | **Service Trade** | **Service Trade** | **Service Trade** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **($ in million)** | **($ in million)** | **($ in million)** | **($ in million)** | **($ in million)** | **($ in million)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of which: Other | (113) | (84) | (282) | 147 | 333 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 438 | 464 | 446 | 396 | 542 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 550 | 548 | 468 | 249 | 209 | 256 |
|  Travel | (4861) | (3623) | (2257) | (2298) | (2661) | (1088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 6988 | 8240 | 9781 | 1791 | 600 | 2060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 11850 | 11863 | 12038 | 4088 | 3262 | 3148 |
|  Construction services | (6) | (12) | (5) | (11) | 41 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 57 | 61 | 66 | 85 | 88 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 63 | 73 | 71 | 97 | 47 | 37 |
|  Insurance and pension services | (1417) | (1379) | (1554) | (1314) | (1749) | (1454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 85 | 86 | 90 | 75 | 101 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 1502 | 1465 | 1644 | 1389 | 1850 | 1532 |
|  Financial services | (268) | (287) | (539) | (453) | (162) | (559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 237 | 279 | 232 | 90 | 187 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 506 | 566 | 772 | 543 | 349 | 723 |
|  Charges for the use of intellectual property | (734) | (873) | (805) | (504) | (590) | (393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 17 | 44 | 28 | 15 | 33 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 751 | 917 | 833 | 519 | 623 | 402 |
|  Telecommunications, computer, and information services | 4787 | 4949 | 4766 | 4414 | 4179 | 3462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 5638 | 5940 | 6098 | 5930 | 6300 | 4982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 852 | 991 | 1332 | 1515 | 2121 | 1520 |
|  Other business services | 10596 | 12025 | 11981 | 12815 | 13986 | 9964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 15580 | 16653 | 17456 | 17798 | 19478 | 15379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 4984 | 4628 | 5475 | 4983 | 5492 | 5415 |
|  Personal, cultural and recreational services | 3 | (125) | (26) | (18) | (103) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 191 | 149 | 161 | 136 | 112 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 188 | 274 | 187 | 154 | 214 | 118 |
|  Government services | (275) | (499) | (520) | (381) | (385) | (267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 19 | 19 | 19 | 22 | 22 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 294 | 518 | 539 | 403 | 407 | 283 |

---

------

Note:

(1) Preliminary data for the nine months ended September 30, 2022.

*Source: Bangko Sentral.* 

In the first nine months of 2022, according to preliminary data, the trade-in-services account showed a 1.6% increase from a $10.3 billion surplus in the first nine months of 2021 to a $10.5 billion surplus. This resulted in a 42.6% decrease in the deficit from travel services, from $1.9 billion in the first nine months of 2021 to $1.1 billion in the first nine months of 2022, and a 14.1% increase in the surplus for telecommunications, computer and information services, from $3.0 billion in the first nine months of 2021 to $3.5 billion in the first nine months of 2022. These factors were partially offset by an increase of 15.6% in the deficit for transport services, from $2.6 billion in the first nine months of 2021 to $3.0 billion in the first nine months of 2022.

------

***Primary Income***

The following table sets out the Republic's primary income for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Primary Income** | **Primary Income** | **Primary Income** | **Primary Income** | **Primary Income** | **Primary Income** |
|  | **2017** | **2018** | **2019** | **2020** | **2021<sup>(1)</sup>** | **2022<sup>(2)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Total Primary Income | 3226 | 3669 | 5276 | 4101 | 3249 | 3831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 10583 | 11999 | 13402 | 11594 | 11983 | 9610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 7357 | 8330 | 8125 | 7492 | 8734 | 5779 |
|  Compensation of employees | 7769 | 8130 | 8685 | 8413 | 8662 | 6508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 7926 | 8288 | 8827 | 8549 | 8825 | 6641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 157 | 158 | 142 | 136 | 163 | 133 |
|  Investment income | (4542) | (4461) | (3409) | (4311) | (5413) | (2677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 2658 | 3711 | 4575 | 3045 | 3158 | 2969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 7200 | 8172 | 7894 | 7356 | 8571 | 5647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investment | (3067) | (3619) | (2740) | (3076) | (4161) | (2045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 960 | 1471 | 2033 | 1218 | 1023 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 4027 | 5090 | 4773 | 4293 | 5184 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income on equity and investment fund shares | (3490) | (3994) | (3410) | (3476) | (4672) | (1972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 240 | 379 | 565 | 362 | 384 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 3730 | 4373 | 3975 | 3838 | 5056 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and withdrawals from income of quasi-corporations | (2756) | (3170) | (2379) | (2682) | (3530) | (1146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 111 | 306 | 464 | 212 | 253 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 2867 | 3476 | 2843 | 2894 | 3784 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested earnings | (734) | (824) | (1031) | (794) | (1141) | (826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 129 | 73 | 101 | 150 | 131 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 863 | 897 | 1132 | 944 | 1272 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 423 | 375 | 670 | 400 | 510 | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 720 | 1092 | 1468 | 855 | 639 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 297 | 717 | 798 | 455 | 128 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio investment | (2210) | (2041) | (2004) | (1962) | (2264) | (2036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 394 | 427 | 377 | 456 | 693 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 2604 | 2469 | 2380 | 2417 | 2957 | 2342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income on equity and investment fund shares | (1092) | (1003) | (985) | (825) | (846) | (772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 2 | 11 | 1 | 10 | 6 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 1094 | 1014 | 986 | 835 | 852 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on equity excluding investment fund shares | (1092) | (1003) | (985) | (825) | (846) | (772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 2 | 11 | 1 | 10 | 6 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 1094 | 1014 | 986 | 835 | 852 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | (1119) | (1038) | (1019) | (1136) | (1418) | (1265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 391 | 416 | 375 | 446 | 687 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 1510 | 1455 | 1394 | 1582 | 2105 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short term | (44) | (12) | (5) | (84) | (385) | (199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 18 | 9 | 8 | 118 | 133 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 62 | 21 | 12 | 202 | 518 | 208 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Primary Income** | **Primary Income** | **Primary Income** | **Primary Income** | **Primary Income** | **Primary Income** |
|  | **2017** | **2018** | **2019** | **2020** | **2021<sup>(1)</sup>** | **2022<sup>(2)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long term | (1075) | (1026) | (1014) | (1052) | (1033) | (1065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 373 | 408 | 367 | 328 | 555 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 1447 | 1434 | 1381 | 1380 | 1587 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Banks | (18) | (18) | (13) | (12) | (12) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporation, except the central bank | (49) | (65) | (143) | (143) | (145) | (137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General government | (1080) | (1128) | (1100) | (1073) | (1261) | (1071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | 72 | 185 | 242 | 176 | 384 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 373 | 408 | 367 | 328 | 555 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 301 | 223 | 125 | 152 | 171 | 149 |
|  Other investment income | (214) | (15) | (192) | (381) | (294) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 355 | 598 | 639 | 264 | 136 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 569 | 613 | 831 | 645 | 429 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central banks | (5) | (10) | (12) | (4) | (1) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 5 | 10 | 12 | 4 | 1 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | 160 | 283 | 275 | 105 | 58 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 230 | 379 | 420 | 196 | 115 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 70 | 96 | 145 | 91 | 57 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General government | (281) | (347) | (467) | (374) | (214) | (174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | (88) | 59 | 12 | (108) | (136) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 125 | 219 | 219 | 69 | 21 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 213 | 160 | 207 | 176 | 157 | 76 |

---

------

Notes:

(1) Preliminary data.

(2) Preliminary data for the nine months ended September 30, 2022.

*Source: Bangko Sentral.* 

In the first nine months of 2022, according to preliminary data, the primary income account recorded a surplus of $3.8 billion, a 69.1% increase from the $2.3 billion surplus recorded in the first nine months of 2021. The increased surplus was primarily the result of the combined effect of the 13.4% drop in primary income payments to $5.8 billion and 7.6% increase in primary income receipts to $9.6 billion during the period compared to the first nine months of 2021.

***Secondary Income***

The following table sets out the Republic's secondary income for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Secondary Income** | **Secondary Income** | **Secondary Income** | **Secondary Income** | **Secondary Income** | **Secondary Income** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Total Secondary Income | 26153 | 26818 | 27949 | 27512 | 29461 | 22268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 26897 | 27607 | 28746 | 28388 | 30411 | 22872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 745 | 788 | 797 | 875 | 950 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Government | 569 | 554 | 846 | 648 | 680 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 636 | 583 | 883 | 687 | 719 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 67 | 29 | 37 | 39 | 39 | 40 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Secondary Income** | **Secondary Income** | **Secondary Income** | **Secondary Income** | **Secondary Income** | **Secondary Income** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial corporations, nonfinancial corporations, households and non-profit institutions serving households | 25584 | 26264 | 27103 | 26864 | 28781 | 21900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 26261 | 27024 | 27863 | 27700 | 29692 | 22464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 677 | 759 | 760 | 836 | 911 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal transfers | 24795 | 25421 | 26256 | 26259 | 27767 | 21145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 24884 | 25521 | 26341 | 26334 | 27860 | 21230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 89 | 100 | 84 | 75 | 93 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current transfers | 789 | 844 | 846 | 605 | 1014 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit | 1377 | 1502 | 1523 | 1367 | 1832 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debit | 588 | 659 | 676 | 761 | 818 | 478 |

---

------

Note:

(1) Preliminary data for the nine months ended September 30, 2022.

*Source: Bangko Sentral.* 

In the first nine months of 2022, according to preliminary data, the secondary income account recorded a surplus of $22.3 billion, 2.9% higher than the $21.6 billion recorded in the first nine months of 2021. This increased surplus was mainly due to a 3.3% increase in the surpluses recorded in the financial corporations, nonfinancial corporations, households, and non-profit institutions serving households account, from $21.9 billion in the first nine months of 2021 to $21.1 billion in the first nine months of 2022.

**Financial Account** 

The following table sets out the Republic's direct investments for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Direct Investments** | **Direct Investments** | **Direct Investments** | **Direct Investments** | **Direct Investments** | **Direct Investments** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Total direct investment | (6952) | (5833) | (5320) | (3260) | (10011) | (3749) |
|  Net acquisition of financial assets | 3305 | 4116 | 3351 | 3561 | 2402 | 2963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investor in direct investment enterprises | 1758 | 1029 | 926 | 125 | 285 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Placements | 2027 | 1123 | 1103 | 248 | 501 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | 270 | 94 | 178 | 123 | 216 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of earnings | 129 | 73 | 101 | 150 | 131 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt instruments | 1419 | 3014 | 2325 | 3287 | 1986 | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investor in direct investment enterprises | 6 | 7 | 418 | 22 | 401 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investment enterprises in direct investor | 1413 | 3007 | 1907 | 3265 | 1584 | 2433 |
|  Net incurrence of liabilities | 10256 | 9949 | 8671 | 6822 | 12413 | 6713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and investment fund shares | 4261 | 3242 | 3427 | 2651 | 4575 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investor in direct investment enterprises | 3398 | 2346 | 2295 | 1706 | 3303 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Placements | 3885 | 2935 | 3002 | 2099 | 3702 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | 487 | 590 | 706 | 392 | 399 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of earnings | 863 | 897 | 1132 | 944 | 1272 | 924 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Direct Investments** | **Direct Investments** | **Direct Investments** | **Direct Investments** | **Direct Investments** | **Direct Investments** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Debt instruments | 5996 | 6706 | 5244 | 4172 | 7838 | 4694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investor in direct investment enterprises | 5856 | 6367 | 4500 | 3868 | 7464 | 4539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investment enterprises in direct investor | 140 | 339 | 744 | 304 | 374 | 155 |

---

------

Note:

(1) Preliminary data for the nine months ended September 30, 2022.

*Source: Bangko Sentral.* 

The following table sets out the Republic's portfolio investments for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Portfolio Investments** | **Portfolio Investments** | **Portfolio Investments** | **Portfolio Investments** | **Portfolio Investments** | **Portfolio Investments** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Portfolio Investment | 2454 | 1448 | (2474) | (1680) | 10248 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets | 1658 | 4740 | 2402 | 6567 | 7798 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and investment fund shares | 743 | 85 | 702 | 1014 | 1785 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central banks | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | (9) | (42) | 81 | 2 | (35) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | 752 | 127 | 622 | 1012 | 1820 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 915 | 4655 | 1700 | 5553 | 6013 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central bank | 32 | (5) | 95 | 1378 | 3414 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | 445 | 3190 | 1983 | 1985 | (1414) | 275 |
|  Other sectors | 437 | 1471 | (379) | 2190 | 4013 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities | (796) | 3292 | 4876 | 8246 | (2450) | (910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and investment fund shares | 496 | (1031) | 1764 | (2541) | (975) | (501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | 0 | (487) | (99) | (739) | 803 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | 495 | (544) | 1863 | (1802) | (1778) | (1051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities | (1292) | 4324 | 3112 | 10787 | (1475) | (409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central bank | (15) | 1 | (6) | (24) | (7) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | 214 | 1491 | 1304 | 424 | (1069) | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General government | (299) | 3111 | 600 | 6094 | 225 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | (1192) | (280) | 1214 | 4294 | (623) | (1300) |

---

------

Note:

(1) Preliminary data for the nine months ended September 30, 2022.

*Source: Bangko Sentral.* 

------

The following table sets out the Republic's other investments for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Other Investments** | **Other Investments** | **Other Investments** | **Other Investments** | **Other Investments** | **Other Investments** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Total other investment | 1750 | (4894) | (67) | (1767) | (6717) | (7792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets | 2257 | (654) | 2417 | 3953 | 649 | (3266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency and deposits | 1542 | (1430) | 1019 | 2673 | (631) | (1556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | 517 | (891) | 787 | 1240 | 184 | (1615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | 1025 | (539) | 232 | 1433 | (815) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 629 | 425 | 1210 | 1174 | 1165 | (1805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | 629 | 425 | 1210 | 1174 | 1165 | (1805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade credits and advances<sup>(2)</sup> | 90 | 344 | 188 | 118 | 141 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable | (4) | 7 | 0 | (12) | (26) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities | 508 | 4240 | 2484 | 5720 | 7366 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency and deposits | 654 | 121 | 169 | (333) | 380 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | (676) | 3560 | 2111 | 6462 | 4151 | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | 37 | 1722 | 267 | (3260) | (1166) | (404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term | 37 | 1722 | 267 | (3260) | (1166) | (404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General government | 223 | 873 | 1463 | 7334 | 4148 | 3072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term drawings | 1382 | 2065 | 2627 | 8517 | 5340 | 3789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term repayments | 1158 | 1192 | 1164 | 1182 | 1192 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | (937) | 965 | 382 | 2387 | 1169 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term | (558) | 687 | 263 | 1932 | 712 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drawings | 2386 | 3049 | 2219 | 3507 | 2604 | 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments | 2945 | 2363 | 1956 | 1576 | 1892 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term | (378) | 278 | 118 | 456 | 457 | (310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade credits and advances | 476 | 720 | 117 | (787) | 265 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts payable—other | 55 | (162) | 87 | 378 | (202) | (15) |

---

------

Notes:

(1) Preliminary data for the nine months ended September 30, 2022.

(2) All trade credits are short-term credits in non-governmental sectors.

*Source: Bangko Sentral.* 

According to preliminary data, the financial account recorded a net outflow of $10.3 billion in the first nine months of 2022, representing a 723.8% increase from the net outflow of $1.3 billion recorded in the first nine months of 2021. This was primarily due to the reduction in net inflows of portfolio investments alongside the increase in net outflows from the other investment account and trading of financial derivatives. This was offset in part by the lower net outflows in the direct investment account.

------

**Foreign Direct Investment** 

The following table sets out foreign direct investments in the Philippines by industry.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Foreign Direct Investment by Industry<sup>(1)</sup>** | **Net Foreign Direct Investment by Industry<sup>(1)</sup>** | **Net Foreign Direct Investment by Industry<sup>(1)</sup>** | **Net Foreign Direct Investment by Industry<sup>(1)</sup>** | **Net Foreign Direct Investment by Industry<sup>(1)</sup>** | **Net Foreign Direct Investment by Industry<sup>(1)</sup>** |
|  | **2017** | **2018** | **2019** | **2020** | **2021<sup>(2)</sup>** | **2022<sup>(3)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  **Industry** |  |  |  |  |  |  |
|  Total equity other than reinvestment of earnings, net | 3397.9 | 2345.6 | 2295.2 | 1706.3 | 3302.7 | 1094.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture, forestry and fishing | 20.0 | 0.9 | 0.4 | 0.0 | 0.4 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining and quarrying | 8.9 | 5.0 | 1.4 | 0.6 | 6.0 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 1181.8 | 1094.9 | 303.2 | 754.0 | 550.6 | 386.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, gas, steam and air conditioning supply | 1388.0 | 199.2 | 307.3 | (38.3) | 2065.4 | (13.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water supply, sewerage, waste management and remediation activities | 1.3 | 0.4 | 5.8 | 4.7 | (8.5) | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 162.4 | 42.7 | 66.0 | 99.8 | 51.8 | 153.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale and retail trade and repair of motor vehicles and motorcycles | 83.1 | (18.0) | (180.7) | 93.4 | 52.9 | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and storage | 49.5 | 11.2 | 104.8 | 102.9 | 38.0 | 28.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accommodation and food service activities | (38.4) | 6.7 | 20.6 | 7.8 | 10.2 | 10.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information and communication | 38.3 | 15.9 | 357.1 | 130.0 | 55.3 | 90.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial and insurance activities | 141.5 | 454.2 | 949.7 | 230.5 | 269.3 | 208.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate activities | 247.8 | 294.2 | 250.4 | 187.9 | 137.5 | 131.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional, scientific and technical activities | 66.0 | 15.0 | 8.1 | 24.4 | 45.5 | 27.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative and support service activities | (5.6) | 22.1 | 59.5 | 90.7 | 12.9 | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public administration and defense; compulsory social security | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education | 1.4 | 0.3 | 1.5 | 0.8 | 7.3 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Human health and social work activities | 23.9 | 2.0 | 32.2 | 14.3 | 4.6 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arts, entertainment and recreation | 27.9 | 198.4 | 9.1 | 2.8 | 3.3 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other service activities | 0.1 | 0.5 | (1.0) | 0.1 | 0.3 | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, not elsewhere classified<sup>(4)</sup> | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
|  Reinvestment of earnings | 862.6 | 896.6 | 1132.0 | 944.2 | 1272.3 | 924.2 |
|  Debt instruments | 5995.9 | 6706.4 | 5244.2 | 4171.6 | 7837.7 | 4693.8 |
|  Total | 10256.4 | 9948.6 | 8671.4 | 6822.1 | 12412.6 | 6712.5 |

---

------

Notes:

(1) Data restated using the 2009 Philippine Standard Industrial Classification and in accordance with the BPM6
framework. Pursuant to BPM6, net FDI flows refer to non-residents' net equity capital (calculated as placements less withdrawals plus reinvestment of earnings plus debt instruments (i.e., net intercompany borrowings)).

(2) Preliminary data.

(3) Preliminary data for the nine months ended September 30, 2022.

(4) Covers non-residents investments in non-banks sourced from the Cross-Border Transactions Survey and in local
banks; sectoral or industry breakdown statistics are not available.

------

The following table sets out foreign direct investments in the Philippines by country.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Foreign Direct Investment by Country<sup>(1)</sup>** | **Net Foreign Direct Investment by Country<sup>(1)</sup>** | **Net Foreign Direct Investment by Country<sup>(1)</sup>** | **Net Foreign Direct Investment by Country<sup>(1)</sup>** | **Net Foreign Direct Investment by Country<sup>(1)</sup>** | **Net Foreign Direct Investment by Country<sup>(1)</sup>** |
|  | **2017** | **2018** | **2019** | **2020** | **2021<sup>(2)</sup>** | **2022<sup>(3)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  **Country** |  |  |  |  |  |  |
|  Total equity other than reinvestment of earnings, net | 3397.9 | 2345.6 | 2295.2 | 1706.3 | 3302.7 | 1094.5 |
|  Japan | 72.1 | 85.6 | 304.7 | 720.5 | 584.9 | 389.1 |
|  North America<sup>(4)</sup> | 467.7 | 177.3 | 292.8 | 158.6 | 141.6 | 178.7 |
|  United Kingdom | 9.4 | 43.2 | 9.1 | 43.3 | 15.8 | 18.5 |
|  European Union<sup>(5)</sup> | 1777.3 | 313.2 | 351.5 | 278.6 | 26.1 | 24.5 |
|  Other Europe<sup>(6)</sup> | 14.1 | 6.8 | 22.0 | 4.5 | 6.2 | 23.3 |
|  Asia<sup>(7)</sup> | 110.0 | 210.4 | 283.6 | 70.6 | 17.5 | 52.0 |
|  Asia Newly Industrialized Economies (ANIES)<sup>(8)</sup> | 203.8 | 490.3 | 288.2 | 98.2 | 102.6 | 38.0 |
|  ASEAN<sup>(9)</sup> | 725.5 | 1070.2 | 662.2 | 295.8 | 2375.0 | 398.6 |
|  Australia and New Zealand | (2.8) | (105.9) | (1.9) | (3.8) | (7.6) | 4.4 |
|  Central and South America<sup>(10)</sup> | 7.4 | 37.5 | 5.6 | 2.8 | 2.5 | 7.2 |
|  Others | 13.4 | 17.2 | 77.4 | 37.2 | 38.2 | 9.3 |
|  International organization | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
|  Reinvestment of earnings<sup>(11)</sup> | 862.6 | 896.6 | 1132.0 | 944.2 | 1272.3 | 924.2 |
|  Debt instruments<sup>(11)</sup> | 5995.9 | 6706.4 | 5244.2 | 4171.6 | 7837.7 | 4693.8 |
|  Total | 10256.4 | 9948.6 | 8671.4 | 6822.1 | 12412.6 | 6712.5 |

---

------

Notes:

(1) Data restated using the 2009 Philippine Standard Industrial Classification and in accordance with the BPM6
framework. Pursuant to BPM6, net FDI flows refers to non-residents' net equity capital (calculated as placements less withdrawals plus reinvestment of earnings plus debt instruments (i.e., net intercompany borrowings)).

(2) Preliminary data.

(3) Preliminary data for the nine months ended September 30, 2022.

(4) Includes the United States and Canada.

(5) The United Kingdom left the European Union effective January 1, 2021. For comparability across periods,
data prior to January 1, 2021 were revised to reflect the United Kingdom's exit from the European Union.

(6) Includes Albania, Belarus, Croatia, Gibraltar, Iceland, Liechtenstein, Norway, Romania, Russian Federation,
Switzerland and Ukraine.

(7) Includes China, India, Pakistan and Western, Central, South and East Asia except South Korea, Hong Kong,
Taiwan and ASEAN countries.

(8) Includes South Korea, Hong Kong and Taiwan.

(9) Includes Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam.

(10) Includes Argentina, Brazil, Mexico, Panama and other Central and South American countries.

(11) Country breakdowns for debt instruments are not available.

In the first nine months of 2022, according to preliminary data, net inflows of foreign direct investment were $6.7 billion, 10.0% lower than the $7.5 billion recorded in the first nine months of 2021. The lower inflows were mainly due to a decrease in net debt instruments, from $5.3 billion in the first nine months of 2021 to $4.7 billion in the first nine months of 2022. Foreign direct investments decreased primarily as a result of the decrease in net investments in electricity, gas, steam and air conditioning supply from a net inflow of $246.8 million in the first nine months of 2021 to a net outflow of $13.2 million in the first nine months of 2022, as well as a decrease

------

in the net investments in transportation and storage from a net inflow of $35.1 million in the first nine months of 2021 to a net inflow of $28.6 million in the first nine months of 2022. These were partially offset by an increase in net investments in construction from a net inflow of $23.2 million in the first nine months of 2021 to a net inflow of $153.3 million in the first nine months of 2022, and an increase in net investments in real estate activities from a net inflow of $107.3 million in the first nine months of 2021 to a net inflow of $131.9 million in the first nine months of 2022.

The contribution of new equity investments to net inflows of foreign direct investment decreased to $1,094.5.0 million in the first nine months of 2022 from $1,127.6 million in the first nine months of 2021. Foreign direct investment decreased primarily as a result of decreases in new equity investments of foreign direct investment from the ANIEs countries and Singapore to net inflows of $398.6 million and $282.0 million, respectively, in the first nine months of 2022 from net inflows of $533.5 million and $506.5 million, respectively, in the first nine months of 2021. These were partially offset by increases in net inflows from Malaysia from a net inflow of $15.9 million in the first nine months of 2021 to a net inflow of $105.7 million in the first nine months of 2022. Reinvestment of earnings in the Republic decreased to $924.2 million in the first nine months of 2022, compared with $1.0 billion in the first nine months of 2021.

**International Reserves** 

The following table sets out the gross international reserves of the Bangko Sentral, compiled in a manner consistent with the revised balance of payments framework and the treatment of IMF accounts in the depository corporations survey published in the IMF's International Financial Statistics.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross International Reserves of Bangko Sentral** | **Gross International Reserves of Bangko Sentral** | **Gross International Reserves of Bangko Sentral** | **Gross International Reserves of Bangko Sentral** | **Gross International Reserves of Bangko Sentral** | **Gross International Reserves of Bangko Sentral** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **($ in millions, except months and percentages)** | **($ in millions, except months and percentages)** | **($ in millions, except months and percentages)** | **($ in millions, except months and percentages)** | **($ in millions, except months and percentages)** | **($ in millions, except months and percentages)** |
|  **Sector** |  |  |  |  |  |  |
|  Reserve position in the IMF<sup>(2)</sup> | 424.4 | 473.8 | 590.4 | 813.1 | 801.6 | 789.4 |
|  Gold | 8336.9 | 8153.5 | 8015.9 | 11605.3 | 9332.8 | 9282.3 |
|  SDRs | 1210.8 | 1183.7 | 1181.9 | 1232.9 | 3938.9 | 3705.9 |
|  Foreign investments | 65815.3 | 66732.9 | 75303.8 | 93644.5 | 91624.5 | 81320.3 |
|  Foreign exchange<sup>(3)</sup> | 5782.5 | 2649.5 | 2747.5 | 2821.6 | 3096.6 | 912.4 |
|  Total | 81569.9 | 79193.4 | 87839.5 | 110117.4 | 108794.4 | 96010.3 |
|  Total as number of months of imports of goods and services | 7.8 | 6.9 | 7.6 | 12.3 | 9.7 | 7.3 |
|  Total as a % of short-term debt<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Original maturity | 571.4 | 492.9 | 510.5 | 775.0 | 721.0 | 586.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residual maturity | 419.3 | 364.9 | 396.5 | 529.0 | 552.9 | 385.2 |

---

------

Notes:

(1) Preliminary data for 2022.

(2) The reserve position in the IMF refers to the country's claim on the IMF's General Resources
Account. It is an asset of the Government but is treated as part of the gross international reserves.

(3) Consists of time deposits, investments in securities issued or guaranteed by Government or international
organizations and repurchase agreements.

(4) Short-term debt based on residual maturity refers to outstanding short-term external debt on original
maturity plus principal payments on medium-and long-term loans of the public and private sectors due within the next 12 months.

*Source: Bangko Sentral.* 

------

Preliminary data indicates that gross international reserves were $96.0 billion as of December 31, 2022, representing a decrease from the $108.8 billion recorded as of December 31, 2021. This decrease was mainly due to a decrease of $10.3 billion in foreign investments to $81.3 billion as of December 31, 2022 from $91.6 billion as of December 31, 2021. The level of gross international reserves as of December 31, 2022 was sufficient to cover approximately 7.3 months of imports of goods and payments of services and income, and was equivalent to 5.9 times the Republic's short-term debt based on original maturity and 3.9 times based on residual maturity. Net international reserves at the end of December 31, 2022 were $96.0 billion.

**Monetary System** 

***Monetary Policy***

As of September 30, 2022, Bangko Sentral, according to audited financial information, had total assets of ₱7,338.3 billion, of which international reserves accounted for ₱5,412.4 billion. Bangko Sentral's remaining assets consisted mainly of domestic securities, loans and advances, bank premises and other fixed assets and other assets, and its liabilities consist mainly of currency in circulation and deposits from banks and quasi-banks.

***Money Supply***

The following table presents certain information regarding the Philippines' money supply.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Money Supply (SRF-based)** | **Money Supply (SRF-based)** | **Money Supply (SRF-based)** | **Money Supply (SRF-based)** | **Money Supply (SRF-based)** | **Money Supply (SRF-based)** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** |
|  M1<sup>(2)</sup> |  |  |  |  |  |  |
|  Currency in circulation | 1047.6 | 1231.8 | 1395.8 | 1731.8 | 1876.8 | 1864.5 |
|  Current account deposits | 2503.3 | 2657.2 | 3104.5 | 3724.1 | 4323.3 | 4496.7 |
|  Total | 3550.8 | 3889.0 | 4500.3 | 5455.9 | 6200.1 | 6361.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; percentage increase<sup>(3)</sup> | 15.7% | 9.5% | 15.7% | 21.2% | 13.6%<sup>(5)</sup> | 7.1%<sup>(6)</sup> |
|  M2<sup>(4)</sup> | 10202.3 | 11080.2 | 12293.2 | 13564.2 | 14769.5 | 15141.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; percentage increase<sup>(3)</sup> | 11.6% | 8.6% | 10.9% | 10.3% | 8.9%<sup>(5)</sup> | 6.3%<sup>(6)</sup> |
|  M3<sup>(5)</sup> | 10636.1 | 11643.0 | 12976.3 | 14222.0 | 15343.4 | 15628.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; percentage increase<sup>(3)</sup> | 11.9% | 9.5% | 11.5% | 9.6% | 7.9%<sup>(5)</sup> | 5.4%<sup>(6)</sup> |

---

------

Notes:

(1) Preliminary data as of November 30, 2022.

(2) Consists of currency in circulation and demand deposits.

(3) Period-on-period.

(4) Consists of Ml, savings deposits and time deposits.

(5) Consists of M2 and deposit substitutes.

(6) Compared to November 30, 2021.

*Source: Department of Economic Statistics, Bangko Sentral.* 

As of November 30, 2022, according to preliminary data, the Republic's money supply (M3) was ₱15.6 trillion, an increase of 5.4% from the ₱14.8 trillion as of November 30, 2021. This growth in money supply was driven mainly by the increase in domestic claims, which increased by 10.8% compared to the level as of November 30, 2021. This increase in domestic claims was primarily driven by an increase in net claims on Central Government, which increased by 13.8% compared to the level as of November 30, 2021. The Bangko Sentral's net foreign asset position decreased marginally by 1.8% to ₱6.3 trillion as of November 30, 2022 and the net foreign asset position of other depository corporations also decreased by 6.5% to ₱0.9 trillion as of November 30, 2022.

------

In the first twelve months of 2022, the average 91-day T-bill rate was 4.09%.

The following table presents information regarding domestic interest and deposit rates.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Domestic Interest and Deposit Rates** | **Domestic Interest and Deposit Rates** | **Domestic Interest and Deposit Rates** | **Domestic Interest and Deposit Rates** | **Domestic Interest and Deposit Rates** | **Domestic Interest and Deposit Rates** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **(weighted averages per period)<br>(%)** | **(weighted averages per period)<br>(%)** | **(weighted averages per period)<br>(%)** | **(weighted averages per period)<br>(%)** | **(weighted averages per period)<br>(%)** | **(weighted averages per period)<br>(%)** |
|  91-day Treasury bill rates | 2.2 | 3.5 | 4.7 | 2.0 | 1.1 | 4.1 |
|  Bank average lending rates | 5.6 | 6.1 | 7.1 | N/A | N/A | N/A |

---

------

Note:

(1) Preliminary data as of December 31, 2022.

*Source: Bangko Sentral.* 

***Monetary Regulation***

The Monetary Board decided to raise the interest rate on the Bangko Sentral's overnight reverse repurchase facility by 50 basis points to 5.5%, effective on December 16, 2022. Accordingly, the interest rates on the overnight deposit and lending facilities were raised to 5.0% and 6.0%, respectively.

***Foreign Exchange System***

The following table sets out exchange rate information between the peso and the U.S. dollar.

---

| | | |
|:---|:---|:---|
|  | **Per U.S. Dollar** | **Per U.S. Dollar** |
| **Year** | **Period End** | **Period**<br>**Average<sup>(1)</sup>** |
| 2017 | 49.923 | 50.404 |
| 2018 | 52.724 | 52.661 |
| 2019 | 50.744 | 51.796 |
| 2020 | 48.036 | 49.624 |
| 2021 | 50.774 | 49.255 |
| 2022<sup>(2)</sup> | 56.120 | 55.684 |

---

------

Notes:

(1) The average of the monthly average exchange rates for each month of the applicable period.

(2) Preliminary data for the twelve months ended December 31, 2022.

*Source: Reference Exchange Rate Bulletin, Treasury Department, Bangko Sentral.* 

------

**The Philippine Financial System** 

***Composition***

The following table sets out the total resources of the Philippine financial system by category of financial institution.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Resources of the Financial System<sup>(1)</sup>** | **Total Resources of the Financial System<sup>(1)</sup>** | **Total Resources of the Financial System<sup>(1)</sup>** | **Total Resources of the Financial System<sup>(1)</sup>** | **Total Resources of the Financial System<sup>(1)</sup>** | **Total Resources of the Financial System<sup>(1)</sup>** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2017** | **2018<sup>(2)</sup>** | **2019** | **2020** | **2021<sup>(3)</sup>** | **2022<sup>(1)(4)</sup>** |
|  | **(₱ in billions)** | **(₱ in billions)** | **(₱ in billions)** | **(₱ in billions)** | **(₱ in billions)** | **(₱ in billions)** |
|  **Banks** |  |  |  |  |  |  |
|  Universal/Commercial banks | 14054 | 15692 | 17216 | 18527 | 19761 | 21389 |
|  Thrift banks | 1214 | 1293 | 1204 | 1192 | 1338 | 962 |
|  Rural banks | 257 | 274 | 291 | 308 | 341 | 390 |
|  Total banks | 15524 | 17259 | 18712 | 20028 | 21440 | 22741 |
|  Non-bank financial institutions<sup>(5)</sup> | 3740 | 3835 | 4446 | 4543 | 4786 | 4775<sup>(6)</sup> |
|  Total assets | 19264 | 21093 | 23158 | 24571 | 26226 | 27516 |

---

------

Notes:

(1) Excludes assets of the Bangko Sentral. The amounts presented here include allowance for probable losses.

(2) Data was revised starting end-March 2017 to include Other Financial Corporations (OFC) data.

(3) Preliminary data.

(4) Preliminary data as of October 31, 2022.

(5) Includes Investment Houses, Finance Companies, Investment Companies, Securities Dealers/Brokers, Pawnshops,
Lending Investors, Non Stocks Savings and Loan Associations, Credit Card Companies (which are under Bangko Sentral supervision), Government Non-bank Financial Institutions, Authorized Agent Banks Forex Corporations, and Private and Government
Insurance Companies (i.e., SSS and GSIS).

(6) Preliminary data as of June 30, 2022.

*Source: Bangko Sentral.* 

***Structure of the Financial System***

The following table sets out the outstanding loans of universal and commercial banks classified by sector and their percentages by sector are net of BSP Reverse Repurchase Agreements.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2018** | **2018** | **2019** | **2019** | **2020** | **2020** | **2021** | **2021** | **2022<sup>(2)</sup>** | **2022<sup>(2)</sup>** |
|  | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** |
|  Total | 8584.1 | 100% | 9508.8 | 100% | 9442.2 | 100% | 9892.2 | 100% | 10923.4 | 100.0% |
|  Agriculture, Forestry and Fishing | 192.2 | 2.2% | 221.9 | 2.3% | 211.4 | 2.2% | 200.6 | 2.0% | 204.5 | 1.9% |
|  Mining and Quarrying | 53.9 | 0.6% | 48 | 0.5% | 43.5 | 0.5% | 37.3 | 0.4% | 37.8 | 0.4% |
|  Manufacturing | 1068.5 | 12.4% | 1048.7 | 11.0% | 993.2 | 10.5% | 1088.8 | 11.0% | 1224.5 | 11.5% |
|  Electricity, Gas, Steam & Air conditioning Supply | 929.5 | 10.8% | 1006.4 | 10.6% | 1044 | 11.1% | 1046.4 | 10.6% | 1127.5 | 10.6% |
|  Water Supply, Sewerage, Waste Management and Remediation Activities | 82.5 | 1.0% | 106 | 1.1% | 103.7 | 1.1% | 109.7 | 1.1% | 129 | 1.2% |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding Loans by Sector<sup>(1)</sup>** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2018** | **2018** | **2019** | **2019** | **2020** | **2020** | **2021** | **2021** | **2022<sup>(2)</sup>** | **2022<sup>(2)</sup>** |
|  | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** |
|  Construction | 298.7 | 3.5% | 368.7 | 3.9% | 375.6 | 4.0% | 383.5 | 3.9% | 415.9 | 3.9% |
|  Wholesale & Retail Trade, Repair of Motor Vehicles and Motorcycles | 1160 | 13.5% | 1193.9 | 12.6% | 1112.6 | 11.8% | 1125.8 | 11.4% | 1208.4 | 11.4% |
|  Accommodation and Food Services Activities | 152.5 | 1.8% | 153.7 | 1.6% | 162.4 | 1.7% | 150.7 | 1.5% | 143.6 | 1.3% |
|  Transportation and Storage | 271.4 | 3.2% | 287.9 | 3.0% | 302.2 | 3.2% | 330 | 3.3% | 337.2 | 3.2% |
|  Information and Communication | 316.4 | 3.7% | 357.3 | 3.8% | 376.1 | 4.0% | 482 | 4.9% | 576.2 | 5.4% |
|  Financial and Insurance Activities | 787.4 | 9.2% | 923.8 | 9.7% | 881 | 9.3% | 970.6 | 9.8% | 1053.4 | 9.9% |
|  Real Estate Activities | 1402.4 | 16.3% | 1677.8 | 17.6% | 1768.1 | 18.7% | 1930.9 | 19.5% | 2084.4 | 19.6% |
|  Professional, Scientific and Technical Activities | 71.4 | 0.8% | 68.1 | 0.7% | 54.6 | 0.6% | 57.8 | 0.6% | 117.6 | 1.1% |
|  Administrative and Support Services Activities | 36.2 | 0.4% | 41.6 | 0.4% | 37.6 | 0.4% | 31.1 | 0.3% | 36.3 | 0.3% |
|  Public Administration and Defense; Compulsory Social Security | 136.1 | 1.6% | 142.4 | 1.5% | 144.6 | 1.5% | 152.6 | 1.5% | 167.2 | 1.6% |
|  Education | 39.7 | 0.5% | 42.9 | 0.5% | 39.9 | 0.4% | 34.8 | 0.4% | 33.2 | 0.3% |
|  Human Health and Social Work Activities | 55.6 | 0.6% | 59.9 | 0.6% | 89.3 | 0.9% | 93.2 | 0.9% | 95.3 | 0.9% |
|  Arts, Entertainment and Recreation | 132.2 | 1.5% | 146.8 | 1.5% | 150.1 | 1.6% | 162.4 | 1.6% | 167.7 | 1.6% |
|  Other Service Activities | 128 | 1.5% | 100.2 | 1.1% | 65 | 0.7% | 67.8 | 0.7% | 74.9 | 0.7% |
|  Activities of Households as Employers, Undifferentiated Goods & Services Producing Activities of Households for Own Use | 85.6 | 1.0% | 79.8 | 0.8% | 86.3 | 0.9% | 67.3 | 0.7% | 67.8 | 0.6% |
|  Others<sup>(3)</sup> | 1183.9 | 13.8% | 1433 | 15.1% | 1400.8 | 14.8% | 1368.8 | 13.8% | 1621.1 | 14.8% |

---

------

Notes:

(1) Net of amortization.

(2) Preliminary data as of November 30, 2022.

(3) Includes loans to individuals for household consumption purposes, loans under the Bangko Sentral<sup>'</sup>s reverse repurchase arrangement and loans to non<sup>-</sup>residents.

------

***Non-Performing Loans***

The following table provides information regarding NPLs for universal and commercial banks for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Loans (Gross) and Non-Performing Loans by type of Bank<sup>(1)</sup>** | **Total Loans (Gross) and Non-Performing Loans by type of Bank<sup>(1)</sup>** | **Total Loans (Gross) and Non-Performing Loans by type of Bank<sup>(1)</sup>** | **Total Loans (Gross) and Non-Performing Loans by type of Bank<sup>(1)</sup>** | **Total Loans (Gross) and Non-Performing Loans by type of Bank<sup>(1)</sup>** | **Total Loans (Gross) and Non-Performing Loans by type of Bank<sup>(1)</sup>** |
|  | **As of December 31, (unless otherwise stated)** | **As of December 31, (unless otherwise stated)** | **As of December 31, (unless otherwise stated)** | **As of December 31, (unless otherwise stated)** | **As of December 31, (unless otherwise stated)** | **As of December 31, (unless otherwise stated)** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(2)</sup>** |
|  | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** |
|  Private Domestic Universal banks |  |  |  |  |  |  |
|  Total loans | 6041.0 | 6881.3 | 7682.5 | 7711.6 | 8061.1 | 8645.5 |
|  Non-performing loans | 72.0 | 84.1 | 111.9 | 244.6 | 290.8 | 232.7 |
|  Ratio of non-performing loans to total loans | 1.2% | 1.2% | 1.5% | 3.2% | 3.6% | 2.7% |
|  Other Private Commercial banks |  |  |  |  |  |  |
|  Total loans | 309.8 | 345.1 | 360.2 | 361.0 | 387.0 | 413.9 |
|  Non-performing loans | 8.7% | 9.5 | 11.0 | 17.6 | 19.7 | 19.8 |
|  Ratio of non-performing loans to total loans | 2.8% | 2.8% | 3.1% | 4.9% | 5.1% | 4.8% |
|  Government banks<sup>(3)</sup> |  |  |  |  |  |  |
|  Total loans | 968.3 | 1196.4 | 1305.9 | 1321.3 | 1434.5 | 1680.4 |
|  Non-performing loans | 12.5% | 15.6 | 28.6 | 36.3 | 55.1 | 91.4 |
|  Ratio of non-performing loans to total loans | 1.3% | 1.3% | 2.2% | 2.8% | 3.9% | 5.4% |
|  Foreign banks<sup>(4)</sup> |  |  |  |  |  |  |
|  Total loans | 548.1 | 595.0 | 605.4 | 525.5 | 574.5 | 519.0 |
|  Non-performing loans | 4.3 | 4.3 | 5.0 | 10.2 | 6.1 | 3.1 |
|  Ratio of non-performing loans to total loans | 0.8% | 0.7% | 0.8% | 2.0% | 1.1% | 0.6% |
|  Total loans | 7867.1 | 9017.8 | 9954.0 | 9919.5 | 10457.1 | 11258.9 |
|  Total non-performing loans | 97.5 | 113.5 | 156.5 | 308.8 | 371.6 | 347.1 |
|  Ratio of non-performing loans to total loans | 1.2% | 1.3% | 1.6% | 3.1% | 3.6% | 3.1% |

---

------

Notes:

(1) Consists of two foreign bank subsidiaries.

(2) Preliminary data as of October 31, 2022.

(3) Consists of LBP, DBP and Al-Amanah Islamic Investment Bank of the Philippines.

(4) Consists of 24 foreign banks, and excludes two foreign banks' subsidiaries.

*Source: Bangko Sentral.* 

As of October 31, 2022, according to preliminary data, the gross non-performing loan ratio was 3.1%, which was lower than the ratio of 3.6% recorded as of December 31, 2021. Non-performing loans decreased by 6.6% to ₱347.1 billion as of October 31, 2022 from the ₱371.6 billion recorded as of December 31, 2021, primarily due to easing of the effects of the ongoing global COVID-19 pandemic and the gradual reopening of the economy. The U/KB industry's total loan portfolio increased by 7.7% to ₱11,258.9 billion as of October 31, 2022 from the ₱10,457.1 billion recorded as of December 31, 2021.

***Government Securities Market***

As of October 31, 2022, outstanding Government securities amounted to ₱9.4 trillion, 48.3% of which were issuances of treasury bills and fixed rate treasury bonds. The remaining issuances of Government securities consisted of retail treasury bonds, benchmark bonds and onshore dollar bonds, among others.

------

**Government Revenues and Expenditures** 

The following table sets out Government revenues and expenditures for the periods indicated.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Government Revenues and Expenditures** | **Government Revenues and Expenditures** | **Government Revenues and Expenditures** | **Government Revenues and Expenditures** | **Government Revenues and Expenditures** | **Government Revenues and Expenditures** | **Government Revenues and Expenditures** | **Government Revenues and Expenditures** |
|  | **Actual** | **Actual** | **Actual** | **Actual** | **Actual** | **Actual** | **Budget** | **Budget** |
|  | **2017<sup>(1)</sup>** | **2018<sup>(1)</sup>** | **2019<sup>(1)</sup>** | **2020<sup>(1)</sup>** | **2021<sup>(1)</sup>** | **2022<sup>(1)(3)</sup>** | **2020** | **2021** |
|  | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** |
|  **Cash Revenues** |  |  |  |  |  |  |  |  |
|  Tax revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bureau of Internal Revenue | 1772.3 | 1951.9 | 2175.5 | 1951.0 | 2078.1 | 2156.4 | 1531.8 | 2081.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bureau of Customs | 458.2 | 593.1 | 630.3 | 537.7 | 643.6 | 789.3 | 455.6 | 616.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Government offices<sup>(2)</sup> | 20.2 | 20.9 | 22.0 | 15.7 | 21.0 | 14.0 | 14.2 | 16.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total tax revenues | 2250.7 | 2565.8 | 2827.8 | 2504.4 | 2742.7 | 2959.6 | 2001.6 | 2714.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As a percentage of GDP (at current market prices) | 13.6% | 14.0% | 14.5% | 14.0% | 14.1% | 17.0<sup>(4)</sup>% | 10.1% | 14.0% |
|  Non-tax revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bureau of the Treasury income | 99.9 | 114.2 | 146.5 | 219.7 | 125.3 | 148.2 | 65.3 | 74.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees and charges | 40.8 | 52.7 | 55.4 | 23.1 | 31.7 | 26.4 | 25.0 | 31.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Privatizations | 0.8 | 15.7 | 0.8 | 0.5 | 0.3 | 0.1 | 0.0 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (including Foreign grants) | 80.9 | 101.8 | 106.9 | 108.3 | 105.1 | 117.8 | 44.7 | 60.3 |
|  Total non-tax revenues | 222.4 | 284.3 | 309.4 | 351.3 | 262.5 | 316.6 | 135.0 | 166.7 |
|  Total revenues | 2473.1 | 2850.2 | 3137.5 | 2856.0 | 3005.5 | 3277.3 | 2136.6 | 2881.5 |
|  **Expenditures** |  |  |  |  |  |  |  |  |
|  Allotment to local government units | 530.2 | 575.7 | 618.0 | 804.5 | 892.7 | 995.8 | 500.1 | 655.8 |
|  Interest payments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 100.1 | 106.0 | 110.6 | 101.4 | 96.1 | 112.1 | 110.9 | 142.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | 210.5 | 243.2 | 250.3 | 279.1 | 333.3 | 347.2 | 302.1 | 389.0 |
|  Total interest payments | 310.5 | 349.2 | 360.9 | 380.4 | 429.4 | 459.3 | 412.9 | 531.5 |
|  Tax expenditures | 8.3 | 21.6 | 27.3 | 33.1 | 36.7 | 36.4 | 9.3 | 14.5 |
|  Subsidy | 131.1 | 136.7 | 201.5 | 230.4 | 184.8 | 160.4 | 210.4 | 231.4 |
|  Equity and net lending | 1.1 | 8.9 | 20.4 | 34.9 | 47.5 | 28.0 | 75.3 | 85.5 |
|  Others | 1842.5 | 2316.5 | 2569.6 | 2745.4 | 3066.6 | 2833.3 | 2354.4 | 3218.5 |
|  Total expenditures | 2823.8 | 3408.4 | 3797.7 | 4227.4 | 4675.6 | 4513.1 | 3562.3 | 4737.1 |
|  Surplus/(Deficit) | (350.6) | (558.3) | (660.2) | (1371.4) | (1670.1) | (1235.8) | (1425.8) | (1855.6) |
|  **Financing** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net domestic borrowings | 731.4 | 591.5 | 691.5 | 1898.4 | 1920.7 | 1544.0 | 2255.1 | 1940.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross domestic borrowings | 733.6 | 594.5 | 693.8 | 1998.7 | 2010.1 | 1610.4 | 2258.1 | 2491.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Amortization | 2.2 | 2.9 | 2.4 | 100.3 | 89.6 | 66.5 | 407.1 | 550.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net foreign borrowings | 27.6 | 191.8 | 184.8 | 600.8 | 331.5 | 370.9 | 202.9 | 332.5 |
|  Total net financing requirement | 758.9 | 783.3 | 876.3 | 2499.2 | 2252.2 | 1914.8 | 2458.0 | 2273.1 |
|  Change in cash | 255.4 | (52.7) | (224.6) | 701.7 | 66.1 | 546.0 |  |  |

---

------

Notes:

(1) Follows the GFSM 2014 concept wherein reporting of debt amortization reflects the actual principal
repayments to the creditor including those serviced by the Bond Sinking Fund. Financing includes gross proceeds of liability management transactions such as bond exchanges.

------

(2) Represents tax revenues of the Department of Environment and Natural Resources, Bureau of Immigration and
Deportation, Land Transportation Office and other Government entities.

(3) Preliminary data for the eleven months ended November 30, 2022.

(4) Percentage of GDP is calculated taking preliminary data as of the nine months ended September 30, 2022
for total tax revenues.

*Sources: Bureau of the Treasury; Department of Finance; Department of Budget and Management.* 

***Revenues***

*Sources* 

Total Government revenues in the first eleven months of 2022, according to preliminary data, were ₱3,277.3 billion, an 18.1% increase over the ₱2,774.2 billion recorded in the first eleven months of 2021. In the first eleven months of 2022, Bureau of Internal Revenue collections were ₱2,156.4 billion, a 12.6% increase from the ₱1,915.8 billion recorded in the first eleven months of 2021. The Bureau of Customs recorded collections of ₱789.3 billion in the first eleven months of 2022, a 35.3% increase from the ₱583.3 billion recorded in the first eleven months of 2021. Non-tax revenues were ₱316.6 billion in the first eleven months of 2022, a 24.3% increase from the ₱254.7 billion recorded in the first eleven months of 2021.

*Expenditures* 

Total Government expenditures in the first eleven months of 2022 were ₱4,513.1 billion, a 9.9% increase over the ₱4,106.3 billion recorded in the eleven months of 2021. This increase was primarily due to higher disbursements relating to the Government's efforts to address the effects of the COVID-19 pandemic.

**The Government Budget** 

***2023 Budget***

On December 5, 2022, President Marcos signed into law Republic Act No. 11936, or the General Appropriations Act for 2023. The 2023 budget set program expenditures at ₱5.268 trillion, 4.9% higher than the ₱5.024 trillion 2022 budget.

The 2023 budget is the Republic's main fiscal stimulus that will fund programs, activities, and/or projects which focus on accelerating the country's economic recovery from the COVID-19 pandemic, as well as prioritizing expenditures on education, health, agriculture, social safety nets, and continuing the legacy of infrastructure development. The Department of Education received the highest allocation in the 2023 budget with ₱710.6 billion, while a total of ₱1,248.3 trillion has been allocated for the Government's 2023 infrastructure programs.

**Debt** 

***External Debt***

The following table sets out the total outstanding Bangko Sentral-approved and registered external debt.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Bangko Sentral Approved External Debt** | **Bangko Sentral Approved External Debt** | **Bangko Sentral Approved External Debt** | **Bangko Sentral Approved External Debt** | **Bangko Sentral Approved External Debt** | **Bangko Sentral Approved External Debt** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** |
|  **By Maturity**: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term<sup>(2)</sup> | 14275 | 16068 | 17208 | 14209 | 15090 | 16378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medium and long-term | 58823 | 62892 | 66410 | 84279 | 91339 | 91532 |
|  Total | 73098 | 78960 | 83618 | 98488 | 106428 | 107910 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Bangko Sentral Approved External Debt** | **Bangko Sentral Approved External Debt** | **Bangko Sentral Approved External Debt** | **Bangko Sentral Approved External Debt** | **Bangko Sentral Approved External Debt** | **Bangko Sentral Approved External Debt** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(1)</sup>** |
|  | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** |
|  **By Debtor<sup>(3</sup>**<sup>)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking system | 19144 | 22672 | 23943 | 21559 | 23539 | 22751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public sector<sup>(4)</sup> | 53954 | 56287 | 59675 | 76929 | 82889 | 85159 |
|  Total | 73098 | 78960 | 83618 | 98488 | 106428 | 107910 |
|  **By Creditor Type**: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks and financial institutions | 22539 | 26529 | 26478 | 24006 | 23695 | 24282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suppliers | 3071 | 3015 | 4187 | 3136 | 3687 | 4659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multilateral | 12501 | 13746 | 14428 | 21407 | 27125 | 29007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilateral | 11260 | 10931 | 10964 | 12752 | 12508 | 11668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond holders/note holders | 21779 | 22684 | 25449 | 35028 | 36940 | 35699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 1949 | 2054 | 2112 | 2160 | 2474 | 2595 |
|  Total | 73098 | 78960 | 83618 | 98488 | 106428 | 107910 |
|  Ratios: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt service burden to exports of goods, and services & primary income | 6.2% | 6.6% | 6.7% | 6.7% | 7.3% | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt service burden to GNI | 2.0% | 2.1% | 2.1% | 1.9% | 2.2% | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External debt to GNI | 20.0% | 20.6% | 20.2% | 25.3% | 26.1% | 25.5<sup>(5)</sup>% |

---

------

Notes:

(1) Preliminary data as of September 30, 2022.

(2) Debt with original maturity of one year or less.

(3) Classification by debtor is based on the primary obligor under the relevant loan or rescheduling
documentation.

(4) Includes public sector debt whether or not guaranteed by the Government; does not include public banks.

(5) For comparability with annual figures, GNI and GDP were annualized by taking the sum over the past four
quarters of the GNI and GDP, respectively.

*Source: Bangko Sentral* 

***Direct Debt of the Republic***

The following table summarizes the outstanding direct debt of the Republic as of the dates indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Outstanding Direct Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Debt of the Republic<sup>(1)(2)</sup>** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(3)</sup>** |
|  | **(₱ in millions, except as otherwise indicated)** | **(₱ in millions, except as otherwise indicated)** | **(₱ in millions, except as otherwise indicated)** | **(₱ in millions, except as otherwise indicated)** | **(₱ in millions, except as otherwise indicated)** | **(₱ in millions, except as otherwise indicated)** |
|  **Medium/long-term debt<sup>(4)</sup>** | **6337111** | **6797270** | **7240159** | **8838966** | **10932406** | **13208790** |
|  Domestic | 4125941 | 4281605 | 4636469 | 5738647 | 7374271 | 8992593 |
|  External (U.S.$) | 44261 | 47860 | 51252 | 64562 | 69803 | 74494 |
|  **Short-term debt<sup>(5)</sup>** |  |  |  |  |  |  |
|  Domestic | 314369 | 494306 | 491131 | 956040 | 796143 | 435374 |
|  **Total debt** | 6652430 | 7292500 | 7731290 | 9795006 | 11728549 | 13644164 |

---

------

Notes:

(1) Includes Government debt that is on-lent to GOCCs and other public sector entities. Excludes debt guaranteed
by the Government and debt originally guaranteed by other public sector entities for which the guarantee has been assumed by the Government. The table reflects debt of the Government only and does not include any other public sector debt.

(2) Amounts in original currencies were translated into U.S. dollars or pesos, using the Bangko Sentral's
reference exchange rates at the end of each period.

(3) Preliminary data as of November 30, 2022.

(4) Debt with original maturities of one year or longer.

(5) Debt with original maturities of less than one year.

*Source: Bureau of the Treasury, Department of Finance.* 

***Direct Domestic Debt of the Republic***

The following table summarizes the outstanding direct domestic debt of the Republic as of the dates indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Outstanding Direct Domestic Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Domestic Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Domestic Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Domestic Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Domestic Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Domestic Debt of the Republic<sup>(1)(2)</sup>** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(3)</sup>** |
|  | **(₱ in millions)** | **(₱ in millions)** | **(₱ in millions)** | **(₱ in millions)** | **(₱ in millions)** | **(₱ in millions)** |
|  Loans |  |  |  |  |  |  |
|  Direct | 156 | 156 | 156 | 156 | 540156 | 156 |
|  Assumed<sup>(4)</sup> | 792 | 792 | 792 | 792 | 0 | 0 |
|  Total loans | 948 | 948 | 948 | 948 | 540156 | 156 |
|  Securities |  |  |  |  |  |  |
|  Treasury bills | 314369 | 494306 | 486170 | 949479 | 796143 | 435374 |
|  Treasury notes/bonds | 4125942 | 4281605 | 4640482 | 5744260 | 7374115 | 8992437 |
|  Total securities | 4440312 | 4775911 | 5126652 | 6693739 | 8170414 | 9427967 |
|  Total debt | 4441260 | 4776859 | 7731290 | 9795006 | 11728549 | 13644164 |

---

------

Notes:

(1) Includes Government debt that is on-lent to GOCCs and other public sector entities. Excludes debt guaranteed
by the Government and debt originally guaranteed by other public sector entities for which the guarantee has been assumed by the Government. The table reflects debt of the Government only, and does not include any other public sector debt.

(2) Amounts in original currencies were translated into U.S. dollars or pesos, as applicable, using the Bangko
Sentral's reference exchange rates at the end of each period.

(3) Preliminary data as of November 30, 2022. Amounts in original currencies were translated into U.S.
dollars or pesos, as applicable, using Bangko Sentral's reference exchange rates as of December 1, 2022, which was the next business day following the end of the period indicated.

(4) Assumed loans of Development Bank of the Philippines, the National Development Company and the Philippine
National Bank.

*Source: Bureau of the Treasury, Department of Finance.* 

------

***Direct External Debt of the Republic***

The following table summarizes the outstanding direct external debt of the Republic as of the dates indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Outstanding Direct External Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct External Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct External Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct External Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct External Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct External Debt of the Republic<sup>(1)(2)</sup>** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022<sup>(3)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multilateral | 10709 | 11726 | 12793 | 19275 | 22574 | 25049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilateral | 6238 | 6289 | 6484 | 8042 | 8308 | 7957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial | 10 | 7 | 5 | 2 | 1 | 1 |
|  **Total loans** | 16957 | 18022 | 51252 | 27319 | 30883 | 41488 |
|  Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro Bonds | 0 | 0 | 841 | 2387 | 4609 | 4215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yen Bonds | 891 | 2316 | 3184 | 2388 | 1687 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippine Peso Notes | 2596 | 2467 | 2553 | 2700 | 1679 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chinese Yuan Bonds |  | 212 | 569 | 607 | 392 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Bonds | 23817 | 24842 | 24823 | 29161 | 30553 | 34611 |
|  **Total securities** | 27304 | 29838 | 31970 | 37243 | 38920 | 41487 |
|  **Total** | **44261** | **47860** | **51252** | **64562** | **69803** | **74494** |

---

------

Notes:

(1) Includes Government debt that is on-lent to GOCCs and other public sector entities. Excludes debt guaranteed
by the Government and debt originally guaranteed by other public sector entities for which the guarantee has been assumed by the Government. The table reflects debt of the Government only, and does not include any other public sector debt.

(2) Amounts in original currencies were translated into U.S. dollars using the applicable Bangko Sentral
reference exchange rates at the end of each period.

(3) Preliminary data as of November 30, 2022.

*Source: Bureau of the Treasury, Department of Finance.* 

The following table sets out the direct external debt service requirements of the Republic for the years indicated.

---

| | | | |
|:---|:---|:---|:---|
|  | **Direct External Debt Service Requirements of<br>the Republic<sup>(1)</sup>** | **Direct External Debt Service Requirements of<br>the Republic<sup>(1)</sup>** | **Direct External Debt Service Requirements of<br>the Republic<sup>(1)</sup>** |
|  | **Principal**<br> **Repayments** | **Interest**<br> **Payments** | **Total** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  **Year** |  |  |  |
| 2017<sup>(2)</sup> | 2813 | 2003 | 4816 |
| 2018<sup>(2)</sup> | 2114 | 2013 | 4127 |
| 2019<sup>(2)</sup> | 2637 | 2108 | 4746 |
| 2020<sup>(2)</sup> | 2832 | 1987 | 4819 |
| 2021<sup>(3)</sup> | 4816 | 1951 | 6767 |
| 2022<sup>(3)(4)</sup> | 2400 | 2197 | 4597 |
| 2023<sup>(3)(4)</sup> | 2235 | 2584 | 4819 |
| 2024<sup>(3)(4)</sup> | 3968 | 3548 | 7515 |

---

------

Notes:

(1) Excludes debt service in respect of Government debt that is on-lent to GOCCs and other public sector
entities or guaranteed by the Government, other than debt originally guaranteed other public sector entities for which the guarantee has been assumed by the Government.

(2) Amounts in original currencies were translated into U.S. dollars using the applicable Bangko Sentral
reference exchange rates prevailing on the date of payment.

(3) Amounts in original currencies were translated into U.S. dollars using the applicable Bangko Sentral
reference exchange rates prevailing on July 1, 2022.

(4) Projection based on outstanding balance as of December 31, 2021.

*Source: Bureau of the Treasury, Department of Finance.* 

***Government-Guaranteed Debt***

The following table sets out guarantees of indebtedness by the Republic, including guarantees assumed by the Government, as of the dates indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Summary of Outstanding Guarantees of the Republic<sup>(1)(2)</sup>** | **Summary of Outstanding Guarantees of the Republic<sup>(1)(2)</sup>** | **Summary of Outstanding Guarantees of the Republic<sup>(1)(2)</sup>** | **Summary of Outstanding Guarantees of the Republic<sup>(1)(2)</sup>** | **Summary of Outstanding Guarantees of the Republic<sup>(1)(2)</sup>** | **As of<br>November 30,<sup>(1)(3)</sup>** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of<br>November 30,<sup>(1)(3)</sup>** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
|  | **(in billions)** | **(in billions)** | **(in billions)** | **(in billions)** | **(in billions)** | **(in billions)** |
|  Total (₱) | 478.1 | 487.6 | 488.8 | 458.3 | 423.9 | 388.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic (₱) | 197.5 | 197.5 | 260.8 | 254.4 | 195.1 | 179.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External (₱) | 280.6 | 290.0 | 228.0 | 203.9 | 228.8 | 208.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External ($)<sup>(4)</sup> | 5.6 | 5.5 | 4.5 | 4.2 | 4.5<sup>(5)</sup> | 3.7<sup>(6)</sup> |

---

------

Notes:

(1) Includes debt originally guaranteed by the Government and debt guaranteed by other public sector entities
for which the guarantee has been assumed by the Government.

(2) Amounts in original currencies were translated into U.S. dollars or pesos, as applicable, using Bangko
Sentral's reference exchange rates at the end of each period.

(3) Based on preliminary data as of November 30, 2022.

(4) Amounts in original currencies were translated into U.S. dollars using the applicable Bangko Sentral
reference exchange rates as of the next business day following the end of the period indicated.

(5) Amounts in original currencies were translated into U.S. dollars using Bangko Sentral's reference
exchange rates as of January 3, 2022, which was the next business day following the end of the period indicated.

(6) Amounts in original currencies were translated into U.S. dollars using Bangko Sentral's reference
exchange rates as of December 1, 2022, which was the next business day following the end of the period indicated.

*Source: Bureau of the Treasury, Department of Finance.* 

------

***Payment History of Foreign Debt***

The following table sets out the outstanding foreign-currency bonds issued by the Republic as of the dates indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Foreign Currency Bonds Issued by the Republic<sup>(1)</sup>** | **Foreign Currency Bonds Issued by the Republic<sup>(1)</sup>** | **Foreign Currency Bonds Issued by the Republic<sup>(1)</sup>** | **Foreign Currency Bonds Issued by the Republic<sup>(1)</sup>** |
|  | **Original**<br>**Balance as of**<br>**Issue Date<sup>(2)</sup>** | **Outstanding**<br>**Balance as of**<br>**December 31,**<br>**2020<sup>(3)</sup>** | **Outstanding**<br>**Balance as of**<br>**December 31,<br>2021<sup>(4)</sup>** | **Outstanding**<br>**Balance as of**<br>**November 30,**<br>**2022<sup>(5)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  U.S. dollar bonds | 30938 | 29161 | 30553 | 34611 |
|  Chinese Yuan Bonds | 592 | 607 | 392 | 0 |
|  Euro Bonds | 2170 | 2387 | 4609 | 4215 |
|  Japanese yen bonds | 2256 | 2388 | 1687 | 1693 |
|  Total foreign-currency bonds | 35956 | 34543 | 37241 | 40519 |

---

------

Notes:

(1) Excludes debt securities of GOCCs and other public sector entities guaranteed by the Government.

(2) Represents the aggregate of the original balances as of the issue dates of foreign currency bonds
outstanding as of December 31, 2020. Amounts in original currencies were translated into U.S. dollars using the applicable Bangko Sentral reference exchange rates prevailing on the date of issuance.

(3) Amounts were translated into U.S. dollars using the applicable Bangko Sentral reference exchange rate as of
January 4, 2021.

(4) Amounts in original currencies were translated into U.S. dollars using Bangko Sentral's reference
exchange rates as of January 3, 2022, which was the next business day following the end of the period indicated.

(5) Amounts in original currencies were translated into U.S. dollars using Bangko Sentral's reference
exchange rates as of December 1, 2022, which was the next business day following the end of the period indicated.

*Source: Bureau of the Treasury, Department of Finance.*