TABLE 7

# A iMACROECONOMIC INDICATORS

MEKXlfO

|MEKXlfO|h196|19W7|1913|139394)|<br>1991|1993|1992|
|---|---|---|---|---|---|---|---|
|AVERAOEINFLATION(%)|3623|131.13|11416|2001|26.6b|2266|15.51|
|REALIPIFECTIVEEXCII.RATE (35-I00)I1)|30.53|30.71|100.76|1D6.43|113.89|1329.4|145.43|
|RESERVEMONEY(Lc.SMlLLIONS1|1444|1440_|10374|23012|31135|39797|45536|
|-NET DOMSTICCKEDIT|5946|-493|16013|19011|20112|5246|4370|
|-NPTFOREI1NASSPTS|2493|1U95|4051|4001|10953|34551|41166|
|INVESTMENT(0%GDP)(2)|18.54%|19.26%|2041%|21.41%|21.119%|22.36%|23.30%|
|NAIIONALSAVINGSI%GODP)(I)|11.00%|21.60%|1,110%|1830%|19.00%|17.60%|16.301|
|. PRIVATE CONSUMPTION<br>(%Qop)(2)|6b.45%|65.M4%|6941%|70.33%|70.16%|71 69%|72.20%|
|*GOV ERNTCONSUMPTION(%<br>GDP) (23|9.10%|3,79%|3.U4%|3.45%|3.42%|9.01%|10.10%|
|CURRENTACCOUNTDEFICIT(%GDP)(2)|0.54%|.2.34%|1.61%.|3.11%|2.39%|476%|7.00%|

l: BALANCE OF PAYMENTS SELECTED DATA Jim millions ofiudil) Mla;ICO RESERVES NET CHNG IN HLDS (3) SHORT TERM CAPITAL LONGTERMCAPITAL PORTFOLIOINVESTMENT NET DIRECT INVESThIIENT CAPITALACCOUNT BALANCE NETERRORSANDOMISSIONS

|39Y6|1927|193|1939|199|3993|312|
|---|---|---|---|---|---|---|
|232|-56H0|6790|121|-2020|-7620|.1930|
|694|-5049|-678|-936|2U45|3413|6235|
|_-272_|1193|-4950|-1194|E410|6917|730|
|-E16|-397|1680|433|-5360|9270|_14100_|
|1520|3250|2590|3040|2630|4760|5370|
|1130|-1000|-1360|1350|8530|24400|26400|
|453|2610|-2540|2790|390|-25W0|-1360|

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TABLE 3

# A: MACROELONOMIC INDICATOIRS

PHILIPPINES

|PHILIPPINES|1936|1937|19|1959|1990|1991|1992|
|---|---|---|---|---|---|---|---|
|AVERAGE INFLATION (A3|0.75|3.79|3.76|12.21|14.14|IE71|8.92|
|REAL EFFECTIVEEXCL RATE CS5-IOD) (3|78.03|71.8|69.83|74.93|72.9|71.93|79317|
|RESERVE MONEY (Le. S MILUONS)|52130|59420|69100|96000|112930|135E0|144840|
|* NETDOMESTICCREDIT|135416|191671|190681|204236|253526|204229|152610|
|-NETFOREIGNASSETS|-133236|-132251|-121SSI|-103236.|-140546|-68549|-7770|
|INVESTMENT(%GDP){2)|15.99%|17.96%|1.37%|21.35%|24.S6%|20.93%|2762%|
|NATIONALSAVINGS(%GDP)(2)|17.02%|19.5S%|20.51%|19.37%|3L62%|17.34%|1661%|
|-PRIVATECONSUMPTION<br>(% GDPP)<br>(2|7f96%|70.32%|69.53%|70.11%|71.70%|73.E4%|76.0S%|
|-GOVIERNICONSUMP11ON(%GDP)(2)|7.95%|B136%|3.99%|9.23%|10.17%|1024%|9.70%|
|CURRENT ACCOUNT DEFICITr (1GDP) (2)|-1.02%|-1.62%|-114%|_2AJ%_|6.24%|3.59%|6.00%|

# k BALANCE OF **PAYMENTS** SELECTED DATA

(in mumm or drdas) <!-- Start of picture text --> PIIILIPPINES 1936 1937 13 1939 199 3991 1992<br>RESERVES: NEr CHNG IN HLDGS (3) -1340 -144 -1010 -462 -167 -2080 -1640<br>SHORTTERM CAPITAL -1069 .246 -34 -70 350 1039 1417<br>LONDGTERM CAPITAL 1073 238 -331 Sal 1227 1233 1360<br>POILTFOUOINVESTMENT 13 19 50 Z80 -50 310 40<br>NET DIRECT INVESTMENT 127 307 936 S53 530 544 22B<br>CAPITALACCOUNTBALANCE 146 313 - 571 1350 2060 2930 3120<br>NET ERRORS AND OMISSIONS 33.7 67.9 493 402 593 -133 -5310<br><!-- End of picture text --> SDUce _Ntes_ 1MP Inlm _na FPudal smaics IMF BdmredfPaymel Stashitas (I)An int in Ikeinieis anrpicadan ofthe HRE (2)Campusedmairoupdoes. (3) A negv asem me_ a s - _iumin ms._