PHILIPPINES

SELECTED ECONOMIC AND FINANCIAL INDICATORS 03-Nov-23

Item 2017 2018 2019 2020 2021 2022 2022 2023

1
I. OUTPUT, EMPLOYMENT AND WAGES 1st Semester

A. GNI (constant 2018 prices; ₱ billion) 19084.2 20212.3 21299.0 18858.0 19179.4 21077.3 10087.0 11022.5
annual % change 6.8 5.9 5.4 -11.5 1.7 9.9 9.9 9.3
(constant 2018 prices; US$ billion) 2 362.4 383.8 404.5 358.1 364.2 400.2 191.5 209.3

B. GNI (current prices; ₱ billion) 18383.2 20212.3 21472.1 19312.0 20101.0 23322.8 10863.8 12554.8
annual % change 9.3 10.0 6.2 -10.1 4.1 16.0 15.3 15.6
(current prices; US$ billion) 364.7 383.8 414.6 389.2 408.1 428.1 208.6 227.2

C. GDP (constant 2018 prices; ₱ billion) 17176.0 18265.2 19382.8 17537.8 18540.1 19943.6 9600.9 10114.6
annual % change 6.9 6.3 6.1 -9.5 5.7 7.6 7.8 5.3
(constant 2018 prices; US$ billion) 2 326.2 346.8 368.1 333.0 352.1 378.7 182.3 192.1

D. GDP (current prices; ₱ billion) 16556.7 18265.2 19517.9 17951.6 19410.6 22024.5 10324.3 11486.5
annual % change 9.4 10.3 6.9 -8.0 8.1 13.5 12.9 11.3
(current prices; US$ billion) 328.5 346.8 376.8 361.8 394.1 404.3 198.2 207.9

E. GDP by Expenditure and Net Primary Income from the Rest of the World
(constant 2018 prices)
1. Household Final Consumption Expenditure (₱ billion) 12527.8 13250.1 14027.5 12911.4 13455.1 14570.2 6868.6 7278.9
annual % change 6.0 5.8 5.9 -8.0 4.2 8.3 9.3 6.0
% share to total GNI 65.6 65.6 65.9 68.5 70.2 69.1 68.1 66.0
% share to total GDP 72.9 72.5 72.4 73.6 72.6 73.1 71.5 72.0

2. Government Final Consumption Expenditure (₱ billion) 1939.9 2199.6 2399.9 2651.9 2842.7 2981.7 1576.5 1553.8
annual % change 6.5 13.4 9.1 10.5 7.2 4.9 7.6 -1.4
% share to total GNI 10.2 10.9 11.3 14.1 14.8 14.1 15.6 14.1
% share to total GDP 11.3 12.0 12.4 15.1 15.3 15.0 16.4 15.4

3. Gross Capital Formation (₱ billion) 4456.3 4959.1 5132.3 3375.8 4051.8 4609.3 2349.3 2475.0
annual % change 10.9 11.3 3.5 -34.2 20.0 13.8 17.4 5.4
(nominal % of GNI) 23.0 24.5 24.0 16.2 20.4 23.3 25.0 23.0
% share to total GNI 23.4 24.5 24.1 17.9 21.1 21.9 23.3 22.5
% share to total GDP 25.9 27.2 26.5 19.2 21.9 23.1 24.5 24.5

4. Exports (₱ billion) 4935.4 5518.6 5664.0 4749.7 5129.7 5688.7 2722.3 2791.4
annual % change 17.4 11.8 2.6 -16.1 8.0 10.9 7.6 2.5
% share to total GNI 25.9 27.3 26.6 25.2 26.7 27.0 27.0 25.3
% share to total GDP 28.7 30.2 29.2 27.1 27.7 28.5 28.4 27.6

5. Imports (₱ billion) 6683.4 7662.2 7841.0 6150.9 6939.2 7906.2 3918.8 4015.8
annual % change 15.1 14.6 2.3 -21.6 12.8 13.9 15.3 2.5
% share to total GNI 35.0 37.9 36.8 32.6 36.2 37.5 38.9 36.4
% share to total GDP 38.9 41.9 40.5 35.1 37.4 39.6 40.8 39.7

6. Net Primary Income from the Rest of the World

(₱ billion) 1908.2 1947.2 1916.3 1320.2 639.3 1133.7 486.1 907.9
annual % change 6.0 2.0 -1.6 -31.1 -51.6 77.3 81.8 86.8
% share to total GNI 10.0 9.6 9.0 7.0 3.3 5.4 4.8 8.2
% share to total GDP 11.1 10.7 9.9 7.5 3.4 5.7 5.1 9.0

F. GDP by Industry (constant 2018 prices)

1. Agriculture, Forestry and Fishing (₱ billion) 1743.1 1762.6 1783.9 1780.4 1775.2 1783.5 851.7 862.1
annual % change 4.2 1.1 1.2 -0.2 -0.3 0.5 0.2 1.2
% share to total GNI 9.1 8.7 8.4 9.4 9.3 8.5 8.4 7.8
% share to total GDP 10.1 9.7 9.2 10.2 9.6 8.9 8.9 8.5

Classification: GENERAL
 PHILIPPINES
SELECTED ECONOMIC AND FINANCIAL INDICATORS 03-Nov-23
page 2
Item 2017 2018 2019 2020 2021 2022 2022 2023

I. OUTPUT, EMPLOYMENT AND WAGES 1 (cont'd)

1st Semester
F. GDP by Industry (constant 2018 prices)
2. Industry (₱ billion) 5202.6 5582.5 5887.9 5115.3 5551.6 5914.7 2934.4 3021.8
annual % change 7.0 7.3 5.5 -13.1 8.5 6.5 8.0 3.0
% share to total GNI 27.3 27.6 27.6 27.1 28.9 28.1 29.1 27.4
% share to total GDP 30.3 30.6 30.4 29.2 29.9 29.7 30.6 29.9
of which:
Manufacturing (₱ billion) 3317.6 3488.3 3620.5 3266.3 3556.4 3730.4 1872.2 1901.3
annual % change 8.0 5.1 3.8 -9.8 8.9 4.9 5.9 1.6
Construction (₱ billion) 1201.7 1373.8 1507.2 1122.3 1235.1 1384.9 665.4 707.9
annual % change 6.1 14.3 9.7 -25.5 10.1 12.1 16.5 6.4

3. Services (₱ billion) 10230.3 10920.0 11711.0 10642.1 11213.3 12245.4 5814.9 6230.7
annual % change 7.4 6.7 7.2 -9.1 5.4 9.2 8.8 7.2
% share to total GNI 53.6 54.0 55.0 56.4 58.5 58.1 57.6 56.5
% share to total GDP 59.6 59.8 60.4 60.7 60.5 61.4 60.6 61.6
of which:
Trade (₱ billion) 3057.6 3237.3 3489.3 3275.5 3413.9 3710.9 1608.6 1705.1
annual % change 6.9 5.9 7.8 -6.1 4.2 8.7 8.4 6.0
Finance and Real Estate (₱ billion) 2511.6 2687.8 2914.9 2801.2 2908.5 3096.9 1546.0 1631.4
annual % change 7.1 7.0 8.4 -3.9 3.8 6.5 5.5 5.5
Annualized
G. Per Capita GNI (constant 2018 prices; ₱) 183204 191124 198522 173372 174044 188912 188938 182017
annual % change 5.2 4.3 3.9 -12.7 0.4 8.5 -3.7
(current prices; ₱) 176474 191124 200135 177546 182407 209038 207616 213003
annual % change 7.6 8.3 4.7 -11.3 2.7 14.6 2.6

H. Per Capita GDP (constant 2018 prices; ₱) 164885 172712 180661 161235 168242 178751 179056 166042
annual % change 5.2 4.7 4.6 -10.8 4.3 6.2 -7.3
(current prices; ₱) 158940 172712 181920 165039 176142 197401 196441 217019
annual % change 7.7 8.7 5.3 -9.3 6.7 12.1 10.5

I. Per Capita GNI (constant 2018 prices; US$) 3479 3629 3770 3292 3305 3587 3588 3456
annual % change 5.2 4.3 3.9 -12.7 0.4 8.5 -3.7
(current prices; US$) 3501 3629 3864 3578 3703 3837 3986 3855
annual % change 1.4 3.7 6.5 -7.4 3.5 3.6 -3.3

J. Per Capita GDP (constant 2018 prices; US$) 3131 3280 3431 3062 3195 3394 3400 3153
annual % change 5.2 4.7 4.6 -10.8 4.3 6.2 -7.3
(current prices; US$) 3153 3280 3512 3326 3576 3624 3772 3928
annual % change 1.5 4.0 7.1 -5.3 7.5 1.3 4.1

K. Per Capita GNI, PPP concept (current prices; US$) 3 9104 9732 10302 9108 9559 11116 11040 11181
annual % changer 5.2 6.9 5.9 -11.6 4.9 16.3 1.3

L. Per Capita GDP, PPP concept (current prices; US$) 3 8199 8795 9365 8467 9230 10497 10446 11392
annual % changer 5.3 7.3 6.5 -9.6 9.0 13.7 9.1

M. Savings Rate 4 31.7 30.3 28.7 22.9 19.3 21.0

N. Population (million persons) 5 104.2 105.8 107.3 108.8 110.2 111.6 111.6 112.9
annual % change 1.6 1.5 1.4 1.4 1.3 1.2 1.2

Classification: GENERAL
 PHILIPPINES
SELECTED ECONOMIC AND FINANCIAL INDICATORS 03-Nov-23

page 3
Item

2017 2018 2019 2020 2021 2022 2022 2023

I. OUTPUT, EMPLOYMENT AND WAGES 1 (cont'd)
Aug
O. Unemployment Rate (%) 6 5.7 5.3 5.1 10.3 7.8 5.4
p
5.3 4.4
p

P. Wage Rates: Legislated Daily Wage Rate of

Non-Agricultural Workers in Metro Manila Nov Sep
Nominal; ₱; end-of-period 512.00 537.00 537.00 537.00 537.00 570.00 570.00 610.00
Real; ₱; end-of-period 7 529.50 530.63 516.84 505.65 495.39 488.85 500.44 504.99
Jan - Aug
Q. Average Capacity Utilization Rate (%) 8 83.8 74.6 71.3 59.9 65.8 71.1 70.6 73.2
p

II. PRICES
Jan - Nov Jan - Sep
A. Headline Inflation, Philippines (2018=100) 9 2.9 5.2 2.4 2.4 3.9 5.8 5.1 6.6
of which: Food and Non-Alcoholic Beverages 3.1 6.9 1.7 2.9 4.2 5.9 4.5 8.5
Alcoholic Beverages and Tobacco 6.9 20.0 12.0 15.4 9.7 7.9 7.0 11.3
Non-Food 2.6 3.5 2.5 1.6 3.6 5.7 5.4 5.0
National Capital Region (NCR) (all items; average % change) 3.7 5.5 2.4 1.6 2.8 5.1 4.3 6.8
Areas Outside NCR (AONCR) (all items; average % change) 2.6 5.1 2.4 2.5 4.3 6.0 5.3 6.4
Purchasing Power of the Peso 1.05 1.00 0.98 0.95 0.92 0.87 0.88 0.82

B. Core Inflation (2018=100) - - 3.4 3.4 3.0 3.9 3.1 7.2

1st Semester
C. GDP Deflator (% change) 2.3 3.7 0.7 1.7 2.3 5.5 4.8 5.6

2019 2020 2021 2022 2023

D. Residential Real Estate Price Index 10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
annual % change 3.2 0.8 10.4 10.4 12.6 26.6 -0.4 0.8 -4.2 -9.4 6.3 4.9 5.7 2.6 6.5 7.7 10.2 14.1

2017 2018 2019 2020 2021 2022 2022 2023

III. STOCK MARKET TRANSACTIONS
Jan - Oct
p
A. Volume (total, million shares) 440547 403847 332304 1462521 2756188 334202 292979 249544
Latest
p
B. Value (total, ₱ million) 1958364 1736822 1772579 1770899 2232520 1788695 1421731 1310710 Available Data
3 Nov '23
C. Composite Index (average) 7851 7745 7906 6358 6854 6676 6717 6521 5989
Dec Sep
D. Stock Market Capitalization (₱ billion) 11 17583 16147 16705 15889 18081 16558 15319 16703

E. Price-Earnings Ratio 11, 12 21.2 17.9 16.1 24.9 22.1 14.5 13.9 13.6

IV. EXTERNAL SECTOR Latest

Available Data
A. Peso-Dollar Rate (₱/US$) Jan - Dec Jan - Oct 1-3 Nov '23
(period average) 50.404 52.661 51.796 49.624 49.255 54.478 54.040 55.616 56.808
(% appreciation(+)/depreciation(-)) -5.78 -4.29 1.67 4.38 0.75 -9.59 -9.24 -2.83
3 Nov'23
(end-of-period) 49.923 52.724 50.744 48.036 50.774 56.120 58.288 56.903 56.808
(% appreciation(+)/depreciation(-)) -0.22 -5.31 3.90 5.64 -5.39 -9.53 -12.90 2.43
1-26 Oct '23
Standard Deviation (volatility) 0.5867 1.0107 0.640 1.0884 1.0792 2.6219 2.6159 0.8485 0.0789

B. New Effective Exchange Rate Index of the Peso 13 Jan - Nov

Nominal Effective Exchange Rate Index (NEERI) Jan - Aug Jan - Sep
Overall 14.13 13.29 13.77 14.31 14.10 13.63 13.70 13.59
Advanced 11.51 10.83 11.15 11.50 11.55 11.52 11.58 11.46
Developing 22.54 21.21 22.04 23.02 22.45 21.36 21.46 21.33
Real Effective Exchange Rate Index (REERI)
Overall 87.79 85.42 89.20 94.26 94.76 92.86 93.31 95.66
(% appreciation(+)/depreciation(-)) -4.53 -2.71 4.42 5.68 0.53 -2.00 -2.51 2.52
Advanced 83.72 81.48 84.90 89.19 91.02 90.63 91.54 92.24
(% appreciation(+)/depreciation(-)) -3.75 -2.67 4.20 5.06 2.05 -0.43 -0.47 0.76
Developing 114.07 110.96 116.01 122.99 122.67 119.25 119.52 123.61
(% appreciation(+)/depreciation(-)) -5.00 -2.72 4.55 6.02 -0.27 -2.78 -3.52 3.42

14
C. World Real GDP Growth (%) 3.8 3.6 2.8 -2.8 6.3 3.4

Classification: GENERAL
 PHILIPPINES
SELECTED ECONOMIC AND FINANCIAL INDICATORS 03-Nov-23

page 4
Item 2017 2018 2019 2020 2021 2022 2022 2023

IV. EXTERNAL SECTOR (cont'd)

Jan-Jun
p p p
D. Current Account Balance (US$ million) 15 -2143 -8877 -3047 11578 -5943 -18116 -12120 -8213
p p p
(% of GNI) -0.6 -2.3 -0.7 3.0 -1.5 -4.2 -5.8 -3.6
p p p
(% of GDP) -0.7 -2.6 -0.8 3.2 -1.5 -4.5 -6.1 -4.0
Jan-Aug
15, 16 p,a p,a
E. Trade Balance (US$ million) -40215 -50972 -49312 -33775 -52806 -69682 -41863 -36306

p,a p,a
F. Exports (Goods; US$ million) 15, 16 51814 51977 53477 48212 54228 57726 51184 47811
p,a p,a
(% change) 21.2 0.3 2.9 -9.8 12.5 6.5 4.4 -6.6
Jan-Jun
p,a p,a
(% of GDP) 15.8 15.0 14.2 13.3 13.8 14.3 19.4 16.8
Jan-Aug
p,a p,a
G. Imports (Goods; US$ million) 15, 16 92029 102949 102788 81987 107034 127408 93048 84117
p,a p,a
(% change) 17.6 11.9 -0.2 -20.2 30.5 19.0 26.1 -9.6
Jan-Jun
p,a p.,a
(% of GDP) 28.0 29.7 27.3 22.7 27.2 31.5 34.5 30.3

H. Cash Remittances (US$ million) Jan-Aug

p p p
(coursed through banks) 28060 28943 30133 29903 31418 32539 20985 21581
p p p
(% change) 4.3 3.1 4.1 -0.8 5.1 3.6 3.0 2.8

p p p
Personal remittances 17 31288 32213 33467 33194 34884 36136 23343 24013
p p p
(% change) 5.3 3.0 3.9 -0.8 5.1 3.6 3.0 2.9

p p p p p
Deployment (thousand persons) 2045 1989 2157 550 743 1205
p p p p p
(% change) -3.2 -2.7 8.4 -74.5 35.1 62.3
Jan-Jun
p p p
I. Investments, Net (US$ million) 15, 18 -2798 -9332 -8034 -6906 -6433 -12896 -7689 -8360
p p p
of which: Net Direct Investments -6952 -5833 -5320 -3260 -9732 -5380 -3023 -2065
p p p
Net Portfolio Investments 2454 1448 -2474 -1680 10237 -1309 -136 117
p p p
Financial Derivatives -51 -53 -173 -199 49 -48 -24 -52
p p p
Other Investments 1750 -4894 -67 -1767 -6987 -6158 -4506 -6360

Memo items: Jan-Jul

Net Foreign Direct Investments 19 10256 9949 8671 6822 11983 9366 p
5469 p
4664 p

p p p
Net Foreign Portfolio Investments 20 -796 3292 4876 8246 -2428 1000 -241 320
Jan-Sep

J. Overall BOP Position (US$ million) 21 -863 -2306 7843 16022 1345 -7263 -7831 1736

K. Net International Reserves, (MA-NIR) End-Sep

(end-of-period; US$ million) 81567 79189 87836 110115 108792 96130 92977 98078

L. Total Foreign Assets, BSP-GIR (end-of-period, US$ million) 81570 79193 87840 110117 108794 96149 93000 98116
(in months of imports of goods & payment

for services and income) 22 7.8 6.9 7.6 12.3 9.7 7.2 7.0 7.3

as a % of short-term debt based on Original Maturity 23 571.4 492.9 510.5 775.0 721.0 578.5 567.8 566.6

as a % of short-term debt based on Residual Maturity 24 419.3 364.9 396.5 520.2 545.8 384.3 379.7 360.2

End-Jun
M. External Debt (end-of-period; US$ million) 25 73098 78960 83618 98488 106428 111268 107692 117918
p p p
(% of GNI) 20.0 20.6 20.2 25.3 26.1 26.0 25.6 26.4
p p p
(% of GDP) 22.3 22.8 22.2 27.2 27.0 27.5 26.8 28.5

N. External Debt Service Ratio (%) Jan-Jul

p p p
(% of exports of goods and receipts from services and income) 15 6.2 6.6 6.7 6.7 7.5 5.7 4.6 10.2
p p p
(% of current account receipts) 5.9 6.2 6.4 6.3 7.0 5.4 4.4 9.7
Jan-Jun
p p p
O. External Debt Service Burden (% of GDP) 2.2 2.3 2.3 2.1 2.3 1.9 1.5 3.6
p p p
P. Foreign Interest Payments (% of GDP) 0.8 0.8 0.8 0.7 0.5 0.7 0.5 1.6
p p p
Q. Principal Payments (% of GDP) 1.5 1.5 1.5 1.4 1.8 1.2 0.9 2.0

Classification: GENERAL
#
 PHILIPPINES
SELECTED ECONOMIC AND FINANCIAL INDICATORS 03-Nov-23

page 5
Item

V. SURVEYS 2019 2020 2021 2022 2023

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
A. Business Confidence Index 26 35.2 40.5 37.3 40.2 22.3 - -5.3 10.6 17.4 1.4 -5.6 39.7 32.9 35.4 26.1 23.9 34.0 40.8 35.8

B. Consumer Confidence Index 27 -0.5 -1.3 4.6 1.3 1.3 - -54.5 -47.9 -34.7 -30.9 -19.3 -24.0 -15.1 -5.2 -12.9 -14.6 -10.4 -10.5 -9.6
2022 2023
28
C. Philippines' Purchasing Managers' Index Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Philippine Institute for Supply Management (PISM)
p
Overall 47.1 52.3 60.1 56.4 54.7 56.0 53.6 52.6 51.9 51.6 52.4 56.0 53.7 52.3 52.8 54.3 52.5 52.4 48.7 52.2 51.9
p
Manufacturing 53.3 55.0 58.8 53.7 51.9 53.0 51.4 50.6 50.2 50.1 51.4 54.5 54.4 51.6 53.5 51.5 51.7 52.1 48.8 51.2 52.8
p
Services 45.1 51.1 63.2 58.5 56.0 60.2 56.3 54.1 53.1 52.8 53.2 56.5 53.7 54.9 53.4 56.9 54.0 53.0 48.8 53.0 53.2
p
Retail and Wholesale 46.0 52.0 56.5 54.5 55.2 50.4 50.5 52.0 51.6 51.3 51.6 54.1 53.8 49.5 51.3 51.6 50.2 51.0 48.4 51.8 48.7
S&P Global (formerly IHS Markit) 50.0 52.8 53.2 54.3 54.1 53.8 50.8 51.2 52.9 52.6 52.7 53.1 53.5 52.7 52.5 51.4 52.2 50.9 51.9 49.7 50.6
Manufacturing
VI. POVERTY AND SAVINGS 2019 2020 2021 2022 2023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
A. Percentage of Households with Savings 29 36.6 35.2 37.5 36.3 37.8 - 24.7 25.0 28.2 28.3 25.2 30.2 31.1 29.7 27.5 30.5 32.9 30.2 32.8

B. Percentage of Households with Savings 23.4 23.6 25.1 25.2 28.0 - 17.5 18.5 20.1 19.4 17.0 20.8 22.1 20.6 23.6 23.4 27.2 23.2 24.1
in Banks 29

C. CPI for Bottom 30% Income Households 2018 2019 2020 2021 2022 2019 2020 2021 2022 2023
in the Philippines (2018=100) 30 Jan - Sep

Philippines 100.0 101.9 104.5 108.9 116.1 101.7 104.1 108.6 114.8 123.2
(% change) 1.9 2.6 4.2 6.6 2.5 2.3 4.3 5.7 7.3
Food 100.0 100.4 102.3 106.1 112.9 100.4 101.9 105.9 111.5 121.1
(% change) 0.4 1.9 3.7 6.4 1.4 1.5 3.9 5.3 8.6
Non-Food 100.0 102.7 105.2 110.0 117.4 102.4 104.7 109.4 116.2 122.6
(% change) 2.6 2.5 4.6 6.8 2.9 2.2 4.5 6.2 5.5

NCR 100.0 102.3 104.5 107.6 113.2 102.0 103.9 107.3 111.7 120.6
(% change) 2.3 2.2 2.9 5.2 2.6 1.9 3.3 4.1 7.9
Food 100.0 101.6 105.2 108.9 115.3 101.0 103.9 109.0 113.2 123.3
(% change) 1.6 3.6 3.5 5.9 1.7 2.9 4.9 3.9 8.9
Non-Food 100.0 102.5 103.4 105.9 110.9 102.4 103.2 105.3 109.9 118.0
(% change) 2.4 0.9 2.4 4.8 2.9 0.7 2.1 4.3 7.3

AONCR 100.0 101.9 104.5 109.0 116.2 101.7 104.1 108.7 114.9 123.3
(% change) 1.9 2.6 4.3 6.6 2.5 2.3 4.4 5.7 7.3
Food 100.0 100.4 102.2 106.0 112.8 100.4 101.9 105.8 111.5 121.0
(% change) 0.3 1.8 3.8 6.4 1.4 1.5 3.9 5.3 8.6
Non-Food 100.0 102.7 105.3 110.2 117.8 102.4 104.8 109.6 116.6 122.9
(% change) 2.7 2.5 4.7 6.9 3.0 2.3 4.6 6.3 5.4

D. Annual Per Capita Poverty Incidence and 2018 2021

Threshold (population) 31
Poverty Incidence (PI), % 16.7 18.1

Per Capita Poverty Threshold, ₱ 25813 28871

First semester estimates
Per Capita Food Threshold, ₱ 18126 20111

Classification: GENERAL
 PHILIPPINES
SELECTED ECONOMIC AND FINANCIAL INDICATORS 03-Nov-23

page 6
Item 2017 2018 2019 2020 2021 2022 2022 2023

VII. INTEREST RATES (% p.a., average)

Latest
A. Nominal Interest Rates Available Data
32
1. T-Bills Jan - Oct 18 Aug '20
35-day … … … 1.87 … … … … 1.16
31 Oct '23
91-day 2.15 3.54 4.67 2.02 1.11 1.86 1.53 5.37 6.34
182-day 2.50 4.49 5.06 2.26 1.43 2.36 2.17 5.72 6.46
364-day 2.88 5.14 5.23 2.42 1.69 2.47 2.29 5.98 6.59
Jan - Sep 18 Oct '23 ^
33 p p p p p p
2. Time Deposits (all maturities) 1.81 3.16 4.07 1.16 0.46 1.62 1.00 4.14 4.42

3. Lending Rates 33
p,r p p p p p
High 6.49 7.11 8.02 10.49 9.96 10.70 10.45 11.98 11.87
p p p p p p
Low 4.14 4.57 5.50 5.96 5.58 5.69 5.40 7.50 7.35

33 p p p p p
4. Bank Ave. Lending Rates (all maturities) 5.63 6.14 7.09 7.04 6.07 5.99 5.80 7.42

5. BSP Rates 34 Oct

Overnight Lending Facility (OLF)^^ 3.50 4.58 5.00 4.06 2.50 2.66 - - 30 Oct-3 Nov '23
Overnight Reverse Repurchase (ON RRP)^^ 3.00 3.63 4.41 2.73 2.00 3.07 .. 6.15 6.38
Overnight Deposit Facility (ODF)^^ 2.50 2.92 3.80 2.05 1.50 2.37 - -
Term Deposit Facility (TDF) 3 Nov '23
7-day WAIR 3.23 3.84 4.53 2.12 1.72 3.22 4.63 6.43 6.57
14-day WAIR - 3.92 4.57 2.04 1.76 2.89 4.69 6.45 6.59
28-day WAIR 3.45 3.94 4.52 2.71 … … … … …

BSP Securities 35 27 Oct '23

28-day WAIR … … … 1.84 1.77 3.34 4.97 6.76 6.83
56-day WAIR … … … … … … … 6.77 6.81

B. Real Interest Rates 36

1. T-Bills 32 Jan - Sep
35-day …. …. …. -0.53 …. …. …. ….
91-day -0.75 -1.66 2.27 -0.38 -2.79 -3.94 -3.63 -1.32
182-day -0.40 -0.71 2.66 -0.14 -2.47 -3.44 -3.01 -0.94
364-day -0.02 -0.06 2.83 0.02 -2.21 -3.33 -2.85 -0.66

2. Time Deposits (all maturities) 33

p p p p p
-1.09 -2.04 1.67 -1.24 -3.44 -4.18 -4.10 -2.46

3. Lending Rates 33
p,r p p p p
High 3.59 1.91 5.62 8.09 6.06 4.90 5.35 5.38
p p p p p
Low 1.24 -0.63 3.10 3.56 1.68 -0.11 0.30 0.90

33 p p p p p
4. Bank Ave. Lending Rates (all maturities) 2.73 0.94 4.69 4.64 2.17 0.19 0.70 0.82

34
5. BSP Rates Sep
Overnight Lending Facility (OLF) 0.60 -0.62 2.60 0.76 -0.60 -5.44 -2.40 0.65
Overnight Reverse Repurchase (ON RRP) 0.10 -1.58 2.01 -0.57 -1.10 -5.03 -3.02 0.08
Overnight Deposit Facility (ODF) -0.40 -2.28 1.40 -1.25 -1.60 -5.73 -3.53 -0.35
Term Deposit Facility (TDF)
7-day WAIR 0.33 -1.36 2.13 -1.18 -1.38 -4.88 -2.88 0.40
14-day WAIR - -1.28 2.17 -1.26 -1.34 -5.21 -2.81 0.41
28-day WAIR 0.55 -1.26 2.12 -0.59 …. …. …. ….

BSP Securities 35
28-day WAIR …. …. …. -1.46 -1.33 -4.76 -2.62 0.62
56-day WAIR …. …. …. …. …. …. …. 0.62

^
Data refers to the latest available bank report for the week ending Wednesday.
^^
Upon the shift to a variable-rate auction format for the Overnight RRP, the BSP now signals its monetary policy stance through the
Target RRP Rate while the ON RRP Rate was introduced as the formal operational target. On 26 October 2023, the Monetary Board decided
to raise the Target RRP Rate to 6.50 percent effective 27 October 2023. Correspondingly, the ODF Rate and OLF Rate were raised to 6.00
percent, and 7.00 percent, respectively.
^^ Beginning 18 September 2020, the BSP has offered BSP Securities as part of its initiative to shift to more market-based monetary operations. The inclusion of

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Item 2018 2019 2020 2021 2022 2022 2023

VIII. MONETARY AGGREGATES 37, 38

A. Reserve Money End-Sep

p
(₱ billion) 3338 3238 3402 3599 3781 3485 3635
(% change) 6.4 -3.0 5.1 5.8 5.1 10.7 4.3

39
B. Base Money
(₱ billion) 3340 3238 3599 3873
(% change) 6.4 -3.0 11.1 7.6

C. Narrow Money (M1) End-Aug

p p
(₱ billion) 3889 4500 5456 6200 6623 6312 6465
(% change) 9.5 15.7 21.2 13.6 6.8 11.1 2.4

D. Broad Money (M3)

p p
(₱ billion) 11643 12976 14222 15343 16381 15417 16467
(% change) 9.5 11.5 9.6 7.9 6.8 6.7 6.8
End-Jun
p
(% to GDP) 63.7 66.5 79.2 79.0 74.4 74.9 70.5

E. Expanded Liquidity (M4) 40 End-Aug

p p
(₱ billion) 13610 14950 16244 17541 18913 17845 19126
(% change) 9.0 9.8 8.7 8.0 7.8 7.6 7.2
End-Jun
p
(% to GDP) 74.5 76.6 90.5 90.4 85.9 86.6 81.6

F. Domestic Claims End-Aug

p p
(₱ billion) 12035 13318 13943 15082 17015 15929 17370
(% change) 14.9 10.7 4.7 8.2 12.8 11.4 9.1
End-Jun
p
(% to GDP) 65.9 68.2 77.7 77.7 77.3 75.8 74.2

1. Net Claims on Central Government End-Aug

p p
Nominal: ₱ billion 1911 2364 3087 3762 4544 4091 4692
(% change) 16.9 23.7 30.6 21.9 20.8 21.2 14.7
Real: ₱ billion 41 1885 2277 2879 3404 3806 p
3517 3830 p

(% change) 11.1 20.8 26.4 18.2 11.8 14.0 8.9

2. Claims on Other Sectors

p p
Nominal: ₱ billion 10124 10954 10856 11321 12471 11838 12678
(% change) 14.5 8.2 -0.9 4.3 10.2 8.4 7.1
Real: ₱ billion 41
p p
9984 10553 10127 10245 10445 10179 10350
(% change) 8.9 5.7 -4.0 1.2 2.0 1.9 1.7

G. Foreign Currency Deposits (resident)

p p
(₱ billion) 1967 1974 2023 2197 2531 2428 2659
(% change) 6.3 0.3 2.5 8.6 15.2 13.2 9.5

H. Total Loans Outstanding - U/KBs

1. Gross of RRPs (₱ billion) 8584 9509 9442 9892 11206 10604 11454
(% change) 14.8 10.8 -0.7 4.8 13.3 11.8 8.0
2. Net of RRPs (₱ billion) 8333 9243 9176 9613 10931 10327 11071
(% change) 15.7 10.9 -0.7 4.8 13.7 12.2 7.2

#
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Item 2017 2018 2019 2020 2021 2022 2022 2023

VIII. MONETARY AGGREGATES (cont'd)

End - Aug
42 p
I. Non-Performing Loans - U/KBs (₱ billion) 98 114 157 309 372 337 353 373
% of total loans 1.2 1.3 1.6 3.1 3.6 2.9 3.2 3.1
End - Mar
p p
J. Capital Adequacy Ratio (Consolidated) - U/KBs 15.0 15.4 16.0 17.1 17.1 16.1 16.8 16.4

End - Aug
p p
K. Total Resources of the Financial System 23932 25945 28242 31777 33933 36054 34586 36373
43
(₱ billion; includes BSP)

L. Total Loans Portfolio, gross of IBCL, 44

p
net of amortization - PBS (₱ billion) 8866 10078 10966 10873 11391 12625 11843 12965
(% change) 16.5 13.7 8.8 -0.9 4.8 10.8 8.7 9.5

p
M. Deposit Liabilities - PBS (₱ billion) 11727 12764 13669 14895 16241 17770 16578 17906
(% change) 11.6 8.8 7.1 9.0 9.0 9.4 7.2 8.0

Loans-to-Deposits Ratio - PBS 45

p
75.6 79.0 80.2 73.0 70.1 71.0 71.4 72.4

IX. PUBLIC FINANCE

A. Total Outstanding Debt of the NG End - Sep

(₱ billion) 46 6652 7293 7731 9795 11729 13419 13517 14269
End - Jun
(% to GDP) 40.2 39.9 39.6 54.6 60.4 60.9 62.1 61.0
End - Sep
Domestic Debt (₱ billion) 4441 4777 5128 6695 8170 9208 9301 9734
End - Jun
(% to GDP) 26.8 26.2 26.3 37.3 42.1 41.8 42.6 41.8
End - Sep
External Debt (₱ billion) 2211 2516 2604 3100 3558 4210 4216 4534
End - Jun
(% to GDP) 13.4 13.8 13.3 17.3 18.3 19.1 19.5 19.2

47
B. Total Public Sector Debt (₱ billion) 8393 8957 9275 10119 11255 13145
(% to GDP) 50.7 49.0 47.5 56.4 58.0 59.7

Domestic (₱ billion) 5831 6065 6308 6712 7315 8539

(% to GDP) 35.2 33.2 32.3 37.4 37.7 38.8

Foreign (₱ billion) 2562 2892 2967 3407 3940 4606

(% to GDP) 15.5 15.8 15.2 19.0 20.3 20.9

Jan - Sep P
C. NG Debt Service Payments (₱ billion) 453 463 500 626 756 700 548 581

Interest 311 349 361 380 429 503 400 460

Principal 143 114 139 246 327 197 148 121

#
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Item 2017 2018 2019 2020 2021 2022 2022 2023

IX. PUBLIC FINANCE (cont'd)

D. National Government (NG) (₱ billion) Jan - Sep P

Revenues, of which: 2473 2850 3137 2856 3006 3546 2657 2838
Jan - Jun P
(% to GDP) 14.9 15.6 16.1 15.9 15.5 16.1 16.7 16.2
Jan - Sep P
Tax 2251 2566 2828 2504 2743 3220 2389 2541
Jan - Jun P
(% to GDP) 13.6 14.0 14.5 14.0 14.1 14.6 14.9 14.5
Jan - Sep P
Non-Tax including Grants 222 284 310 352 263 325 268 297

Expenditures: 2824 3408 3798 4227 4676 5160 3670 3821

Jan - Jun P
(% to GDP) 17.1 18.7 19.5 23.5 24.1 23.4 23.3 21.0
Jan - Sep P
Surplus (+)/Deficit (-) -351 -558 -660 -1371 -1670 -1614 -1013 -983
Jan - Jun P
(% to GDP) -2.1 -3.1 -3.4 -7.6 -8.6 -7.3 -6.5 -4.8

E. Sources of Financing the NG Deficit 48 Jan - Sep P

Borrowings (net) 759 783 876 2495 2252 1966 1676 1661
Domestic (net) (₱ billion) 731 592 691 1894 1921 1577 1412 1344
(% to total NG deficit) 208.6 106.0 104.7 138.1 115.0 97.7 139.4 136.6
Jan - Jun P
(% to GDP) 4.4 3.2 3.5 10.6 9.9 7.2 7.2 8.9
Jan - Sep P
External (net) (₱ billion) 28 192 185 601 331 390 264 318
(% to total NG deficit) 7.9 34.3 28.0 43.8 19.8 24.1 26.1 32.3
Jan - Jun P
(% to GDP) 0.2 1.0 0.9 3.3 1.7 1.8 2.7 2.6
Jan - Sep P
Change in Cash (₱ billion) 255 -53 -225 702 66 -119 718 201
(% to total NG deficit) 72.8 -9.4 -34.0 51.2 4.0 -7.4 70.9 20.5
Jan - Jun P
(% to GDP) 1.5 -0.3 -1.2 3.9 0.3 -0.5 8.2 6.8
Jan - Sep P
Financing Mix (external: domestic) 49 19:81 34:66 32:68 27:73 22:78 24:76 19:81 23:77
Jan - Jun P
F. NG Interest Payments as % to GDP 1.9 1.9 1.8 2.1 2.2 2.3 2.5 2.5

G. Public Sector Borrowing Requirement (₱ billion) -308 -547 -640 -1351 -1616 -1557

(% to GDP) -1.9 -3.0 -3.3 -7.5 -8.3 -7.1

H. Consolidated Public Sector Financial Position (CPSFP) 50

Total Surplus (+)/Deficit (-) (₱ billion) 10 -155 -245 -976 -1092 -830

(% to GDP) 0.1 -0.9 -1.3 -5.4 -5.6 -3.8

#
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FOOTNOTES:

1 The PSA released the Revised and Rebased to 2018 National Accounts of the Philippines (NAP) on 20 April 2020. The salient
features of the revision and rebasing are as follows: adoption of the 2008 System of National Accounts (SNA) recommendations
and latest classification systems (i.e., 2009 Philippine Standard Industrial Classification, 2015 Philippine Standard Commodity
Classification, 2009 Philippine Classification of Individual Consumption According to Purpose, 2018 Philippine Standard
Geographic Code); inclusion of new industries and expenditure commodities (i.e., information and communication,
accommodation and food service activities, education, human health and social work activities, valuables, newly-highlighted
export and import commodities); and updating of the base year to 2018.

2 Derived by dividing the peso Gross National Income (GNI) and Gross Domestic Product (GDP) at constant prices with the
peso/US$ rate corresponding to the base year (i.e., P52.6614 in 2018).

3 Data are derived by dividing nominal per capita GDP/GNI in pesos by the implied Purchasing-Power-Parity (PPP) conversion
rate of the International Monetary Fund World Economic Outlook (IMF WEO) as of April 2023. The GDP-PPP weights are based
on benchmark surveys of national prices from 2011 released by the World Bank as part of the United Nation's International
Comparison Project. Data on per capita GDP starting 2000 in the IMF WEO may differ slightly from the SEFI figures inasmuch
as the latter is based on the revised historical Philippine Statistics Authority (PSA) numbers on national accounts as of
November 2020.

4 Gross national saving in percent of GNI at current prices; per PSA's consolidated accounts as of June 2023.

5 Population estimates prior to 2009 are based on the PSA’s population projections using the 2000, 1990 and 1980 Census of
Population and Housing (CPH) data. Figures for 2009-2011 are the PSA’s estimates using the 2000 and 2010 CPH as start and
end dates of the reference population. Figures for 2007 to present are estimates by the DES staff based on the revised and
rebased to 2018 National Accounts data.

6 The Labor Force Survey (LFS) was originally conducted on a quarterly basis (i.e., January, April, July and October), with a sample
size of approximately 44,000 households. From April 2016 to October 2019, the LFS adopted the population projections based
on the 2010 Census of Population and Housing (CPH) and 2013 Master Sample (MS) Design. Beginning January 2020, the LFS
results, including the final 2019 LFS, have been estimated using the 2015 Population Census (POPCEN) and 2013 MS. Starting
February 2021, the monthly LFS has been conducted in between the regular quarterly LFS. The monthly LFS, with a sample size
of approximately 11,000 households only, generates national level of labor and employment statistics without regional
breakdown. However, the July 2021 LFS had regions as domain and covered 123,244 households.

7 Nominal wage rates refer to basic pay and cost of living allowance (COLA). The annual figures are as of December of the
reference year. Meanwhile, real wage rates are nominal wage rates deflated using the 2018-based Consumer Price Index (CPI).
Real wage rates prior to 2022 are estimated by BSP staff.

8 Starting with the January 2021 reference month, production and sales indices from the MISSI have been rebased to 2018, from
the 2000 base period. The major changes in the rebasing are: (1) the industry structure or classification; and (2) the weights
which measure the relevance of the industries. The industry classification for the 2018-based series follows the 2009 Philippine
Standard Industry Classification (PSIC), while the 2000-based series adopted the 1994 PSIC. For the rebased series, the weights
at the base year were computed based on the final results of the 2018 Census of Philippine Business and Industry (CPBI).
Further, rebased estimates are available beginning 2018.

9 Effective 4 February 2022, the base year of the Consumer Price Index (CPI) has been updated from 2012 to 2018. The rebasing of
the CPI is done periodically by PSA: (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
2018 base year of the Gross Domestic Product and other indices produced by PSA.

10 The RREPI is a measure of the average change in the prices of various types of housing units, i.e., single detached/attached
houses, duplex housing units, townhouses, and condominium units, based on banks’ data on actual mortgage loans granted to
acquire new housing units only. It is a chain-linked index, which is computed using the average appraised value per square
meter, weighted by the share of floor area of each type of housing unit to the total floor area of all housing units. The RREPI is
used as an indicator for assessing the real estate and credit market conditions in the country. The BSP has been releasing the
report since Q1 2016. Data for the RREPI are obtained through BSP Circular No. 892 dated 16 November 2015, which requires all
universal/ commercial banks (UBs/KBs) and thrift banks (TBs) in the Philippines to submit to the BSP a quarterly report on all
RRELs granted.

11 All figures are as of end-period.

12 Computed as the share-price divided by earnings per share.

13 Using the chained geometric method and a basket of currencies of major trading partners of the Philippines - United States,
Euro Area, Japan, Australia, China, Singapore, South Korea, Hong Kong, Malaysia, Taiwan, Indonesia, Saudi Arabia, United Arab
Emirates, and Thailand, and baskets for Advanced Countries (United States, Euro Area, Japan and Australia) and Developing
Countries (China, Singapore, South Korea, Hong Kong, Malaysia, Taiwan, Indonesia, Saudi Arabia, United Arab Emirates, and
Thailand). Reference period is at 1980 = 100.

14 Based on the April 2023 World Economic Outlook (WEO) of the International Monetary Fund (IMF)
15 Data are based on the Balance of Payments and International Investment Position Manual, 6th Edition (BPM6).
16 BPM6-based trade in goods data are sourced mainly from the PSA's International Merchandise Trade Statistics (IMTS) and are
adjusted to (1) exclude the value of goods that do not involve change in ownership such as goods for processing,
returned/replaced goods, and temporarily held goods; and (2) include other goods not covered in the IMTS such as fish bought
and caught in high seas, and goods procured in ports by carriers.

17 Personal remittances cover cash sent through banks and informal channels as well as remittances in kind. Personal
remittances are computed as the sum of net compensation of employees (i.e., gross earnings of overseas Filipino (OF) workers
with work contracts of less than one year, including all sea-based workers, less taxes, social contributions, and transportation
and travel expenditures in their host countries), personal transfers (i.e., all current transfers in cash or in kind by OF workers with
work contracts of one year or more as other household-to-household transfers between Filipinos who have migrated abroad
and their families in the Philippines) and capital transfers between households (i.e., the provision of resources for capital
formation purposes such as for construction of residential houses, between resident and non-resident households without
anything of economic value being supplied in return).

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page 11

FOOTNOTES (cont’d):

18 Balances in the financial account are derived by deducting net incurrence of liabilities from net acquisition of financial assets.
Negative balances indicate net borrowing while positive balances indicate net lending.

19 Net FDI flows refer to non-residents' net equity capital (i.e., placements less withdrawals) + reinvestment of earnings + net
balance of debt instruments (i.e. borrowings less repayments).

20 Net foreign portfolio investments (BOP concept) refer to non-residents' net placements in equity and debt securities issued by
residents.

21 The balance of payments (BOP) position corresponds to the change in BSP-NIR that is purely due to economic transactions,
excluding the effects of revaluation of reserve assets and gold monetization.

22 Number of months of average imports of goods, and payments of services and primary income that can be financed by
reserves.
23 Based on latest available outstanding short-term external debt.
24 Refers to adequacy of reserves to cover outstanding short-term external debt based on original maturity plus principal
payments on medium- and long-term external loans of the public and private sectors falling due in the next 12 months.
Figures reflect data based on debt service schedule outstanding external debt and outstanding external short-term debt as of
30 June 2023.

25 Covers debt owed to non-residents, with classification by borrower based on primary obligor per covering loan/rescheduling
agreement/document.

26 The Business Confidence Index (CI) represents the overall business outlook of firms belonging to the SEC's Top 7000
Corporations of the Philippines. Starting Q1 2020, sample firms belong to the Top 7,000 Corporations ranked based on total
assets from the Bureau van Dijk database. The index is computed as the percentage of firms with "improving" business
outlook less the percentage of firms with "deteriorating" business outlook.

27 The Consumer Confidence Index (CI) represents the overall outlook of consumers across three indicators: economic
conditions, family financial situation and family income. The index is computed as the average percentage of households with
"improving" outlook less the percentage of households with "deteriorating" outlook.

28 The Philippines' PMI produced by the PISM is based on monthly interviews of purchasing supply managers from top
manufacturing, services and wholesale and retail trade firms about the current market conditions. The overall index
represents the weighted average of PMI across these sectors. Meanwhile, the PMI produced by S&P Global is based on monthly
replies to questionnaires sent to purchasing executives in over 400 industrial companies. The manufacturing sector is divided
into the following 8 broad categories: Basic Metals, Chemicals & Plastics, Electrical & Optical, Food & Drink, Mechanical
Engineering, Textiles & Clothing, Timber & Paper, Transport. For all indices, an index above 50 indicates an expansion, and an
index below 50 implies a contraction. Data are seasonally adjusted.

29 Based on the results of the Consumer Expectations Survey.

30 CPI for the bottom 30% income households measures the composite change over time of the retail prices of goods and
services commonly purchased by households in this income category and provides a more appropriate deflator of income and
inflator of food prices and other basic commodities for the lower-income group.

31 Poverty incidence refers to the proportion of families/individuals with per capita income/expenditure less than the per capita
poverty threshold to the total number of families/individuals, i.e., P=(Q/n)*100, where Q=number of families/individuals with per
capita annual income/expenditure less than the per capita poverty threshold, and n=total number of families/individuals.
Estimates on poverty incidence were based on income data from the Family Income and Expenditures Survey (FIES).
Meanwhile, poverty threshold refers to the minimum income/expenditure required for a family/individual to meet the basic
food and non-food requirements.

32 Monthly treasury bill (T-bill) rates were computed based on the auction date by BSP staff, which differs from the monthly T-bill
rates based on the issue date as computed by the Bureau of the Treasury (BTr).

33 Starting 1 January 2020, universal and commercial banks (U/KBs) are required to submit the amended reporting templates on
banks' lending and deposit rates or Interest Rates on Loans and Deposits (IRLD) in accordance with Circular Nos. 1029 and 1037,
series of 2019. Bank submissions with interest rates of 100% and above were excluded per account code from the
computation per the Department of Supervisory Analytics (DSA) and Supervisory Policy and Research Department's (SPRD)
definition of outliers. As such, IRLD data may not be consistent with the lending and deposit rates of U/KBs prior to 2020.

34 On 3 June 2016, the BSP adopted the interest rate corridor (IRC) to guide short-term market rates towards the BSP policy
interest rate, which is the overnight reverse repurchase (RRP) rate. The interest rates for the standing liquidity facilities—the
Overnight Lending Facility (OLF) and the Overnight Deposit Facility (ODF), form the corridor's upper and lower bound,
respectively. In addition, the Term Deposit Facility (TDF) serves as the main tool for absorbing liquidity. On 8 September 2023,
the BSP shifted to a variable-rate format with a pre-determined offer volume in the auction for the overnight RRP facility.
In this regard, the BSP signals its monetary policy stance through the Target RRP rate. Also, the BSP introduced a formal
operational target—the Overnight (ON) RRP rate. An operational target is a market-determined, short-term interest rate that
central banks can guide on a day-to-day basis using their monetary instruments to reflect the prevailing monetary policy
stance.

35 Beginning 18 September 2020, the BSP has offered BSP Securities as part of its initiative to shift to more market-based
monetary operations. The inclusion of BSP Securities issuance in the standard monetary operations of the BSP provides an
additional instrument for managing liquidity in the financial system and support the implementation of monetary policy
under the Interest Rate Corridor (IRC) framework. For its initial offering, the BSP auctioned the 28-day BSP Bill with an
indicative offer volume of Php 20 billion. On 30 June 2023, the BSP introduced the 56-day BSP Bill, with an initial offer volume
of Php 20 billion, to expand the range of BSP’s term instruments and increase the BSP’s flexibility to respond to changing
liquidity conditions while providing additional guidance to short-term market interest rate. The volume of offerings for the
28- and 56-day BSP Bills are announced two days before the auction.

36 Real interest rates are computed as the nominal interest rate less the inflation rate (2018=100).

37 For items C-G, data are based on the Depository Corporations Survey (DCS) concept. The DCS is a consolidation of the balance
sheets of the central bank and other depository corporations (ODCs) [consisting of universal and commercial banks (U/KBs),
thrift banks (TBs), rural and cooperative banks (R/CBs), non-stock savings and loan associations (NSSLAs) and non-banks with
quasi-banking functions (NBQBs)]. In the process, interbank loans, deposit transactions and other intra-system accounts
between BSP and ODCs are eliminated, whenever possible.

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page 12

FOOTNOTES (cont’d):
38 For items A-G, data are based on the Standardized Report Forms (SRFs), a unified framework for reporting monetary and
financial statistics to the International Monetary Fund (IMF).

39 Data on base money (BM) has been discontinued beginning January 2022. Hence, the statistics on reserve money serves as the
sole monetary base indicator for the Philippines starting January 2022.

40 Expanded Liquidity (M4) is calculated by adding Foreign Currency Deposits (FCDs) of residents to Domestic liquidity (M3).

41 Data on real net claims were derived by multiplying the nominal value by the purchasing power of the peso using CPI
(2018=100).
42 Data are based on BSP Circular No. 772. Gross NPL represents the actual level of NPL without any adjustment for loans treated
as "loss" and fully provisioned.

43 Data are based on the Financial Reporting Package, wherein asset is reported as gross of allowance for probable losses and
depreciation. Assets of Non-Bank Financial Intermediaries (NBFIs) are reported as gross of allowance for probable losses and
net of depreciation while that of the BSP are net of allowance for probable losses and depreciation.

44 Data on loan portfolio are gross of allowances to probable losses, unamortized discount/premium and net of amortization.
Starting March 2023, digital banks were included in the computation of the Philippine Banking System. Based on the Balance
Sheet data as of 9 October 2023 posted by the DSA.
45 Data on loans include interbank loans, reverse repurchase and loans and receivables – others, gross of allowance for credit
losses. Meanwhile, deposits include peso and foreign currency deposits. Starting March 2023, digital banks were included in
the computation of the Philippine Banking System. Based on the Balance Sheet data as of 9 October 2023 posted by the DSA.

46 Based on the compilation by the Bureau of the Treasury (BTr); external debt refers to foreign currency-denominated debt. Data
as of end-period.

47 Based on the composition of public sector in the GFSM, the public sector debt consists of the debt of all resident institutional
units controlled directly, or indirectly, by resident government units - that is, all units of the general government sector and
resident public corporations less intra-sectoral debt holdings. Per DES staff calculations, ratios to GDP were calculated using
annualized GDP (i.e., sum of the data for the immediately preceding four (4) quarters).

48 Data on financing conforms with the Government Finance Statistics Manual (GFSM) 2014, wherein reporting of debt
amortization reflects the actual principal repayments to creditor including those serviced by the Bond Sinking Fund (BSF). It
includes also gross proceeds of liability management transactions such as bond exchange. Ratio to GDP is computed using the
absolute value of the NG deficit. A positive ratio for net external and/or domestic borrowings means that the NG's domestic
and/or external borrowing contributed to financing the deficit, or in the case of a surplus, formed part of excess funds for
financing programmed expenditures. In contrast, a negative ratio means that the NG’s debt payments exceeded its
borrowings. Source: National Government Cash Operations, BTr.

49 Based on BTr definition, domestic and external financing are measured at gross levels. The domestic financing is net of
redemption from the BSF.

50 Based on the compilation by the Department of Finance (DOF). Data on percent to GDP are based on Department of Economic
Statistics staff calculations.

LEGEND

a
Based on the International Merchandise Trade Statistics of the PSA
p
Preliminary
r
Revised
- Not available
. Rounds off to zero
.. No transaction/ no quote/ no issue
… Blank
…. Not computed

Sources of Basic Data:

Philippine Statistics Authority (PSA), National Wages and Productivity Commission (NWPC), Department of Labor and
Employment (DOLE), Department of Finance (DOF), Bureau of Treasury (BTr), Bangko Sentral ng Pilipinas (BSP), and Philippine
Stock Exchange (PSE)

Classification: GENERAL