Philippines: Net errors and omissions
* indicates monthly or quarterly data series
| Philippines |
Balance of payments, net errors and omissions |
|---|---|
| Latest value | 1,353.78 |
| Year | 2023 |
| Measure | million USD |
| Data availability | 1977 - 2023 |
| Average | -727.43 |
| Min - Max | -5,248.00 - 2,729.03 |
| Source | The World Bank |
The latest value from 2023 is 1353.78 million USD, an increase from -2910.68 million USD in 2022. In comparison, the world average is -638.70 million USD, based on data from 148 countries. Historically, the average for the Philippines from 1977 to 2023 is -727.43 million USD. The minimum value, -5248 million USD, was reached in 1997 while the maximum of 2729.03 million USD was recorded in 2019.
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* indicates monthly or quarterly data series
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Definition: Net errors and omissions constitute a residual category needed to ensure that accounts in the balance of payments statement sum to zero. Net errors and omissions are derived as the balance on the financial account minus the balances on the current and capital accounts. Data are in current U.S. dollars.
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 95.83 | 2021 | percent |
| Trade openness | 67.40 | 2023 | percent |
| Financial openness | -0.042 | 2021 | index points |
| Exports, percent of GDP | 26.65 | 2023 | percent |
| Exports, billion dollars | 116.52 | 2023 | billion U.S. dollars |
| Growth of exports | 1.44 | 2023 | percent |
| Imports, percent of GDP | 40.74 | 2023 | percent |
| Imports, billion dollars | 178.11 | 2023 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 2.03 | 2023 | percent |
| Foreign Direct Investment, billion dollars | 9.12 | 2023 | billion U.S. dollars |
| Portfolio investment inflows, equities | 396.30 | 2023 | million dollars (current) |
| Current account, percent of GDP | -0.40 | 2023 | percent |
| Current account, in dollars | -11.82 | 2023 | billion U.S. dollars |
| Trade balance, percent of GDP | -14.09 | 2023 | percent |
| Trade balance, in dollars | -47.20 | 2023 | billion U.S. dollars |
| Reserves | 103.74 | 2023 | billion U.S. dollars |
| Remittances, percent of GDP | 8.94 | 2023 | percent |
| Remittances | 39,096.89 | 2023 | million U.S. dollars |
| Net errors and omissions | 1,353.78 | 2023 | million USD |
| External debt | 25.98 | 2022 | percent |
| Short-term external debt | 14.08 | 2023 | percent |
| Short-term debt to reserves | 16.48 | 2023 | percent |
| Foreign exchange reserves | 106.84 | 12/2024 | billion |