Secondary Income - Balance of Payments (BMP Format, New Concept) Monthly

Secondary Income Account shows current transfers between residents and nonresidents. These are receipts or provisions in cash or in kind for nothing in return. Current transfers are classified into personal transfers and other current transfers. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Other current transfers include a) current taxes on income, wealth; b) social contributions; c) social benefits; d) net nonlife insurance premiums; e) nonlife insurance claims; f) current international cooperation; and g) miscellaneous current transfers.

A transfer is considered current if the money or goods are intended for consumption by the recipient. Included are donations for relief efforts, gifts, contributions and fees paid by member governments to international organizations. The bulk of receipts consists of remittances in cash and in-kind sent by non-resident OFWs (landbased workers with work contracts of one year or more).