2004 third quarter report table of contents a overview 1 b real sector 4 production 2 stock market developments 8 3 labor employment and wages 9 c monetary 10 reserve money base domestic liquidity 11 prices 12 interest rates 14 d financial 15 system banking policies 18 capital development e fiscal 19 national government cash operations f external 20 balance payments international reserves 23 exchange rate 24 debt 26 5 foreign 27 6 other major 28 g condition the bsp 30 sheet income statement 31 h conclusion challenges future policy directions 32 annex 36 statistical tables philippine economy sustained its growth momentum in despite persistent concerns over position rising commodity gross product gdp grew by percent