Table 3. Consumer Price Index of Nonfood, Beverages and Tobacco Items in National Capital Region
         January 2004 to January 2005

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                  |          CPI         |         Components           | Month-on-Month Change
Year   Month      | Original  Seasonally | Seasonal   Trend             | Original   Seasonally
                  |             Adjusted |  Factors   Cycle   Irregular |              Adjusted
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2004

         Jan           120.8       120.2      100.5   120.4        99.8        0.1         -0.4
         Feb           121.3       120.7      100.5   120.5       100.1        0.4          0.4
         Mar           121.2       120.8      100.3     121        99.9       -0.1          0.1
         Apr           121.9       121.8      100.1   121.8        99.9        0.6          0.8
         May           122.1       122.8       99.4   123.0        99.8        0.2          0.8
         Jun           125.0       124.7      100.3   124.3       100.3        2.4          1.5
         Jul           125.6       125.6      100.0   125.4       100.1        0.5          0.7
         Aug           125.9       126.3       99.7   126.5        99.9        0.2          0.6
         Sep           126.7       127.3       99.5   127.5        99.9        0.6          0.8
         Oct           127.4       127.9       99.6   128.6        99.5        0.6          0.5
         Nov           131.0       130.9      100.1   130.0       100.7        2.8          2.3
         Dec           131.2       131.2      100.0   131.4        99.8        0.2          0.2

2005

         Jan           133.7       133.0      100.5   132.7       100.2        1.9          1.4

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Sour ce:  Economic Indices and Indicators Division
          Industry and Trade Statistics Department
          National Statistics Office
          Republic of the Philippines

Page  last updated:   February 4, 2005