Table 3. Consumer Price Index of Nonfood, Beverages and Tobacco Items in National Capital Region
         July 2005 to July 2006

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

2005

         Jul          140.4        139.9      100.3   139.7       100.2       1.2           1.2
         Aug          141.0        141.0      100.0   140.8       100.1       0.4           0.8
         Sep          141.1        141.6       99.7   141.7        99.9       0.1           0.4
         Oct          141.9        142.5       99.6   142.5       100.0       0.6           0.6
         Nov          143.1        143.5       99.7   143.4       100.1       0.8           0.7
         Dec          143.7        143.8       99.9   144.4        99.6       0.4           0.2


2006

         Feb          147.7        146.9      100.5   146.8       100.1       1.3           1.0
         Mar          148.5        148.1      100.2   147.9       100.2       0.5           0.8
         Apr          148.6        148.7       99.9   148.8        99.9       0.1           0.4
         May          148.9        149.7       99.4   149.6       100.1       0.2           0.7
         Jun          150.7        150.3      100.3   150.4        99.9       1.2           0.4
         Jul          151.9        151.3      100.4   151.4       100.0       0.8           0.7

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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:   August 4, 2006