This study aims to appraise the Philippines' balance-of-payments deficits. It also aims to analyze and evaluate the policies and programs of the government in the light of generally accepted economic management principles governing the improvement of the country's balance of payments position. Specifically, attempts will be made to answer the following queries: ((1) How did the government manage the country's balance-of-payment? (2) Were the policies governing the country's dollar inflows and outflows responsive to the given economic situation as perceived by the respondents? (3) How adequately did the programs of the government contribute to the improvement of the BOP position in the light of the respondents' perceptions? (4) How did the devaluation of the Philippine currency vis-a-vis U.S. dollar affect the BOP position? The findings of this study will help provide our policy makers in the government with information, which together with other studies, will enable them to give sound decisions in the event the country is faced with problems germane to the balance of payments deficit.