NSCB Resolution No. 10
Series of 2012

APPROVING AND ADOPTING THE MODIFICATIONS ON THE DESIGNATED STATISTICAL ACTIVITIES OF THE BANGKO SENTRAL NG PILIPINAS

WHEREAS, Executive Order (EO) No. 352, “Designation of Statistical Activities That Will Generate Critical Data for Decision Making of the Government and the Private Sector” issued on     1 July 1996, established the System of Designated Statistics (SDS) in the Philippine Statistical System (PSS);

WHEREAS, per EO 352 and NSCB Resolutions No. 8 (Series of 1996), No. 3 (Series of 1997), and No. 1 (Series of 1998), a total of 57 designated statistics and statistical activities are now being generated/implemented by 20 agencies under the SDS, as approved based on established criteria;

WHEREAS, the SDS is a dynamic process that allows for improvement/updating to keep it attuned to the needs of data users and involves modifications, addition of relevant activities, and deletion of activities no longer considered priority;

WHEREAS, any modification on, addition to, or deletion from the list of designated statistics and statistical activities shall be approved through a Board Resolution in accordance with the implementing guidelines of EO 352 and the guidelines on the modifications to the designated statistics/statistical activities per NSCB Resolution No. 2 (Series of 2000);

WHEREAS, the Bangko Sentral ng Pilipinas (BSP), in coordination with data users of monetary and banking statistics and the NSCB Technical Staff, has proposed modifications in two of its designated statistical activities, namely on (1) the Generation of Monetary and Banking Statistics, and (2) Compilation of the Balance of Payments Accounts;

WHEREAS, the BSP, likewise proposes to un-designate the Seasonally Adjusted Monetary Aggregates as this indicator has been generated for internal use of the BSP only specifically in the analysis of the movement of monetary aggregates;

WHEREAS, the proposed modifications are intended to: (1) identify key indicators to be generated from each designated statistical activity; (2) amend the designated schedule of data dissemination for some key indicators following international standards such as the Special Data Dissemination Standard (SDDS) of the International Monetary Fund (IMF); (3) change the frequency of some indicators; and (4) rename the designated statistical activity Compilation of the Balance of Payments Accounts into Compilation of External Accounts and expand the coverage thereof;

 WHEREAS, after review and evaluation, the NSCB Technical Staff, in consultation with data users of monetary and banking statistics from the government and private sectors during a meeting held on 26 July 2012, have recommended for approval of the Board the proposed modifications on the designated statistical activities of BSP;

NOW, THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that the Board approve the modifications in the System of Designated Statistics involving two designated statistical activities, Generation of Monetary and Banking Statistics and Compilation of External Accounts, and the un-designation of the Seasonally Adjusted Monetary Aggregates of the BSP for implementation (Annex BR-10-20120809-01).

Approved this 9th day of August 2012, in Pasig City.

Attested by:

LINA V. CASTRO
Officer-In-Charge
Office of the Secretary General