NSCB Resolution No. 8
Series of 1996

DESIGNATING THE GENERATION AND RELEASE OF SEASONALLY ADJUSTED CONSUMER PRICE INDEX (CPI) BY THE NATIONAL STATISTICS OFFICE

WHEREAS, the Philippine Statistical System recently initiated efforts towards the generation of seasonally adjusted time series in order to enhance the relevance and effectiveness of statistics as a tool for planning and decision making;

WHEREAS, a Technical Committee on the Seasonal Adjustment of Philippine Time Series (TC-SAPTS) was created by the NSCB to institutionalize the generation of seasonally adjusted data;

WHEREAS, in 1994, the NSCB Executive Board upon the recommendation of the TC-SAPTS issued NSCB Resolution No. 6, Series of 1994, designating the generation and official release of seasonally adjusted series on: (a) national accounts by the NSCB; (b) palay production and prices by the Bureau of Agricultural Statistics (BAS); and (c) monetary aggregates (M1, M2, M3) by the Bangko Sentral ng Pilipinas;

WHEREAS, the designation of the above-mentioned economic variables, and in line with its functions, the TC-SAPTS constantly reviews other time series for seasonal adjustment including the monthly consumer price index;

WHEREAS, the Technical Committee, after continuously updating and evaluating the CPI series noted that the series exhibits seasonality;

WHEREAS, in recognition of the usefulness of seasonally adjusted CPI in tracking short-term developments in the economy, and in providing a more comprehensive view of the economic situation of the country, the TC-SAPTS recommends the designation of the generation and official release of seasonally adjusted CPI on a monthly basis, five days after the release of the regular CPI by the National Statistics Office (NSO), starting with the figures for the month of August 1996;

NOW THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that the Board approve the recommendation of the TC-SAPTS to designate the generation and official release of seasonally adjusted CPI on a monthly basis, five days after the release of the regular CPI by the NSO, starting with the figures for the month of August 1996.

Approved this 12th day of August 1996.