NSCB Resolution No. 9
Series of 2004

CONSIDERING FUTURE PARTICIPATION IN THE DEVELOPMENT OF
WORLD BANK’S CENTRALIZED DATABASE ON EXTERNAL DEBT STATISTICS

WHEREAS, the World Bank (WB) and the International Monetary Fund (IMF), through a joint communication, have invited the Philippines, as subscriber to Special Data Dissemination Standards (SDDS), to participate in the development of a centralized database on external debt statistics;

WHEREAS, the database aims at facilitating the dissemination in standard formats of external debt data compiled by SDDS subscribers to support macroeconomic analysis and cross-country comparison;

WHEREAS, it was clearly stated in the letter that participation is voluntary and that not all SDDS subscribers are required to submit information;

WHEREAS, as coordinator of the SDDS, the NSCB conducted a consultative meeting with the Bangko Sentral ng Pilipinas (BSP), the Department of Finance, the Bureau of Treasury, and the Department of Budget and Management;

WHEREAS, the consensus of these agencies is that there are various constraints that do not allow the Philippine Government to participate in the undertaking at this time;

WHEREAS, based on the recommendation of the concerned agencies, a letter signed by the officials of NSCB and the BSP has been sent to the WB and the IMF indicating that the Philippines, in recognition of the potential contribution of the undertaking towards the provision of timely and quality statistics, will consider involvement in the future;

NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, that the Board consider future participation of the Philippines in the development of the WB’s centralized database on the external debt statistics.

Approved this 11th day of June 2004, in Pasig City.

Attested by:

ROMULO A. VIROLA
Secretary General