NSCB Resolution No. 13
Series of 2003

ADOPTING THE 2000-BASED CONSUMER PRICE INDEX (CPI)

WHEREAS, NSCB Resolution No. 6, series of 1991, mandates the rebasing of the price indices every five years;

WHEREAS, rebasing the CPI periodically is necessary since some of the items may no longer exist or are no longer commonly bought due to technological change or changes in consumer taste and to ensure that this barometer of economic phenomena is truly reflective of the current situation;

WHEREAS, the National Statistics Office (NSO) proposed to come up with an index based on the 2000 prices using the weights from the most recent results of the Family Income and Expenditures Survey (the 2000 FIES) and the market basket drawn from the results of the updating activity of the 1994 market basket;

WHEREAS, the same methodology in rebasing the CPI to 1994 was employed by NSO in rebasing the CPI to 2000;

WHEREAS, the NSO will start releasing the 2000-based CPI simultaneous with the 1994-based monthly CPI for its January 2004 CPI report scheduled in February 2004 and every 5th day of the month thereafter;

WHEREAS, for the first release of the 2000-based CPI, the available data will be from January 2000 onwards;

WHEREAS, backtracking of the 2000-based CPI series from 1957 to 1999 will be completed on 30 June 2004.

WHEREAS, the NSO will officially stop generating and releasing the 1994-based monthly CPI starting with its July 2004 CPI;

WHEREAS, the Technical Committee on Price Statistics (TCPS) in its meeting on 16 June 2003 recommends the adoption of the 2000-based CPI as proposed by the NSO utilizing the weights from the 2000 FIES and market basket constructed based on the updating activity;

NOW, THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED that the Executive Board approve for adoption by concerned agencies the 2000-based CPI as recommended by the Technical Committee on Price Statistics.

Approved this 12th day of December 2003, in Pasig City.

Attested by:

ROMULO A. VIROLA
Secretary General