Approving the Methodology in Generating the Updated Foreign Trade Indices

NSCB Resolution No. 14
Series of 1997

APPROVING THE METHODOLOGY IN GENERATING THE UPDATED FOREIGN TRADE INDICES

WHEREAS, NSCB Resolution No. 6, series of 1991 requires the rebasing of all statistical series to 1991 and 1994;

WHEREAS, revisions in the Philippine Standard Commodity Classification were also made in 1989 and 1993;

WHEREAS, significant changes in the classification of commodities as a result of these revisions affected the 1985-based foreign trade indices and the need to update the series becomes necessary;

WHEREAS, the Technical Committee on Price Statistics thru its Technical Working Group on Foreign Trade Indices (FTI) developed a new methodology for the computation of the updated foreign trade indices with base years 1991 and 1995;

WHEREAS, the choice of 1995 as base year was recommended by the TWG on FTI for practical reasons;

WHEREAS, under the new methodology, two series shall be computed: 1991 to 1994 using 1991 as base year and based on the 1989 PSCC and from 1995 onwards using 1995 as base year and based on the 1993 PSCC;

NOW THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that the Board approve the methodology in generating the updated foreign trade indices.

Approved this 29th day of October 1997.