The Philippine Standard Industrial Classification (PSIC) is a detailed classification of industries prevailing in the country according to the kind of productive activities undertaken by establishments. The 2019 Updates to the 2009 PSIC was patterned after the UN International Standard Industrial Classification (ISIC) Rev. 4, but with some modifications to reflect national situation and requirements. The PSIC was revised to (1) reflect changes in economic activities, emergence of new industries, and the structure of the economy (2) to take into account the new technologies employed which affect the organization of production and shifting of economic activities and (3) to realign with the ISIC revisions for purposes of international comparability.
The PSIC serves as a guide in the classification of establishments according to their economic activity useful for economic analysis.
- It serves as a framework for data collection, processing and compilation to ensure uniformity and comparability of industrial statistics produced by various entities in both government and private sectors, including those involved in statistics and research activities.
- It provides an effective mechanism for the integration of large numbers of statistics being collected for decision-making and policy formulation.
- It serves as a basis in the construction of input-output (I-O) table.
- It provides a basis for anticipating the emergence of new industries
The 2019 Updates to the 2009 PSIC provides a Summary of Classification Scheme which presents a list of sections, divisions and their corresponding number of groups, classes and sub-classes, and a Detailed Classification presenting hierarchy of categories of industries such as:
- 21 sections (one-digit alphabetical codes)
- 88 divisions (2-digit codes)
- 245 groups (3-digit codes)
- 519 classes (4-digit codes)
- 1,360 sub-classes (5-digit codes)