Resolution No. 7
Series of 1996

Approving the Action Plan on the Leading Indicator System of the Philippines

WHEREAS, the system of the leading economic indicators is a significant area for the application of statistical methods for short term business and economic forecasting;
WHEREAS, the National Statistical Coordination Board (NSCB) through a project funded by the Canadian International Development Agency (CIDA), has identified thirteen leading economic indicators to forecast impending upturns or downturns in the economy;
WHEREAS, the construction of a composite leading index based on the identified leading indicators necessitates the timely generation and dissemination of data inputs from concerned agencies;
WHEREAS, the NSCB Technical Staff has prepared an Action Plan to operationalize and eventually institutionalize the system of leading economic indicators for the Philippines;
NOW THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that the Board approve the Action Plan for adoption by concerned entities.
Approved this 12th day of August 1996.

1 Conduct of consultative workshop with data producers NSCB Sep-96
  1.1 Establishment of arrangement for data support    
2 Compilation of requisite data (updating for the initial release) NSCB Oct-Nov 1996
3 Generation of composite leading indices (estimation for the initial release) NSCB Dec-96
4 Dissemination workshop/release of data NSCB Jan-97
5 Institutional Building NSCB  
  5.1 Documentation   Feb-Apr 1997
  5.2 Systems flow   Mar-June 1997
  5.3 Training of staff   July-Dec 1997
6 Study on the possible designation of requisite data series/activity NSCB Sept-Dec 1997
7 Continuing activities    
  7.1 Development of new indicators for possible inclusion in the construction of the composite leading index NSCB  
  7.2 Development/improvement of existing methodology NSCB