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.
| ACTION PLAN | |||
| ACTIVITY | AGENCY RESPONSIBLE | TIME FRAME | |
| 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 | ||
