The Present PSNA
The Philippine System of National Accounts (PSNA) generates macroeconomic indicator on Gross Domestic Product (GDP). The GDP represents the monetary value of all final goods and services produced within the economy in a given period of time.
The PSNA describes a comprehensive view of the country’s economic performance and allows to monitor the behaviour and structure of the economy. The PSNA covers the economic transactions that are recorded in summary tables and balance sheets called accounts. These accounts are summarized in integrated, coherent and consistent manner based on the internationally agreed standard concepts, definitions, classifications and accounting rules.
The national accounts compilation in the Philippines has a long history which started in 1947 when the Joint Philippine American Finance Commission undertook the preparation of the estimates for the years 1938 and 1948. In 1950, the Central Bank of the Philippines (CBP) took over and came up with the first national accounts series from 1946 to 1959.
In 1957, the national accounts work was passed on to the Office of Statistical Coordination and Standards (OSCAS) of the National Economic Council (NEC) on the ground that national accounts estimation and analysis would be useful in policy formulation, economic program development and the assessment work of the NEC.
In 1973, the reorganization of the government led to the creation of the National Economic and Development Authority (NEDA) as the successor of the NEC and continued the task of compiling the PSNA through its National Accounts Staff (NAS).
Improvement efforts continued until the government re-structuring of the Philippine Statistical System (PSS) took place in 1987. By virtue of the Executive Order No. 121, the Statistical Coordination Office was detached from NEDA and became the National Statistical Coordination Board (NSCB), which took over the task of compiling and maintaining the PSNA.
When the Philippine Statistical Act of 2013 was passed on September 2013 which established the Philippine Statistics Authority (PSA), as merged of the four (4) major statistical agencies, the compilation of national accounts become the responsibility of the PSA.