WHEREAS, the Philippine Statistical System recently initiated efforts towards the generation of seasonally adjusted time series in order to enhance the relevance and effectiveness of statistics as a tool for planning and decision-making;
WHEREAS, for the past year seasonal adjustment has been applied to such series as national accounts (GDP by major industrial origin and expenditure items, and GNP); monetary aggregates (M1, M2, M3); total exports and total imports; prices and volume of production of palay; corn, coconut and banana; employment and unemployment; and consumer price index (food and all items excluding food), as part of the ADB-funded training exercise for the technical staff of the: Bangko Sentral ng Pilipinas (BSP), Bureau of Agricultural Statistics (BAS), Bureau of Labor and Employment Statistics (BLES), National Statistics Office (NSO), and National Statistical Coordination Board (NSCB);
WHEREAS, a Technical Committee on the Seasonal Adjustment of Philippine Time Series (TC-SAPTS) was created by the NSCB to institutionalize the generation of seasonally adjusted series;
WHEREAS, the TC-SAPTS will continue to review other time series for seasonal adjustment;
WHEREAS, the Technical Committee, after reviewing the last three quarter releases (3rd and 4th quarters 1993 and 1st quarter 1994) of the above seasonally adjusted series, and after noting either the weakness or lack of seasonality in other time series reviewed such as CPI; total exports and total imports; prices and volume of production of corn, coconut and banana; and the four components of GDP on expenditure side, namely: general government consumption expenditure (GGCE), gross domestic capital formation (GDCF), total exports and total imports, initially recommends the seasonal adjustment of the following components of national accounts: GDP, GVA in Agriculture, Fisheries and Forestry Sector, GVA in Industry, GVA in Services, GNP and Personal Consumption Expenditure; palay production and prices; and monetary aggregates (M1, M2, M3);
WHEREAS, for more rational resource allocation among government statistical activities, the TC-SAPTS further recommends the designation of the generation and official release of seasonally adjusted series by agencies concerned starting with the second quarter of 1994;
NOW THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that the Board approve the recommendation to designate the generation and release of seasonally adjusted series national accounts, specifically: GDP, GVA in Agriculture, Fisheries and Forestry Sector, GVA in Industry, GVA in Services, GNP and Personal Consumption Expenditure by the NSCB and palay production and prices by BAS on a quarterly basis; and monetary aggregates (M1, M2, M3) by BSP on a monthly basis; and to start the release of seasonally adjusted time series starting with the second quarter 1994 figures.
Approved this 29th day of June 1994.