Seasonally Adjusted National Accounts of the Philippines

Release Date: 01 September 2022

I. Introduction

The Seasonally Adjusted National Accounts (SANA) of the Philippines was first designated for generation and release in 1994 through the National Statistical Coordination Board (NSCB) Resolution No. 6, Series of 1994. By the virtue of Republic Act No. 10625, the Philippine Statistics Authority (PSA) was created to be the central statistical authority of the Philippine government on primary data collection. With this, the designation for generation and release of the SANA was later on adopted through the PSA Resolution No. 1, Series of 2017.

Through the Macroeconomic Accounts Service, the PSA, regularly releases the quarterly Gross Domestic Product (GDP) with the quarterly Seasonally Adjusted National Accounts (SANA) of the Philippines. The SANA presents the economic performance of the country without the influence of predictable seasonal patterns. It is a tool to identify the underlying trends revealing the true behavior of the series, compares quarter-on-quarter changes, and analyzes the seasonal effects in the series. It also provides early signals to the economic planners through quarter-on-quarter changes that will serve as a guide for better plans and decisions in maintaining the economic stability of the country.

The publication includes the Seasonally Adjusted GDP compiled at the production side and expenditure side. The GDP production and GDP expenditure and its components are compiled and presented by major industries and by major expenditure items including its details. The Seasonally Adjusted Net Primary Income and Gross National Income are also included.

II. Data and Data Sources

  Data Source Agency/ Data Source Schedule of Release/ Data Availability
  1. Census of Philippine Business and Industry (CPBI)
Philippine Statistics Authority (PSA) Every 6 years
  1. Quarterly Survey on Philippine Business and Industry (QSPBI)
PSA Quarterly; 30 days after the reference quarter
  1. Monthly Integrated Survey of Selected Industries (MISSI)
PSA Monthly; 35 days after the reference month
  1. Family Income and Expenditure Survey (FIES)
PSA Triennial (every 3 years)
  1. Building permits
PSA Monthly; 60 days after the reference month for the first two months; and 40 days for the third month of the reference quarter
  1. Foreign Trade Statistics (FTS)
PSA Monthly; 40 days after the reference month
  1. Consumer Price Index (CPI)
PSA Monthly; 5 days after the reference month
  1. General Wholesale Price Index (GWPI)
PSA Monthly; 45 days after the reference month
  1. Construction Materials Wholesale Price Index in NCR
PSA Monthly; 15 days after the reference month
  1. General Retail Price Index in NCR
PSA Monthly; 30 days after the reference month
  1. Producer Price Index
PSA Monthly; 30 days after the reference month
  1. Farmgate Prices
PSA Monthly
  1. Survey on Overseas Filipinos (SOF)
PSA Annual
  1. Labor Force Survey (LFS)
PSA Monthly; 40 days after the reference month
  1. Performance of Philippine Agriculture
PSA Quarterly; 39 days after the reference quarter
  1. Rice and Corn Inventory (NFA, Household, and Commercial)
PSA Monthly; 40 days after the reference month
  1. National Expenditure Program
Department of Budget and Management (DBM) Annual; Available at the beginning of the reference year
  1. Staffing Summary
DBM Annual; Available at the beginning of the reference year
  1. Budget of Expenditures and Sources of Financing (BESF)
DBM Annual; Available at the beginning of the reference year
  1. Cash Disbursement
DBM Quarterly; 30 days after the reference quarter
  1. Annual Financial Report
Commission on Audit Annual; 9 months after the reference year
  1. Public-Private Partnership Projects
Public Private Partnership Center Quarterly; 40 days after the reference quarter
  1. Production of Raw Sugar (In metric tons)
Sugar Regulatory Administration (SRA) Quarterly
  1. Composite Price of Raw Sugar
SRA Quarterly
  1. Compendium on Research & Development Statistics
Department of Science and Technology Every 2 years
  1. Crude and Petroleum Products Inventory
Department of Energy (DOE) Monthly; 30-40 days after the reference month
  1. Petroleum Products Wholesale Posted Prices
DOE Monthly; 30-40 days after the reference month
  1. Petroleum Production
DOE Monthly; 30 days after the reference month
  1. Domestic and International Demand for Petroleum Products
DOE Monthly; 30-40 days after the reference month
  1. Market Share of Retailing Petroleum Companies
DOE Monthly; 30-40 days after the reference month
  1. Coal Run-of-Mine Production
DOE Monthly; 30 days after the reference month
  1. Electricity Gross Generation, Electricity Sales and Consumption of Distribution Utilities, Volume of Steam Production, Steam Selling Price
DOE Annual; 3 months after the reference year
  1. Metallic Mineral Production
Mines and Geosciences Bureau Monthly; 30 days after the reference month
  1. Electricity Gross Generation, Electricity Transmission
National Grid Corporation of the Philippines Quarterly; 40 days after the reference quarter
  1. Energy Sales, Distribution Price
Meralco Quarterly; 40-45 days after the reference quarter
  1. Volume of Steam Production, Steam Selling Price
Energy Development Corporation Quarterly; 40-45 days after the reference quarter
  1. Water Production Waterworks and Sewerage System
Metropolitan Quarterly; 40-45 days after the reference quarter
  1. Income Statement of Banks and Non-banks Institutions
Bangko Sentral ng Pilipinas (BSP) 45-50 days after the reference period
  1. Balance of Payments
BSP Monthly; 90 days after the reference month
  1. Exchange Rates
BSP Daily
  1. Consumer Expectations Survey
BSP Quarterly
  1. Business Expectations Survey
BSP Quarterly
  1. Income Statement of Insurance Companies
Insurance Commission 50-60 days after the reference period
  1. Passenger Traffic and Gross Sales of Metro Rail Transit (MRT) 3
Department of Transportation Quarterly; 30 - 45 days after the reference quarter
  1. Gross Rail Revenue, Net Sales and Total Passengers/Ridership for Light Rail Transit (LRT) – Line 2
Light Rail Transit Authority Quarterly; 30 - 45 days after the reference quarter
  1. Rail Revenue and Average Daily Ridership for LRT – Line 1
Metro Pacific Investments Corporation Quarterly; 30-40 days after the reference quarter
  1. Passengers Carried and Revenues
Philippine National Railways Quarterly; 30-45 days after the reference quarter
  1. Domestic and International Passenger Traffic
Civil Aeronautics Board Quarterly; 45-47 days after the reference quarter
  1. Passengers Carried and Revenues
Philippine Airlines (PAL) Quarterly; 30-40 days after the reference quarter
  1. Fuel and catering services availed outside Philippines
PAL Quarterly; 30-40 days after the reference quarter
  1. Passengers Carried and Revenues
Cebu Pacific, Inc. (Cebu Pac) Quarterly; 30-35 days after the reference quarter
  1. Fuel and catering services availed outside Philippines
Cebu Pac Quarterly; 30-40 days after the reference quarter
  1. Cargo Throughput (domestic and foreign)
Philippine Ports Authority (PPA) Quarterly; 25-30 days after the reference quarter
  1. Ship calls (domestic and foreign)
PPA Quarterly; 25-30 days after the reference quarter
  1. Passenger traffic (embarked/disembarked)
PPA Quarterly; 25-30 days after the reference quarter
  1. Acquisition of Fixed Assets of GOCCs
Department of Finance (DOF) Quarterly; 90 days after the reference quarter
  1. Actual Statements of Financial Operations of 16 Major Non-financial Government Corporations (MNFGCs)
DOF Quarterly
  1. Infrastructure Flagship Projects
National Economic Development Authority Quarterly
  1. Number of totally damaged houses
National Disaster Risk Reduction and Management Council Quarterly; 30 days after the reference quarter
  1. Overall Status of DPWH Infrastructure Program
Department of Public Works and Highways
  1. Overall Status of DPWH Infrastructure Program
Department of Public Works and Highways Quarterly
  1. Tourist/Visitors Receipts and Tourist Arrivals; Outbound Philippine Residents by Purpose; Outbound by Port of Disembarkation
Department of Tourism Monthly; 60 days after the reference month
  1. Travel Tax
Tourism Infrastructure and Enterprise Zone Authority Quarterly; 30 days after the reference quarter
  1. Deployment; Average salaries of OFW’s
Philippine Overseas Employment Administration Monthly; 30 days after the reference month
  1. Trade margin of cattle for breeding
Federation of cattle Raisers Associations of the Phils Quarterly
  1. Commonly used fertilizer prices
Fertilizer and Pesticide Authority Weekly
  1. Trade margin of carabao for breeding
Philippine Carabao Center Quarterly
  1. Trade margin of poultry animals for breeding
Food and Agriculture Organization Quarterly
  1.  Financial Statements of Companies
Philippine Stock Exchange Quarterly; 40-45 days after the reference quarter
  1. World Bank Commodity Prices and Indexes
World Bank Monthly; 15-20 days after the reference month
  1. Export and Price Indexes
US Bureau of Labor Statistics Monthly; 15-20 days after the reference month

III. Methodology

III.1. Basic Framework

The Philippine Statistics Authority currently uses the internationally recommended seasonal adjustment method which is the X-13ARIMA-SEATS, a seasonal adjustment software program developed and maintained at the U.S. Census Bureau.

  1. The X-13ARIMA-SEATS

The SEATS (Signal Extraction in ARIMA Time Series) seasonal adjustment method available in X-13ARIMA-SEATS uses parameter estimates from autoregressive integrated moving average (ARIMA) models to filter the series and derive the seasonal factors and other components.

The decomposition model for the series may be multiplicative or additive. The multiplicative model assumes dependence between the components therefore monthly seasonal factors for the multiplicative model are ratios with all positive values. Meanwhile, additive decomposition assumes independence of the components, thus seasonal factors may represent positive or negative deviations from the original series. The seasonally adjusted series may exhibit negative values depending on the resulting decomposition of the trend-cycle, seasonal, and irregular component.

  1. Indirect Method for Seasonal Adjustment

In the Seasonally Adjusted National Accounts, the quarterly GDP is generated using Indirect Approach or by seasonally adjusting the 80 sub-industries and summing the seasonally adjusted components to produce indirect seasonal adjustment aggregates. Hence, the seasonally adjusted GDP is derived at the production side.

Moreover, the expenditure items are also seasonally adjusted independently and aggregated to major expenditure categories.

The seasonally adjusted Gross National Income is also derived by adding the seasonally adjusted GDP and Net Primary Income.

  1. Quality Measures

Decomposition of the (preadjusted) series should be conducted using either the moving average X-11 method or the model-based SEATS method. The X-13ARIMA-SEATS program, which implements both X-11 and SEATS, is the recommended procedure for seasonal adjustment in the Quarterly National Accounts.

To examine the reliability of the estimates, the Quality Statistic (Q-statistic) is measured for each adjusted series.

IV. Concepts and Definition of Terms

  1. A Time Series is a set of observations on a variable measured or recorded chronologically with equal intervals.
  2. Seasonality (seasonal component) is a regular fluctuation with similar patterns and magnitude that repeatedly occur within a calendar year and normally observed for high frequency data such as monthly and quarterly series.
  3. Seasonal adjustment is a statistical technique to remove the effects of seasonal calendar influences operating on a time series.

V. Dissemination of Results

The Seasonally Adjusted National Accounts is included in the PSA System of Designated Statistics, indicated to be released 40 days after the reference period, except Q4, which is to be released 30 days after the reference period. The following schedules are the releases of SANA based on the Advance Release Calendar of PSA:

 

SANA Report Schedule of Release
Quarter 4 of the Previous Year January of the Current Year
Quarter 1 of the Current Year May of the Current Year
Quarter 2 of the Current Year August of the Current Year
Quarter 3 of the Current Year November of the Current Year

The web release materials include press release, statistical tables, infographics, publication report, and social cards.

VI. Citation

Philippine Statistics Authority. (2022). Technical Notes on the Seasonally Adjusted National Accounts of the Philippines. https://psa.gov.ph/national-accounts/sana/technical-notes

VII. Contact Information

Mr. Mark C. Pascasio
Chief Statistical Specialist
Expenditure and Integrated Accounts Division
(02) 8376-2024
m.pascasio@psa.gov.ph

For data request, you may contact:
Knowledge Management and Communications Division
(02) 8462-6600 loc. 820
info@psa.gov.ph | kmcd.staff@psa.gov.ph

Go back to 

Browse by Domain

by Sector

by Data Source