The 2002 PCPC is the first edition of a standard classification of goods and services in the Philippines, including tangible assets based on their physical properties and intrinsic nature as well as industrial origin.

The PCPC is a linkage between the Philippine Standard Commodity Classification (PSCC) and the Philippine Standard Industrial Classification (PSIC).

The 2002 PCPC will serve as an instrument for assembling and tabulation all kinds of statistics that needed product detail. such statistics may cover production, intermediate and final consumption, capital formation and foreign trade and may refer to commodity flows, stocks or balances and may be compiled in the context of input-output tables, balance of payments and other analytical presentations. The 2002 PCPC will greatly enhance harmonization among various fields of economic and related statistics, and will strengthen the role of the national accounts and balances as an instrument for coordination of economic statistics.

For purposes of obtaining international comparability for data according to products and services, the PCPC was patterned after the United Nations' Central Product Classification (UN-CPC) version 1.1, but with modifications to reflect national situations and requirements. The classification consists of:

• 10 sections;
• 69 divisions;
• 302 groups;
• 1,172 classes;
• 2,313 subclasses and;
• 5,459 items.