NSCB Resolution No. 1

APPROVING FOR IMPLEMENTATION THE RECOMMENDATIONS OF THE TASK FORCE ON FIXED CAPITAL FORMATION

WHEREAS, the NSCB created the Task Force on Fixed Capital Formation on August 12, 1996 to address the issues on the coverage of fixed capital formation due to new developments/practices;

WHEREAS, the initial Task Force presented its findings and recommendations to the Board which were approved thru NSCB Resolution No. 7 series of 1997;

WHEREAS, NSCB Resolution No. 7 authorized the continuation of the Task Force to implement these recommendations;    

WHEREAS, the Task Force implemented these recommendations to improve the estimation of gross fixed capital formation (GFCF) and presented its findings to the Board on April 06, 2001;

WHEREAS, the Task Force identified the future activities that will further improve GFCF estimation;

NOW, THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that the Board approve the following future activities:

1. Further strengthen coordination and institutional linkages with data source agencies;

2. Study the inclusion of GFCF statistics in the System of Designated Statistics given certain criteria to be met;

3. NSCB to further improve the GFCF estimation methodology;

4. Disaggregate durable equipment to highlight investments in Information and Communications Technology (ICT);

5. Conduct a survey on capital formation in agriculture;

6. Conduct a survey to update parameters on imports of durable equipment; and

7. Develop a methodology to estimate GFCF and capital stock by industry.

BE IT RESOLVED FURTHER that the Task Force, having completed its work, be hereby dissolved.

Approved this 7th day of January 2002, in Pasig City.