The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

The data on international reserves and foreign currency liquidity are compiled in accordance with the IMF's Operational Guidelines for the Data Template on International Reserves and Foreign Currency Liquidity.

Data are disseminated in millions of U.S. dollars and include the following prescribed components:

(1) Gross international reserves of the Bangko Sentral ng Pilipinas (BSP) composed of foreign exchange, investments, gold, SDRs, reserve position with the Fund (IMF), and other reserve assets;                                                                       
(2) Other foreign currency assets;
(3) Predetermined short-term drains on foreign currency assets;
(4) Contingent short-term drains on foreign currency assets; and
(5) Other related information (including memo items).

Drains on foreign exchange resources refer to debt servicing of both the monetary authorities and the central government. Debt servicing of the central government includes interest and principal payments on its direct, assumed and guaranteed foreign currency denominated loans. Starting 2004, data on foreign currency demand and time deposits due from offshore banks, including accruals therein, are treated as non-reserve assets and liabilities. In 2001, the change in the status of OBUs from nonresidents to residents was also implemented for statistical purposes.

The data on reserves are compiled from the official financial records of the Bangko Sentral ng Pilipinas (BSP) and are in accordance with the IMF's Balance of Payments Manual, Fifth Edition. The sources of data for the reserves template are the BSP and the Bureau of the Treasury.

Periodicity

Monthly for both official reserve assets and the complete reserves template data.

Timeliness

One week after the end of the reference month for official reserves. Within one month after the end of the reference month for the reserves template data.

Access by the Public

Advance dissemination of
release calendar

An advance release calendar that gives one-quarter ahead notice of the precise release dates is posted on the BSP's Internet website: http://www.bsp.gov.ph

A regular notice to this effect is published in the following BSP press releases: "Key Statistical Indicators: Daily News Release", "Daily Statistical Indicators", "BSP Weekly Key Statistical Indicators", and the monthly "Selected Philippine Economic Indicators".

Simultaneous release to all
interested parties

Data are first released simultaneously to all interested parties by posting the data at the SDDS page of the BSP website http://www.bsp.gov.ph/statistics/sdds/sdds.htm

Gross International Reserves Report " is posted subsequently in the BSP website after the release of data on official reserves.

Data on official reserves are also published at the Selected Philippine Economic Indicators released at webpage http://www.bsp.gov.ph/statistics/spei/tab1.htm  every 15^th day of the month or, if this falls on a non-working day,  the next business day.

The public is informed of these releases through a regular notice published in the monthly Gross International Reserves Report and Selected Philippine Economic Indicators.

Integrity

Dissemination of terms and
conditions under which
official statistics are
produced, including those
relating to the confidentiality
of individually identifiable
information

The BSP was established in 1993 as an independent and accountable central monetary authority mandated to provide policy directions in the areas of money, banking and credit. The BSP operates under the terms and conditions of the Central Bank Act (R.A. No. 7653), also known as the "New Central Bank Act".

The Act requires the BSP to publish its general balance sheet showing the value and composition of its assets and liabilities within 60 days after the end of each reference month.

Section 27 of the New Central Bank Act provides that: “The BSP is prohibited to reveal information relating to the condition or business of individual firms, including banks, gathered by the Department of Economic Research and other units of the BSP to any person or entity outside of the BSP, whether public or private, except under order of the court or under such conditions as may be prescribed by the Monetary Board."

Section 39 of the New Central Bank Act governs the release of BSP reports and publications to the public.

The Act is referred to in the BSP's "Annual Report" and is available for inspection at the BSP's headquarters.

Identification of internal
government access to data
before release

There is no internal government access to the data prior to their release to the public.

Identification of ministerial
commentary on the occasion of
statistical releases

There is no ministerial commentary on the occasion of the release of the data.

Provision of information
about revision and advance
notice of major changes in
methodology

The data are preliminary when first released. Revisions, if any, are effected in the next reporting period.

The public is informed of major changes in methodology by issuing a press release or by placing explanatory notes/footnotes to the data at the time the changes are introduced.

Quality

Dissemination of
documentation on methodology
and sources used in preparing
statistics

The official reserves data are prepared generally in accordance with accepted accounting principles , as well as the conventions of the IMF Balance of Payments Manual, 5th edition.

Although no documentation is disseminated at present, information on the methodology can be provided by the contact person above on request.

The international reserves and foreign currency liquidity data are compiled in accordance with the IMF's Operational Guidelines.


(See also summary methodology)

Dissemination of component
detail, reconciliations with
related data, and statistical
frameworks that support
statistical cross-checks
and provide assurance of
reasonableness

The report on Preliminary Gross International Reserves is prepared daily for submission to designated senior BSP officials and IMF representative only. End-month report of international reserves is publicly disseminated through the BSP web and press release.

The monthly "Gross International Reserves Report" publishes, on a comparative month-end to month-end basis: (1) the total BSP foreign exchange reserves in U.S. dollars; and (2) the amount of holdings of each of the 5 assets (reserve position in the Fund, investments, gold, SDRs, and foreign exchange).

The data in the "Gross International Reserves Report" can be checked against official financial records of the Bank, the details (counterparty, currency, value and maturity dates, conversion rate, etc.) of which are maintained by the Treasury and the Comptrollership Departments of the BSP. In addition, the change in the level of the gross international reserves can be compared with the net receipt/disbursement for the period, as shown in the 'Foreign Exchange Receipts and Disbursements' report attached to the"Gross International Reserves Report".

The Department of Economic Statistics' quarterly report on Balance of Payments Developments includes the following tables with component details: (i) gross and net international reserves of the BSP, monthly for the current year and comparative period the prior year and (ii) BSP receipts and disbursements. This report also includes a brief analysis on the changes in GIR and its component accounts.

Selected Philippine Economic Indicators(SPEI), monthly issue.
Under the External Accounts section of the monthly issue of the SPEI the following tables with component details are included: (i) Net International Reserves, monthly for the current year and immediately past two years; (ii) Gross International Reserves of the Bangko Sentral ng Pilipinas, monthly for the current year and immediately past two years.