The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

Data are disseminated on the following spot exchange rates:

(1) The peso-dollar exchange rate. This is based on the weighted average of all spot market transactions made through the Philippine Dealing System (PDS) during the preceding  business day. The PDS allows authorized dealers of participating commercial banks and the Bangko Sentral ng Pilipinas to deal in spot and forward USD/PHP transactions using computer terminals right in their premises from 9:00 a.m. through 4:00 p.m. daily with a break time from 12:00 noon to 2:30 p.m.

(2) The cross-exchange rates of the peso. These are the exchange rates of the peso with foreign currencies, other than the U.S. dollar, such as:

(a) The 14-reserve eligible currencies that are accepted by the banking system for exchange against pesos

(b) 15 other non-reserve eligible currencies.

These are computed by multiplying the dollar equivalent of one unit of the foreign currency with the peso equivalent of one dollar.

Daily data on Philippine peso per US dollar (USD/PHP) forward rates are derived by adding the spot rates to the market swap points. The spot rates and swap points are indicative rates that are sourced by BSP from Reuters' pages PHP=BAPH and PHSWAPX. The PHP=BAPH page contains the latest spot bid-offer quote at the Philippine Dealing System. The PHSWAPX page contains the fixing bid-offer swap rates by commercial banks for 1-week, 2-week, 1-month, 2-months, 3-months, 6-months and 1-year tenors. The BSP is not a contributor to these pages. Commercial banks compute for their bid/offer swap quotes using a standard formula that involves variables such as the notional amount in USD, USD and PHP interest rates, spot exchange rate and the tenor.

The peso forward rate is usually quoted against the US dollar (USD).

Periodicity

Daily

Timeliness

No later than 2:00 p.m. on the same day for peso forward rates.

Access by the Public

Advance dissemination of
release calendar

Not applicable. Daily data are disseminated daily. Not applicable. Data are disseminated daily in the Reference Exchange Rate Bulletin available at 9:30 a.m.

Simultaneous release to all
interested parties

The peso-dollar reference rate is released simultaneously to all interested parties by releasing a hard copy of the daily "Reference Exchange Rate Bulletin" every business day at 9:30 am at the BSP Five-Storey Bldg. Ground Floor lobby. The Reference Exchange Rate Bulletin is also published at webpage http://www.bsp.gov.ph/statistics/sdds/exchrate.htm  every business day at 12:00 noon.

The peso-dollar reference rate, as well as the Euro dollar (EUR), Japanese yen (JPY), British pounds (GBP), Singaporean dollar (SGD) and Australian dollar (AUD) exchange rates against the US dollar and the peso are also available at the BSP auto-attendant system (via BSP’s trunk lines: tel. 524 7011 to 50).
The peso per US dollar forward rates are published at the BSP website every business day at 2:00 p.m.

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 BSP disseminates the exchange rate data as a service to the public

The Act is referred to in the BSP's "Annual Report" and the public may obtain a copy from Ms. Lorena Pangan, Corporate Affairs Office, Rm. 412, 4th Floor, Five-Storey Bldg. Bangko Sentral ng Pilipinas  A. Mabini corner P. Ocampo Sr. Streets, Malate, Manila 1004 Philippines Telephone no. (632) 525 2506, fax no. (632) 523 6210; and e-mail address: LPangan@bsp.gov.ph

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 final when first released and are not subject to revision.

Advance notice is given of any major changes in the methodology.

Quality

Dissemination of
documentation on methodology
and sources used in preparing
statistics

Although no documentation is disseminated at present, information on the methodology can be provided by:

(i) spot rate by Mrs. Ludivinia D. Gador, Expectations Survey and Leading Indicators Group, Department of Economic Statistics Rm 401, 4th Floor, Five-Storey Bldg. Bangko Sentral ng Pilipinas A. Mabini corner P. Ocampo Sr. Streets, Malate,, Manila 1004 Philippines Tel. No. (632) 523 4229, Fax no. (632) 536 6920, e-mail address: lgador@bsp.gov.ph or bspmail@bsp.gov.ph;  

and (ii) forward rates by Ms. Charity Malto, Foreign Exchange and Open Market Operations Group, Treasury Department, Rm 308, 3rd Floor, Five-Storey Bldg. Bangko Sentral ng Pilipinas A. Mabini corner P. Ocampo Sr. Streets, Malate, Manila, Philippines 1004 Tel. No. (632) 523 8865, Fax no. (632) 523 8772, e-mail address: cmalto@bsp.gov.ph.  

(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

Daily Statistical Indicators
The report on Daily Statistical Indicators shows the Peso per US Dollar exchange rates for the current day, previous day, week ago, month ago and year ago.

Selected Philippine Economic Indicators (SPEI), monthly issue.
Under the External Accounts section of the monthly SPEI's, the table on Peso per US Dollar Rates shows monthly average rates and end-of-period rates, for the current year and the previous sixteen years. Under the same section, the table on Cross Rates of the Peso shows the average rates and end-of-period rates, monthly for the current and previous two years, and annual for the previous five years.

Quarterly Economic and Financial Report
Under the Statistical Tables section of the Quarterly Economic and Financial Report, the tables on "Exchange Rates of the Peso" shows average monthly data for the current year and the past two years.

BSP Statistical Bulletin (Vol. II of the BSP Annual Report).
Under the Foreign Exchange Transactions section of the annual BSP Statistical Bulletin (Vol. II of the BSP Annual Report), the table on "Pesos per U.S. Dollar Rate" shows average rates and end of period rates, monthly for the last 11 years.

BSP Webpage Information on Daily Peso per US Dollar exchange rate is disseminated on the following webpages:  (a) BSP home page http://www.bsp.gov.ph , (b)  http://www.bsp.gov.ph/statistics/sdds/sdds.htm and (c)  http://www.nscb.gov.ph/sdds/nsdp.asp. The SDDS page shows: the date of the latest observation; the exchange rate for the day; previous data; and a BSP button linking the page to the Daily Reference Exchange Rate Bulletin.

Daily data on the Philippine peso per US dollar (USD/PHP) forward rates are derived by adding the spot rates to the market swap points. The spot rates and swap points are indicative rates that are sourced by BSP from Reuters pages PHP=BAPH and  PHSWAPX. The PHP=BAPH page contains the latest spot bid-offer quote at the Philippine Dealing System. The PHSWAPX page contains the fixing bid-offer swap rates by commercial banks for 1-week, 2-week, 1-month, 2-month, 3-month, 6-month and 1-year tenors. The BSP is not a contributor to these pages. Commercial banks compute for their bid-offer swap quotes using a standard formula that involves variables such as the notional amount in USD, USD and PHP interest rates, spot exchange rate and the tenor