The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

Data are disseminated in millions of Philippine pesos on the analytical accounts of the depository corporations subsector, and cover the central bank (the Bangko Sentral ng Pilipinas), commercial banks, thrift banks, rural banks, non-stock savings and loan associations and non-banks with quasi-banking functions.

Data are disseminated on:

(1) The monetary aggregates: national currency outside depository corporations (currency in circulation), transferable deposits (demand deposits), other deposits (quasi-money), and broad money liabilities (domestic liquidity). (In calculating the monetary aggregates, the data are consolidated by adjusting inter-bank data.)

(2) Net claims on the public sector [ Net domestic credit to the public sector, which includes credits to the (i) national (central) government and (ii) local governments and nonfinancial public enterprises].

(3) Claims on other sectors (Net domestic credit to the private sector).

 (4) Net foreign assets (the net foreign position) or net claims on non residents.

Periodicity

Monthly

Timeliness

One month after the end of the reference month.

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 (a) the BSP's Internet website: http://www.bsp.gov.ph; and (b) subsequently, on or before the 7th day of the month, at the  Selected Philippine Economic Indicators page. 

The public are informed of this through a regular notice 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

The data are released simultaneously to all interested parties by posting the data at the BSP's Internet website: (a) SDDS page, and (b) subsequently, on or before the 15th day of the month, at the Selected Philippine Economic Indicators page. The data are released simultaneously to all interested parties by posting the data at the BSP's Internet website: (a) SDDS page http://www.nscb.gov.ph/sdds/nsdp.htm, and (b) subsequently, on or before the 15th day of the month, at the Selected Philippine Economic Indicators page (http://www.bsp.gov.ph/Statistics/spei)

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 R.A. No. 7653 also known as the New Central Bank Act approved on June 18, 1993 and Executive Order No. 352 (E.O. 352) entitled "Designation of Statistical Activities That Will Generate Critical Data for Decision-Making of the Government and the Private Sector", approved on July 1, 1996, which gave the list of designated statistics.

The new Central Bank Act (R.A. No. 7653):

1. Section 23 of the Act authorizes the BSP to obtain information from banks while the new BSP Manual of Regulation for Banks (1997 edition) Part One, Section X162 Reports provides that commercial banks/rural banks shall report monthly/quarterly statements of condition to the BSP. These reports are the basis for generation of banking data.

2. Article V, Section 39, mandates the Monetary Board to publish and submit the condition of monetary aggregates to the President of the Republic of the Philippines and to the Congress not later than ninety (90) days after the reference quarter.

Executive Order No. 352 (E.O. 352) Designation of Statistical Activities That Will Generate Critical Data for Decision-Making of the Government and Private Sector:

1. Directs government agencies to implement the activities and generate the statistics (listed in the Annex of this directive) that have been designated by the National Statistical Coordination Board, as critical and essential data for administrators, planners, and policy makers in the government and the private sector.

2. Authorizes the BSP to undertake the compilation and provision of data on money and banking statistics to the Office of the President and to the general public with monthly, quarterly, semestral and annual periodicities and a timeliness of 30-45 days after the reference period.

RA No 7563 is referred to in the BSP's Annual Report and the public may obtain a copy from:

Ms. Lorena Pangan,
Corporate Affairs Office
Rm 409, 4th Floor, Five-Storey Bldg.
Bangko Sentral ng Pilipinas
A. Mabini cor. P. Ocampo Sr. (formerly Vito Cruz St.) Sts.,
Malate, Manila 1004 Philippines
Telephone: (632) 525 4823;
Fax: (632) 523 6210;
Email: fdelacruz@bsp.gov.ph.

Executive Order No. 352 may be obtained from:

NSCB,
2/F Midland Buendia Bldg.,
Sen. Gil Puyat Ave., Ext.,
Makati City, Philippines.
Fax: 632 8909408;
Email: info@nscb.gov.ph.

Identification of internal
government access to data
before release

No official outside the Bangko Sentral ng Pilipinas has access to the data before their release to the public.

Identification of ministerial
commentary on the occasion of
statistical releases

No commentary is attached to 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 and this status is indicated in the corresponding SDDS tables and in the monthly Selected Philippine Economic Indicators (SPEI). The data are revised after two months from the release of preliminary data. The revised data are also published in the succeeding issues of the monthly (SPEI).

Any major changes in the methodology are explained in notes/footnotes in the SPEI at the time the changes are introduced.

Quality

Dissemination of
documentation on methodology
and sources used in preparing
statistics

Definitions and concepts used in the compilation of the analytical accounts of the banking sector may be sourced from the DER Concept Handbook as well as from the monthly SPEI. Copies are available to the public at:

BSP's Center for Statistical Information,
Rm 418, 4th Floor, Five-Storey Bldg.
Bangko Sentral ng Pilipinas
A. Mabini cor. Pablo S. Ocampo Sr. (formerly Vito Cruz St.)
Sts. Malate, Manila 1004 Philippines
Telephone: (632) 523 7011 loc. 2727.

(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

SDDS templates, statistical folder, BSP website. Under the statistical folder, SDDS templates, updated monthly, detailed data on the analytical accounts of the depository corporations’ subsector are shown in the table. The accounts covered are those of the central bank, commercial banks, thrift banks, rural banks, non-stock savings and loan associations and non-banks with quasi-banking functions. Initial data are annual for the periods 2001 and 2002.