The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

Data are disseminated in millions of pesos, based on the BSP's accounting records.

Data are disseminated on the following:

(1) Reserve money, including its components.

(2) Net domestic claims on the public sector, comprising gross claims on the National (central) Government, less deposits of the National Government held by the central bank, and gross claims on the nonfinancial public sector. The central bank does not provide credit to local governments.

(3) Gross domestic claims on the private sector, including claims on other depository banks and nonfinancial private sector.

(4) Net foreign assets, comprising gross foreign assets, less gross foreign liabilities, with the exception of BSP bonds payable which is presented net of discounts. 

(5) Other claims (Net), comprising all other accounts that do not fall under the net domestic credits categories (that is, capital accounts, net unclassified assets, revaluation accounts, and other liabilities). 

Periodicity

Monthly

Timeliness

Two weeks 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 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

The data are released simultaneously to all interested parties by posting at the BSP's Internet website SDDS page http://www.bsp.gov.ph/statistics/sdds/SDDS.htm  on or before the 15th day of the month. 

Data are subsequently published on or before the 15th day of the following month at the Selected Philippine Economic Indicators page http://www.bsp.gov.ph/statistics/stats_SPEI.htm.

.

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 no. (632) 525 4823 Fax nos. (632) 523 6210 and e-mail fdelacruz@bsp.gov.ph .

EO 352 may be obtained from the NSCB, 2/F Midland Buendia Bldg., Sen. Gil Puyat Ave., Ext., Makati City, Philippines. (Fax: 632 890 9408; Email: info@nscb.gov.ph) .

Identification of internal
government access to data
before release

No official outside BSP 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 are so indicated. Final data/revisions are indicated in later issues of the SPEI, generally five months after the reference month, when auditing of the data by the Commission on Audit has been completed.

Data users are informed of changes in methodology through press releases 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 central bank may be sourced from the DER Concept Handbook as well as from the monthly SPEI. Copies are available to the public at the BSP's Center for Statistical Information located at 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 Tel. No. (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

Selected Philippine Economic Indicators (SPEI), monthly issue.

Under the Financial System Accounts section of the SPEI, the table on Monetary Authorities Survey contains data on the major components of Reserve Money and the table on Assets and Liabilities of the Bangko Sentral ng Pilipinas shows the balance sheet of the BSP, monthly for the current year up to the latest month available and end-year data for the past two years.

Report on Economic and Financial Developments, quarterly issue.

The BSP's quarterly Report on Economic and Financial Developments includes an analysis of movements of reserve money and its components, review of BSP financial condition and statistical tables on Reserve Money and BSP Balance Sheet and Income Statement showing revised data for the latest available quarter and the past 5 quarters. This Report is released not later than 90 days after the end of the reference quarter.