Technical notes on the PSNA are published in the NSCB website for a better appreciation of our national accounts. Reference should also be made to the earlier technical notes for the current national accounting practices adopted in the Philippines.

Data Sources for Q4 2003

Compared with the other releases of the Quarterly National Accounts (QNA), which come about sixty days from the reference quarter, the fourth quarter QNA has a lag of only 30 days from the reference quarter. Hence, some of the data sources usually available for the quarterly estimation are not available during the Q4 estimation. Indicators are used to estimate movements for some sectors. For Q4 2003, we are grateful to the National Statistics Office (NSO) which was able to provide NSCB with the 15-day results of the Quarterly Survey of Philippine Business and Industry (QSPBI) and the results of the November 2003 Monthly Integrated Survey of Selected Industries (MISSI) which strengthened the data support to our estimates.

Trade

Trade consists of wholesale and retail trade. Wholesale trade covers establishments/units, which resell without transformation new and used goods to commercial, industrial, institutional and professional users, retailers as well as to other wholesalers. Retail trade, on the other hand, covers establishments/units, which resell without transformation new and used goods to the public mainly for personal or household use. The trade sector however, excludes:

1. sale of food and drinks within the premises of restaurants and cafes which is included under hotels and restaurants;
2. renting to the public of amusement and recreational goods which is included under recreational services and;
3. leasing and rental of machinery and equipment which is included under business services.

Private Services

Producers of private services are units engaged in business, educational, recreational, medical and health, hotels and restaurants, personal services and other services, and non-profit organizations engaged in community and social services.

Business services include such services as legal, accounting, computer, engineering and other business services.

For educational services, aside from the usual educational institutions music, dancing and other art schools as well as driving schools and own-account teachers are included.

Medical and health services cover establishments and own-account workers providing medical, dental, and other health and veterinary services.

Recreational and cultural services include those in the fields of motion picture production and distribution, radio and television broadcasting, theatrical and entertainment production, operation of dance halls, race tracks, circuses and other recreational and amusement services. Independent artists such as, musicians, authors, and music composers are likewise included as part of the unorganized activities of the sector.

Personal services cover domestic services and other services such as laundry, repair, personal care, photographic, and funeral services. Repair services consist of repair of consumer goods for households.

Hotels include those establishments providing lodging, camping space and facilities on a fee basis whether these are open to the public or restricted to members of a particular organization. Lodging facilities operated by government, private clubs, and enterprises are also included if such activities can be separated. Restaurants cover those engaged in the selling of prepared foods and drinks for consumption within its premises

Other services cover social welfare service performed by non-profit institutions serving households and such other services as janitorial, sanitary and pest control services.

Revisions for Q3 2003

Revisions for Q3 2003 estimates were done in accordance with our PSNA Policy on Revision. The major revision in our third quarter estimates came from Construction. The revision resulted from revised DBM data on capital outlays of the national and local government, availability of the financial data of GOCCs from DOF and updated NSO data on building permits.

For the third quarter, the following revisions were made:

• On the production side, Construction was revised upward from negative 10.7% to negative 0.2%
• On the expenditure side, Construction was likewise revised upward from negative 11.7% to negative 1.1%

As a result of the revisions for the third quarter of 2003, GDP growth for Q3 2003 was revised upward from 4.4% to 5.1% while GNP growth was revised upward from 5.9% to 6.5%. The resulting annual GDP growth is 4.5 percent while GNP grew by 5.5 percent. If, on the other hand, the Q3 2003 estimates were not revised the annual growth rate of GDP would be 4.3 percent and annual GNP would be growing by 5.3 percent.

A more complete tabulation of our revisions is included in our publication.

For inquiries please contact Dir. Raymundo J. Talento at (632) 895-2425 or e-mail him at rj.talento@nscb.gov.ph.