NSCB - NSCB Technical Notes on the Estimates of the Philippine System of National Accounts (PSNA) Series 2005-Q3

NSCB Technical Notes on the Estimates of
the Philippine System of National Accounts (PSNA) Series 2005-Q3
(posted 13 March 2006)

Technical notes on the PSNA are regularly 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.

Unorganized Sector –

Estimates of the unorganized sector are included in the respective sectors in the production accounts. The term unorganized refers to those production units that are not covered by the establishment surveys of the National Statistics Office (NSO). The contribution of the unorganized sector is estimated by multiplying the difference between the labor force employment data and the employment data from the establishment survey by the gross value added (GVA) per worker of small establishments with less than ten employees. It is assumed that the GVA of small establishments approximates the value added of unorganized production units.

Transport, Communication and Storage –

Transport and storage services include the following:

- transport of passengers and freight;

- related services such as the operation of toll roads, terminal facilities, piers, airports and the like;

- services allied to transport such those rendered by travel, forwarding and inspection agencies, ship and aircraft brokers and;

- operation of warehouses and storage facilities.

Communication services cover mail and courier services, telephone, radio, satellite and related services.

For the quarterly estimates, the sources of data are the NSO Quarterly Survey of Philippine Business and Industry (QSPBI), and financial statements and other indicators (i.e. rail ridership, revenue passenger kilometer) of key establishments to supplement the QSPBI results.

Excluded from TCS services are the following provided that it is possible to distinguish and separate their operation, otherwise they are accounted as part of the sector that operates them:

-own account transport activities such as fleets of trucks of trading or manufacturing establishments, which should be part of these establishments;

-delivery departments and warehouses operated by business establishments for their own use, which should be part of the sector wherein these establishments are classified;

-provision of ambulance services, which is part of medical services;

-alteration and major repair of aircraft, which is classified under manufacturing;

-hotels, restaurants and catering services operated by transport services, which should be part of hotels and restaurant services;

-studios and stations for general radio and television broadcasting, which is part of recreational services.

Revisions as of November 2005

Based on the Revision Policy approved by the NSCB Executive Board and consistent with the international practice on the revision of National Accounts, the following are the revisions in our previous estimates, based on the revisions and updates made by the data sources themselves, including those made by NSO on Exports, Imports, MISSI, QSPBI, Building Permits, WPI, RPI and FTS; BSP on the BOP; the DOE and MGB for Mining and Quarrying; the NPC & MWSI for EGW; additional Financial Statements from source companies for ODRE; DBM and DOF for Construction; COA, DBM for Government Consumption; as well as POEA for NFIA; BAS, SRA, NIA & FMB for Breeding Stocks & AFF; PhilCemcor for Manufacturing; Financial Statements from PSE for Finance.

For the second quarter, the following revisions were made:
On the production side,

AFF upward from 1.8% to 1.9%
Mining and quarrying upward from 13.9% to 14.1%
Manufacturing upward from 4.5 % to 5.8%
EGW upward from 3.1% to 3.2%
Trade upward from 5.6% to 5.9%
Finance upward from 10.5% to 11.9%
Government services upward from –1.4% to 2.1%
Construction downward from 3.2% to 3.1%
ODRE downward from 4.6% to 3.9%
TCS downward from 9.7% to 7.2%

On the expenditure side,

Government Consumption upward from 13.2% to 15.7%
Exports upward from 1.1% to 1.9%
Imports upward from 1.5% to 1.7%
Personal Consumption Expenditure downward from 4.9% to 4.8%
Construction downward from 1.1% to 0.9%
Durable Equipment downward from –4.4 % to –9.2%.
Breeding Stocks downward from 2.7% to 2.1%
NFIA downward from 3.5% to 2.3%.

As a result of all the revisions for the second quarter, GDP growth for Q2 2005 was revised upward from 4.8% to 5.4% while GNP growth was revised upward from 4.7% to 5.0%

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

For inquiries please contact Dir. Raymundo J. Talento at (632) 895-2481 or
e-mail him at rj.talento@nscb.gov.ph.

References:

Issues Paper Balance of Payments Technical Expert Group (BOPTEG) #8 Residence of Households by Robert Dippelsman, IMF Statistical Department, May 2004 (http://unstats.un.org).

Issues Paper Balance of Payments Technical Expert Group (BOPTEG) #8A Residence of Households by International & Financial Accounts Branch, Australian Bureau of Statistics, May 2004 (http://unstats.un.org).

System of National Accounts 1993, by Eurostat, IMF, OECD, U.N., WB, 1993.

Technical Notes on the 2003-2004 BOP Revisions by Bangko Sentral ng Pilipinas, April 2005 (http://www.bsp.gov.ph)


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