NSCB - Technical Notes - PSNA - Current PSNA / 1993 PSNA

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Technical Notes

The Philippine System of National Accounts (PSNA)

Current PSNA / 1993 PSNA

Salient Features of the 1993 SNA

With more articulations introduced in the classifications and institutional sectoring, compilers and users have more flexibility in prioritizing various parts of the accounts, depending on the analysis required and data availability.

Harmonized with other international statistical systems such as the Balance of Payment (BOP), International Labour Organization (ILO), Government Finance Statistics (GFS), and Money and Banking Statistics (MBS)

More articulated accounts to address concerns such as the revaluation account that record changes in prices or inflation

Introduce the concept of Gross Domestic Income and the concept of Gross National Income (GNI) to replace Gross National Product (GNP). GNI (at constant prices) is equal to GDP (at constant prices) plus Trading Gains/Loss from changes in the terms of trade plus NFIA (at constant prices)

Introduce the concepts of mixed income and primary income

Delineation of output into market output, output for own final use and non-market output.

Provision of guidelines for the compilation of satellite accounts such as environmental, tourism, education and transportation accounts.

Comparison of the 1993 SNA and the Current PSNA

1993 SNA	CURRENT ANNUAL PSNA
Institutional Sectors	Institutional Sectors
a. financial b. non-financial c. general government d. households e. non-profit institution serving households.	a. private corporations b. government corporations c. general government d. households including NPISHs and unincorpotated enterprises.

Accumulation Account 1. Capital Account 2. Financial Account 3. Other Changes in Volume of Assets Account 4. Revaluation	Only the capital account for the whole economy is covered. A matrix presentation of the financial account (Flow of Funds) is being compiled by the BSP.

Mixed Income for unincorporated enterprises owned by households - remuneration for work done by the owner of the enterprise as well as a return to entrepreneurship	No distinction between operating surplus and mixed income

Gross National Income (GNI)	Uses GNP but GNI is found in the memo item on the main table of the national accounts at constant prices

Military expenditures (except on weapons) are part of capital formation	Treated as current expenditure

Valuables which are held as stores of values are capital expenditures	Treated as current expenditure

Financial leasing is treated as capital formation while operational leasing is treated as services	To the extent that data can support, distinction between operational and financial leasing are considered.


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