The Philippines subscribed to the Special Data Dissemination Standard (SDDS) in August 1996 and thereafter started posting its metadata on the International Monetary Fund's (IMF) Dissemination Standards Bulletin Board (DSBB). Based on information provided on the DSBB, the Philippines satisfies the SDDS requirements for timeliness, periodicity, and coverage for all but three data categories and fulfills the access criteria as well. However, regarding SDDS requirements on Integrity and Quality of data, the Philippines fails to meet many of those prescribed by the SDDS. Based on information provided on the DSBB, the terms and conditions for dissemination of data for many categories are unclear. Furthermore, the IMF in its 2004 assessment indicates that there is room for improvement in the quality of data reported, and a 2007 report by the IMF also refers to shortcomings in the quality of data for national accounts and balance of payments.

General Overview

The 2007 report by the IMF notes that data provided by the Philippines to the IMF's Dissemination Standards Bulletin Board (DSBB) is adequate for surveillance purposes, albeit with shortcomings. The shortcomings were identified in the quality of data for national accounts and balance of payments. The Philippines subscribed to the SDDS in August 1996 and thereafter started posting its metadata on the DSBB.

According to information provided by the IMF in its 2004 Report on the Observance of Standards and Codes (ROSC), there is generally a strong legal and institutional framework in place, and methodological soundness in the Philippines for its statistical system. The report further indicates that dissemination practices generally conform to SDDS requirements and agencies provide excellent access to data, but there is room for improvement in the quality of data reported.

The 2004 IMF report defines the institutions responsible for the compilation and dissemination of data as the Central Bank of the Philippines (BSP), the Department of Finance (DoF), the National Statistical Coordination Board (NSCB), the Bureau of the Treasury (BTR), the Bureau of Labor and Employment Statistics (BLES), and the National Statistics Office (NSO). The BSP is responsible for producing data on the banking system, interest rates, balance of payments, international reserves and foreign currency liquidity, international investment position, external debt, and exchange rates. The NSO produces statistics on production, employment, unemployment, prices, merchandise trade, and population. The BTR produces data on central government operations and debt, while the DoF disseminates data on general government operations.

The Principles

Comprehensive economic and financial data, disseminated on a timely basis.

CP

Information provided on the IMF's Dissemination Standards Bulletin Board indicates that the Philippines uses the flexibility option for timeliness on Production and Producer Price Indices, and uses the flexibility option for the periodicity and timeliness of Wages/Earnings data. For all other data categories the Philippines meets the requirements of the IMF's SDDS. The 2004 IMF ROSC, noted that the Philippines used the flexibility option for the same data categories at that time, as well.

Ready and equal access to official statistics.

FC

According to the information provided by Philippines on the IMF's Dissemination Standards Bulletin Board, data are released simultaneously to all interested parties and advance release calendars are provided for all data categories. Similarly, information provided by the IMF in its 2004 ROSC conforms with these finding.

Official statistics must have the confidence of their users. Transparency of its practices and procedures is a key factor.

CP

According to data provided on the IMF's Dissemination Standards Bulletin Board, the terms and conditions under which data are released are clearly stipulated in various laws and decrees for most data categories. However, there are no laws or regulations which prescribe the release of data in the case of General Government (Public Sector) Operations. The terms and conditions under which data are released for Stock Market data are also not clearly defined on the IMF's SDDS website. Furthermore, information on confidentiality is also not clearly identifiable for several data categories

Ministerial commentary and internal government access to data prior to release is identifiable for all data categories, according to the IMF's SDDS website. Similarly, prior notices are given in case of revisions. SDDS requirements stipulate that ideally, advance notice of methodological changes should be provided. However, the Philippines does not provide advance notice of methodological changes in several data categories, but instead provides this information at the time of implementation. Finally, the IMF in its 2004 ROSC states that "the statistical system of the Philippines is sustained by generally strong legal and institutional frameworks and solid methodological foundations" (p.3).

A set of standards that deals with the coverage, periodicity and timeliness of data must also address the quality of statistics.

CP

The Philippines does provide information regarding dissemination of documentation on statistical methodology on the IMF's SDDS website. However, dissemination of data that supports cross checks and provides assurance of reasonableness is not clearly defined for several data categories on the IMF SDDS website. Summary methodologies are provided for all data categories. The IMF's 2007 report (Article IV Consultation) also indicates that the data quality of national accounts is weak, despite the authorities' efforts to the contrary. The report also notes that the authorities have taken measures to improve the quality of the balance of payments.