Philippines - Real Imports of Goods and Services

For the Philippines, the expenditure and output approaches to GDP. Includes gross value added by industry, in current- and constant-price terms. Quarterly from 1981.

• Framework: PSNA (Philippines System of National Accounts), which generally follows UN SNA 2008
• Classification: Not indicated, but matches PSIC 1994, the local adaptation of UN ISIC Rev. 3
• Measurements:
  • Millions of Philippine pesos at current prices (Mil. PHP)
  • At constant year-2000 prices (Mil. 2000 PHP)
• Adjustments:
  • Seasonally adjusted (SA)
  • Not seasonally adjusted (NSA)
• Native frequency: Quarterly
• Start date: 1981Q1 or 1998Q1

Gross domestic product refers to the value of all goods and services produced domestically; the sum of gross value added of all resident institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the values of their outputs).

Basic concepts

• The current PSNA basically follows the 1968 UN System National Account (SNA) but to a limited scale incorporates the recommendations of the 1993 SNA.
• Transactors are economic units called institutional units.The institutional sectors in the present PSNA are:
  
  • Private Corporations
  • Government Corporations
  • General Government; and
  • Households, including non-profit institutions serving households and unincorporated enterprises.
• Economic Territory does not coincide exactly with geographic territory.
• Total economy consists of all institutional units that are residents of the country.
• An institutional unit is said to be resident of a country when it has a center of economic interest in the economic territory of country - that is when it engages for an extended period (one year or more being taken as a practical guide) in economic activities of this territory. 

Current PSNA / 1993 PSNA

Salient features of 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.

Measurement of gross domestic product

Production approach

   Gross Output
less:
    Intermediate Inputs
equals:
    Gross Value Added (GVA)

Expenditure approach

    Personal Consumption Expenditure
plus:
    Government Consumption Expenditure
plus:
    Gross Domestic Capital Formation
plus:
    Exports
less:
    Imports
equals:
    Expenditure on Gross Domestic Product

Income approach

   Compensation of Employees
plus:
   Depreciation
plus:
   Indirect Taxes - Subsidies
plus:
   Net Operating Surplus
equals:
     Gross Domestic Product

PCE - a true commodity flow approach is not feasible due to data limitations.

PCE = P + M - DS - FCF - GGCE - X - II

where:

• PCE - Pesonal Consumption Expenditure
• P - Production
• M - Imports
• DS - Change in Stock
• FCF - Fixed Capital Formation
• GGCE - General Government Consumption Expenditure
• X - Exports
• II - Intermediate Inputs

The updating of the Quarterly Accounts for each quarterly estimation round is limited to the immediately preceding quarter, and for the rest of the past quarters to be done only during the May round of estimates.

The above passages are quoted or paraphrased from the NSCB (National Statistical Coordination Board), a predecessor to the Philippines Statistics Authority. The PSA is the merger of four prior agencies.

At the source:

• National accounts publications
• Macroeconomic accounts - Technical notes
• PSIC 2009

At IMF (SDDS):

• Philippines - National accounts