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Data Revision: Philippines - Government finances SA - Method
Wednesday, 06 Mar 2019 11:43 ET
By Kelli Johnson
March 2019 -- For government budget for the Philippines, Moody's Analytics produces seasonally adjusted counterparts. We have switched from X-12 to X-13, and from SA to SAAR (four monthly series, revised from 2003).

Motivation: Our national source, the Bureau of the Treasury (BTR), reports central government headline finances (revenue, expenditure, and interest payments) in not seasonally adjusted (NSA) terms; hence, we create seasonally adjusted (SA) supplements. Previously, we created our seasonal factors using the X-12 ARIMA program, but we are now incrementally migrating all releases to X-13 ARIMA.


  1. Changed the four seasonally adjusted series to an annualized rate.
  2. Recalculated their seasonal factors using the X-13 ARIMA program.
  3. Revised them over their full history.
  4. Standardized their mnemonics. For backwards compatibility, prior mnemonics exist as aliases.
  5. Standardized their metadata.


Figures are millions of Philippine pesos (Mil. PHP), seasonally adjusted at an annualized rate (SAAR). All four series start at January 2003. Expect each supplement to be revised with each historical update. Supplements of this kind carry a secondary source citation of "Moody's Analytics Adjusted".

The series reside in the historical catalog (Philippines » Government » Central government finances) and are:

  • GVLCBGBAM.IPHL   = Government finance: Central government - Budget balance, (Mil. PHP SAAR)
  • GVLCREVAM.IPHL   = Revenues
  • GVLCEXTAM.IPHL   = Expenditure
  • GVLDSVINTAM.IPHL = Interest payments - Total

Standardized mnemonics (old » new):


Because catalog locations are subject to change, the upper-right search box on DataBuffet.com provides a "find in catalog" mode that accepts a mnemonic. 


  1. For three series (revenues, expenditure, interest payments), seasonally adjust using the X-13 ARIMA program.
  2. For one series (budget balance), compute as the difference between revenues and expenditure.

See also

Related ReleaseGovernment Budget
SourceBureau of the Treasury (BTR)
Release DateReference date
22 Jul 2020Jun 2020
25 Aug 2020Jul 2020
22 Sep 2020Aug 2020
22 Oct 2020Sep 2020
24 Nov 2020Oct 2020
23 Dec 2020Nov 2020