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New Estimates: Philippines - Central government finances
Tuesday, 26 Feb 2019 08:10 ET
By Daniel Luckenbach
February 2019 -- Moody's Analytics now estimates central government finances (balance, revenue, expenditures) for the Philippines (three new quarterly series, from 1989).

Motivation: Our national source, the Philippines Bureau of the Treasury (BTR), reports these indicators at a monthly frequency, but with limited history (from 2003) and with gaps (at January 2004 and all of 2005).

Response: For international consistency, Moody's Analytics has estimated the indicators at a quarterly frequency. We have extended the history and filled the gaps.

Properties: Figures are millions of Philippine pesos (Mil. PHP) at a seasonally adjusted annualized rate (SAAR). The series are quarterly from 1989Q1. The series reside in the historical catalog (Philippines » Government » Central government finance) and are:

  • RGVLCBGBAQ.IPHL = Government finance: Central government - Budget balance, (Mil. PHP, SAAR)
  • RGVLCEXTAQ.IPHL = Expenditure


  1. Frequency-convert from monthly SA to quarterly SAAR: revenue and expenditure (GVLREVTTAM.IPHL and GVLEXTAM.IPHL).
  2. Frequency-convert annual to quarterly (technique:cubic): IMF revenue and expenditure (IMFWGGRUA.IPHL and IMFWGGXUA.IPHL).
  3. Infill gaps in (1) using (2).
  4. Backfill to 1989Q1 (1) using (2).
  5. Compute budget balance as an additive identity:

Definitions: Annualizing is a simple analytic adjustment that assumes activity in a given period will continue unchanged for a full year. For example, if government revenue for Q1 is $100, revenue AR for Q1 is $400. Exactly the same applies to seasonally adjusted values, i.e., multiply by four.

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
Related ReleaseGovernment finance
SourceMoody's Analytics (ECCA)
Release DateReference date
23 Jul 20202Q 2020
26 Aug 20203Q 2020
23 Sep 20203Q 2020
23 Oct 20203Q 2020
25 Nov 20204Q 2020
24 Dec 20204Q 2020