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Measuring International Trade in Services

Measuring International Trade in Services. Introduction - Legal Framework - Balance of Payments (BOP) Compilation Trade in Services Major Classifications Data Sources Limitations of Data Sources Organizational & Data Processing Data Availability Current Developments Future Directions

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Measuring International Trade in Services

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  1. Measuring International Trade in Services

  2. Introduction - Legal Framework - Balance of Payments (BOP) Compilation Trade in Services Major Classifications Data Sources Limitations of Data Sources Organizational & Data Processing Data Availability Current Developments Future Directions Recommendations OUTLINE OF PRESENTATION

  3. Section 22 of Republic Act No. 7653 (Central Bank Act) states that the BSP shall prepare data among others, the Balance of Payments (BOP) statistics for the guidance of Monetary Board in policy formulation and implementation Executive Order No. 352 authorizes the BSP to undertake the compilation and provision of data on BOP accounts to the Office of the President and the general public with periodicity of quarterly and annual dissemination. LEGAL FRAMEWORK

  4. The BSP has no explicit legal authority to collect information from the private non -banks corporations and households. However, implied under the Designated Statistics Act is the BSP’s mandate to collect information for BOP compilation. BSP’s surveys of private entities get legal support when they pass through the NSCB’s survey clearance system. LEGAL FRAMEWORK

  5. The BSP is the sole agency designated to generate the balance of payments (BOP) statistics. On BOP Compilation

  6. Trade in ServicesAccount

  7. Transportation(Passenger, Freight) Travel Communication Insurance Construction Financial MAJOR CLASSIFICATIONS:

  8. Computer and information Royalties and license fees Other business services (Merchanting, operational leasing, miscellaneous business, technical, professional) Personal, cultural, and recreational services Government services MAJOR CLASSIFICATIONS:

  9. Transportation services of which: Passenger - ITRS, ticket sales of local/foreign airlines Freight - Foreign Trade Statistics Others - Bank reports, other receipts of local/foreign airlines DATA SOURCES

  10. Travel 1. Tourism related - Visitor Sample Survey of the Department of Tourism for receipts; Bank reports for payments 2.Others - estimates of living expenses abroad of residents working abroad. DATA SOURCES

  11. Communication - Bank reports Cross Border Transaction Survey (CBTS) Insurance - Foreign Trade Statistics Construction - Bank reports and CBTS Financial - Bank reports and CBTS Computer and Information Services - Bank reports and CBTS DATA SOURCES

  12. Royalties & License Fees - Bank reports Other Business Services of which: Merchanting - Bank reports Operational Leasing - Bank reports and expenditures of local airlines. DATA SOURCES

  13. Personal, Cultural & Recreational - Bank reports Government Services, n.i.e. - Expenditures/Budget of Department of Foreign Affairs for Embassies and Consulates abroad. DATA SOURCES

  14. Bank reports capture only the transactions passing through the banking system Bank reports are prone to misclassification Cross Border Transactions Survey is limited in purpose (only covers accounts abroad and inter company offsetting accounts) and coverage (top companies that are mostly exporters of goods) Administrative databases do not always provide the required necessary details. LIMITATIONS OF DATA SOURCES

  15. Bangko Sentral ng Pilipinas - agency primarily responsible for ITS Statistics Other Agencies with significant ITS Statistical roles: - National Statistical Coordination Board - Department of Trade and Industry ORGANIZATIONAL AND DATA PROCESSING

  16. Supplementary data from: - National Statistics Office (NSO) - Department of Tourism (DOT - Department of Foreign Affairs (DFA0 - Civil Aeronautics Board (CAB) - Asian Development Bank (ADB) - Organization for Economic Co-operation and Development (OECD) ORGANIZATIONAL AND DATA PROCESSING

  17. ORGANIZATIONAL AND DATA PROCESSING Number of staff - Direct Compiler of ITS -1 staff - ITRS - 2 staffs - CBTS - 2 staffs Electronic Reporting System

  18. DATA AVAILABILITY BOP (BPM5 Concept) - 1999 to 2007 revised series BOP (Old Concept) - 1980 - 1999 Timeliness/Time-lag - On time/11-12 weeks Revision Policy: - Quarterly data - any quarter of the reference year

  19. DATA AVAILABILITY Revision Policy: - Annual data - coincides with the release of the second quarter report in September of the current year and the fourth quarter report in March of the succeeding year. - Historical - are carried out in case of introduction of new classifications, compilation frameworks and methodologies.

  20. Difficulty of tracking transactions done on-line Possibility of classification error specially when business of transactors are unknown to reporting banks Difficulty of separating transactions involving several types of service rendered COMPILATION ISSUES in the SERVICES ACCOUNT

  21. Inclusion of some pertinent foreign affiliate trade in services data based on the FDI Survey launched by BSP in 2005 Addition of Financial Statements as data source in 2007 Adoption of Surveys on IT Enabled Services starting 2008 CURRENT DEVELOPMENT

  22. Expansion of the coverage of Cross Border Transaction Survey is being considered to include, among others, major transactions in services. Coordination with other government agencies to institutionalize surveys on emerging services accounts like health and wellness. FUTURE DIRECTIONS

  23. Strengthen capacity building by asking technical assistance on the topics: how to design and conduct enterprise surveys for generating ITS statistics; and data model for calculation of proxy. Prioritize areas/sectors that needs improvement for the SITS. Development of methodology to account for under coverage of ITS accounts. RECOMMENDATIONS

  24. Web: www.bsp.gov.phE-mail: bop@bsp.gov.ph

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