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The Services Sector in the Philippine System of National Accounts (PSNA)

The Services Sector in the Philippine System of National Accounts (PSNA). By MARIA FE M. TALENTO Division Head, Economic Statistics Office. Outline of Presentation. I. Current PSNA II. Scope/Coverage of the Services sector III. Sources of Data IV. Estimation Methodology

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The Services Sector in the Philippine System of National Accounts (PSNA)

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  1. The Services Sector in the Philippine System of National Accounts (PSNA) By MARIA FE M. TALENTO Division Head, Economic Statistics Office

  2. Outline of Presentation I. Current PSNA II. Scope/Coverage of the Services sector III. Sources of Data IV. Estimation Methodology V. Issues/Concerns

  3. Current PSNA Measurement of GDP: 3 approaches • Production Approach, GDP (P) • Expenditure Approach, GDP (E) • Income Approach, GDP (I) (compiled annually)

  4. Current PSNA • Quarterly & Annual estimates: the PSNA compilation uses the production & expenditure approaches • Both sides of the accounts are estimated independently • GDP growth rate is based on the production accounts • Constant Price estimates: uses the fixed-based year method

  5. Scope of the Services sector • Transportation, Communications and Storage - Land transport - Water transport - Air transport - Storage and Services Incidental to Transport - Communication • Trade - Wholesale - Retail • Finance - Banks - Non-banks

  6. Scope of the Services sector - Insurance • Ownership of Dwellings and Real Estate - Ownership of Dwellings - Real Estate • Private Services - Educational - Medical and Health - Business - Recreational - Hotel and Restaurant - Others • Government Services

  7. Main Source of Data Census/Surveys from National Statistics Office - Census of Philippine Business & Industry (CPBI) - Annual Survey of Philippine Business and Industry (ASPBI) - Quarterly Survey of Philippine Business and Industry (QSPBI) - Quarterly Labor Force Survey (LFS)

  8. Other Sources of Data • Administrative-based data Quarterly Financial Reports from - Securities and Exchange Commission (SEC) for key players of the Services sectors TCS: - Department of Trade and Communications (data on the Metro Rail Transit; Light Rail Transit Authority, Philippine National Railways; Megatren

  9. Administrative-based Data - Civil Aeronautics Board (for local airlines) ODRE: - National Disaster Coordinating Council (report on Damages of totally destroyed houses) indicator for housing reductions - National Statistics Office (approved building permits for residential construction) indicator for housing additions

  10. Administrative-based Data FINANCE: - Bangko Sentral ng Pilipinas (consolidated income and expense statements of all banks) - Insurance Commission (income and expense statements of private life and non-life insurance companies) - Commission on Audit (COA) (financial reports of Government Financial Corporations and the Government Service Insurance System (GSIS)

  11. Administrative-based Data PRIVATE SERVICES: - Department of Tourism (hotel occupancy rate)

  12. Administrative-based Data GOVERNMENT SERVICES: - Dept. of Budget and Management (actual cash disbursement; budget of expenditure and sources of financing)-Quarterly - Commission on Audit (annual financial report for national and local gov’t ) - Social Security System and the Government Service Insurance System (GSIS) (annual financial reports)

  13. Other Sources of Data • Industry Associations Private Services: - Business Processing Association of the Philippines (BPAP) (data on revenues and employment of Business Processing Outsourcing (BPO) companies • Report of Private Companies - Revenue of Selected Fast-Food Chains

  14. Estimation Methodology (excluding Ownership of Dwellings & Gov’t services) Annual Estimates: GVA at Current 1. Organized sector: GVAO = GO – II where: GO = Gross Output II = Intermediate Input

  15. Estimation Methodology • Annual Estimates : GVA at Current 2. Unorganized sector: GVAU = GVAES *(ELFS - EASPBI) where: GVAES = GVA per employee of small establishments from the ASPBI ELFS = Number of employed persons from the Labor Force Survey (LFS) EASPBI = Number of employed persons from the ASPBI

  16. Estimation Methodology • Annual Estimates – GVA at Current Prices of Services: GVAt= GVA Organized + Unorganized

  17. GVA K = GVA k( O+U ) IPIN ij Constant Price Estimation -Single deflation using appropriate price indices by sector where: IPINij = IPIN i(j-1) x Inflation Rate

  18. Current Price Estimation In the absence of annual surveys, use: Extrapolation using output indicator (Gross Revenue from QSPBI) year-on-year growth GVAij = GVAi(j-1)x QSPBI(gr) ij where: i = ith quarter j = jth year QSPBI(gr) = Revenue ij / Revenue I(j-1)

  19. Constant Price Estimation TCS: CPI for transportation, CPI for communication and CPI for storage Trade: Wholesale - Wholesale Price Index Retail - Retail Price Index Finance, Real Estate and Private Services : - CPI all items

  20. Estimation Methodology Ownership of Dwellings: Annual Estimates : starts at GVA Constant GVAk = GVAk (previous year) * trend of Housing Stocks where: Housing stock(in sq/m) =housing stock of the previous year + housing additions – housing reductions

  21. Estimation Methodology Housing additions = housing additions of the previous year * trend of the building permits (floor area) Housing reductions = number of totally damaged houses * 15 sq/m (15 sq/m represents the average size of housing units that are most susceptible to total damages)

  22. Estimation Methodology Annual Estimates : GVA Current GVAt = GVAk * IPINt where: IPINt = IPINt-1 * trend of CPI for rentals

  23. Estimation Methodology Government Services: Annual Estimates : GVA at Current GVA = CE + CCA + IT where: CE = compensation of employees CCA = Depreciation IT = Indirect Taxes

  24. Estimation Methodology Government Services: Annual Estimates: GVA at Constant prices GVAk = GVAt average earnings index where: average earnings index = total compensation divided by the number of gov’t employees

  25. Issues/Concerns A. Data Problems • Time lag and consistency of survey results B. Coverage Issue Emerging Industries Births and deaths of establishments C. Measurement Problems (Methodological) • Measuring Quality Change the case of high technology services

  26. THANK YOU

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