In line with the BSP’s continuing effort to improve its statistical database, the Monetary Board, in its Resolution No. 226 dated 26 February 2004, approved the expansion in the institutional coverage of the Monetary Survey (MS), the main data series summarizing the movements of monetary aggregates in the financial system.
The expanded MS, which will now be referred officially as Depository Corporations Survey (DCS) to align it with the new terminology of the 2000 Monetary and Financial Statistics Manual, will cover not only commercial banks and rural banks authorized to accept demand deposits, but also thrift banks, rural banks not authorized to accept demand deposits, and non-banks with quasi-banking functions (NBQBs).
The initial data, covering December 2001 and December 2002, will be released on 31 March 2004 in the SDDS and BSP websites. Thereafter, monthly DCS data will be released one month after the release of the MS data, starting with the January 2004 MS data. Monthly DCS data for prior years are also being reconstructed. Publication of the MS data will be discontinued after a one-year period of parallel release to give way to the DCS as the new series for monetary aggregates. MS data, however, will still be provided to users upon request.
The expansion of the MS coverage marks the initial phase in the BSP’s program to further align its monetary and financial statistics with international standards.