The BSP welcomes the release of the revised foreign trade statistics for the last three years to correct the understatement of import transactions starting 2000. The BSP recognizes that the understatement was brought about by increasingly complex trade transactions particularly among electronic companies. This has complicated the monitoring and compilation system particularly of imports. The revisions by the NSO are the results of the Government’s continuing efforts to refine its statistics in response to such market developments.
Contrary to negative perception about revisions, the BSP believes that the revisions should improve the quality of Philippine data leading to more meaningful analysis and assessment of economic developments which should ultimately feed greater confidence to the market.
The country’s subscription to the International Monetary Fund’s Special Data Dissemination Standards (SDDS) is a proof of the authorities’ efforts to adhere to international standards in data generation, dissemination, timeliness and periodicity. So far, only 53 countries of the 184 IMF members have successfully subscribed to the SDDS.