The Monetary Board in its meeting on 23 October 2003 approved the shift from the monthly to quarterly dissemination of BOP statistics. The January-July 2003 BOP Developments Report will be the last monthly BOP release. The next report will be issued on December 2003 covering the monthly developments for the third quarter of the year.
The shift to quarterly dissemination is intended to enable the BSP to conduct intensive monitoring, verification and reconciliation of data and survey results that will contribute to the improvement of the quality of data, thus making them more relevant and useful to policy makers and the public as a whole. Disseminating the BOP on a quarterly basis remains consistent with the minimum transparency requirements of the IMF under the Special Data Dissemination Standard (SDDS). Moreover, this is consistent with the dissemination practices of other countries in the region. Among the countries in Southeast Asia (SEA), only the Philippines releases detailed BOP statistics on a monthly basis. With the shift to the quarterly release, the Philippines will join the U.S., U.K., Canada as well as emerging economies such as Malaysia, Indonesia, Thailand, Singapore and Hong Kong, which disseminate their BOP statistics on a quarterly basis.