NSCB Resolution No. 2
Series of 2009

APPROVING THE SYNCHRONIZED REBASING OF PRICE INDICES
TO BASE YEAR 2006

WHEREAS, the rebasing of price indices to 1985 and every five years thereafter is mandated under Statistical Advisory Board Resolution No. 4, Series of 1985 and further reiterated in National Statistical Coordination Board Resolution No. 6, Series of 1991;

WHEREAS, the General Retail Price Index (GRPI) and Retail Price Index for selected construction materials (CMRPI) are still based on 1978 prices; the Wholesale Price Index for selected construction materials (CMWPI) on 1985 prices;  and the General Wholesale Price Index (GWPI), on 1998 prices;

WHEREAS, the Producer Price Index (PPI) in Agriculture, the PPI in Manufacturing, and Consumer Price Index are already based on 2000 prices;

WHEREAS, there is a need to have a synchronized base year for all price indices; the synchronized rebasing of all price indices to 2006 is feasible since the statistical activities leading to the generation of required data namely, the Family Income and Expenditure Survey (FIES), and the Census of Philippine Business and Industry (CPBI), with the rider survey Input-Output Survey of Philippine Business and Industry (IOSPBI), were all conducted in 2006 and are conducted every three and six years, respectively;

WHEREAS, NSCB Resolution No. 14, Series of 2003, provides that 2005 be the next benchmark year for the input-output (I-O) accounts, and that it should be compiled every five years and released one year after the release of the Census of Establishments (CE)  recently renamed as Census of Philippine Business and Industry;

WHEREAS, the Technical Committee on Price Statistics (TCPS) in its meeting on 13 November 2008, recommended the synchronized rebasing of price indices to base year 2006 and every six (6) years thereafter with consideration that this will serve as an interim approach until the adoption of chained indexes is already possible;

WHEREAS, while the Board agreed on synchronized rebasing of price indices to base year 2006, it decided against the recommendation of the TCPS to rebase every six years because data support might not be feasible in the long run;

NOW, THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that the Board approve the recommendation of the TCPS to synchronize the rebasing of price indices to base year 2006 and that the TCPS study further when the next rebasing should be done.

BE IT RESOLVED FURTHER, that the Board enjoin all data producing agencies to include as part of the agency’s statistical program the generation and production of data needed for the synchronized rebasing of price indices to 2006.

Approved this 11th day of February 2009, in Pasig City.

Attested by:

ROMULO A. VIROLA
Secretary General