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Approving the Recommendations of the Task Force on Flash Indicators to Measure the Impact of Global Crisis in the Philippines

NSCB Resolution No. 10
Series of 2009

APPROVING THE RECOMMENDATIONS OF THE TASK FORCE
ON FLASH INDICATORS TO MEASURE THE IMPACT OF GLOBAL CRISIS
IN THE PHILIPPINES

WHEREAS, the current global financial and economic crisis has resulted, among others, in the deceleration of economic growth, in general, and a slowdown in overseas remittance growth, a drop in exports due to weaker external demand, capital flows and exchange rate volatility, a sharp drop in equity prices and a rise in the risk premium in the Philippines, in particular;

WHEREAS, the impact of the current financial crisis on the Philippine economy and the speed of developments have highlighted the need for more up-to-date statistical information;

WHEREAS, the Philippine Statistical System (PSS) responds to prevailing and emerging statistical concerns by providing statistics and other indicators as bases for policy setting and decision making;

WHEREAS, the NSCB created the Task Force on Flash Indicators to Measure the Impact of Global Crisis in the Philippines on 11 March 2009 to identify and generate “flash” indicators for key economic variables on a daily, weekly or monthly basis;

WHEREAS, the Task Force has finalized its report and is now seeking the approval and adoption of its recommendations as contained in the Recommendations of the Task Force on Flash Indicators to Measure the Impact of Global Crisis in the Philippines (Annex BR-10-2009-01);

NOW, THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that the Executive Board approve the recommendations of the Task Force.

BE IT RESOLVED FURTHER that:

  1. The NSCB will be the agency that will institutionalize the compilation and dissemination of flash indicators through the implementation of necessary and appropriate compilation and dissemination systems taking into consideration the availability of manpower resources of the NSCB;
  2. The Board endorse the budget for the continued updating of the flash indicators and for necessary improvement activities to the Department of Budget and Management (DBM);
  3. The Board enjoin the DBM to provide budget for additional manpower resources to the NSCB Technical Staff needed to institutionalize the compilation and dissemination of the flash indicators;
  4. The Board enjoin the source agencies to provide data to the NSCB on a regular basis and exert agency efforts to reduce the time lags so that the indicators would be more useful in the context of relevance and urgency for monitoring the impact of the global financial crisis in the country;
  5. A study on the feasibility of generating flash estimates of relevant indicators (flash estimates for GDP, employment, etc.) be explored by concerned agencies.

Approved this 6th day of July 2009, in Pasig City.

 

Attested by:

ROMULO A. VIROLA
Secretary General