NSCB Resolution No. 7
Series of 2008

ADOPTING THE 2000-BASED PRODUCER PRICE INDEX
FOR AGRICULTURE

WHEREAS, NSCB Resolution No. 6, series of 1991, mandates the rebasing of the price indices every five years;

WHEREAS, the Producer Price Index (PPI) for Agriculture is one of the most important economic indicators designed to measure the average change over time in the producer prices of agricultural commodities relative to a base year and serves as a vital guide in economic analysis and policy formulation;

WHEREAS, the existing PPI for Agriculture is still based on 1994 prices;

WHEREAS, the periodic rebasing of the PPI for Agriculture is necessary to reflect the technological changes and/or improvements in agricultural production and to ensure that this barometer of economic phenomena is reflective of the current situation;

WHEREAS, the market basket of the PPI was that prevailing in 1994 and changes had taken place over a period of six years affecting the relevance of the basket;

WHEREAS, applying the same methodology used in rebasing the PPI to 1994, the Bureau of Agricultural Statistics (BAS) has generated the 2000-based PPI using data inputs from farm prices survey and various agricultural production surveys;

WHEREAS, for the first release of the 2000-based PPI for Agriculture in February 2009, the available data will be from 1st semester 2000 onwards;

WHEREAS, the Technical Committee on Price Statistics (TCPS) in its meeting on 15 January 2008 recommended the adoption of the 2000-based PPI for Agriculture as proposed by BAS;

NOW, THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that the Executive Board approve for adoption by all concerned agencies the 2000-based PPI for Agriculture as recommended by the TCPS.

Approved this 11th day of June 2008, in Pasig City.

Attested by:

ROMULO A. VIROLA
Secretary General