1 measuring international trade in services 2 outline of presentation introduction introduction -...
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Measuring Measuring International International
Trade in Trade in ServicesServices
Measuring Measuring International International
Trade in Trade in ServicesServices
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OUTLINE OFOUTLINE OF PRESENTATION PRESENTATION• IntroductionIntroduction
- Legal Framework- Legal Framework- Balance of Payments (BOP) Compilation- Balance of Payments (BOP) Compilation
• Trade in ServicesTrade in Services Major ClassificationsMajor Classifications Data SourcesData Sources Limitations of Data SourcesLimitations of Data Sources
• Organizational & Data ProcessingOrganizational & Data Processing• Data AvailabilityData Availability• Current DevelopmentsCurrent Developments• Future DirectionsFuture Directions• RecommendationsRecommendations
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LEGAL FRAMEWORKLEGAL FRAMEWORK• Section 22 of Republic Act No. 7653 (Central Section 22 of Republic Act No. 7653 (Central
Bank Act) states that the BSP shall prepare data Bank Act) states that the BSP shall prepare data among others, the Balance of Payments (BOP) among others, the Balance of Payments (BOP) statistics for the guidance of Monetary Board in statistics for the guidance of Monetary Board in policy formulation and implementationpolicy formulation and implementation
• Executive Order No. 352 authorizes the BSP to Executive Order No. 352 authorizes the BSP to undertake the compilation and provision of data undertake the compilation and provision of data on BOP accounts to the Office of the President on BOP accounts to the Office of the President and the general public with periodicity of and the general public with periodicity of quarterly and annual dissemination.quarterly and annual dissemination.
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LEGAL FRAMEWORKLEGAL FRAMEWORK• The BSP has no explicit legal authority to The BSP has no explicit legal authority to
collect information from the private non -collect information from the private non -banks corporations and households.banks corporations and households.
• However, implied under the Designated However, implied under the Designated Statistics Act is the BSP’s mandate to collect Statistics Act is the BSP’s mandate to collect information for BOP compilation.information for BOP compilation.
• BSP’s surveys of private entities get legal BSP’s surveys of private entities get legal support when they pass through the NSCB’s support when they pass through the NSCB’s survey clearance system.survey clearance system.
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On BOP CompilationOn BOP Compilation
The BSP is the sole agency designated The BSP is the sole agency designated to generate the balance of payments to generate the balance of payments (BOP) statistics.(BOP) statistics.
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Trade in ServicesTrade in ServicesAccountAccount
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Transportation(Passenger, Freight)Transportation(Passenger, Freight) Travel Travel Communication Communication Insurance Insurance Construction Construction Financial Financial
MAJOR CLASSIFICATIONS:MAJOR CLASSIFICATIONS:
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Computer and information Computer and information Royalties and license feesRoyalties and license fees Other business services (Merchanting, Other business services (Merchanting,
operational leasing, miscellaneous operational leasing, miscellaneous business, technical, professional)business, technical, professional)
Personal, cultural, and recreational Personal, cultural, and recreational servicesservices Government services Government services
MAJOR CLASSIFICATIONS:MAJOR CLASSIFICATIONS:
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Transportation servicesTransportation services
of which:of which:
Passenger - ITRS, ticket sales ofPassenger - ITRS, ticket sales of
local/foreign airlineslocal/foreign airlines
Freight - Foreign Trade StatisticsFreight - Foreign Trade Statistics
Others - Bank reports, other Others - Bank reports, other
receipts of local/foreign airlines receipts of local/foreign airlines
DATA SOURCESDATA SOURCES
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Travel Travel
1. Tourism related - Visitor Sample1. Tourism related - Visitor Sample
Survey of the Department of Survey of the Department of Tourism for receipts; Bank reportsTourism for receipts; Bank reports
for paymentsfor payments
2.Others - estimates of living 2.Others - estimates of living expenses abroad of residents expenses abroad of residents working abroad. working abroad.
DATA SOURCESDATA SOURCES
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Communication - Bank reports Communication - Bank reports Cross Border Transaction Survey Cross Border Transaction Survey (CBTS)(CBTS)
Insurance - Foreign Trade StatisticsInsurance - Foreign Trade Statistics Construction - Bank reports and Construction - Bank reports and
CBTSCBTS Financial - Bank reports and CBTSFinancial - Bank reports and CBTS Computer and Information ServicesComputer and Information Services - Bank reports and CBTS- Bank reports and CBTS
DATA SOURCESDATA SOURCES
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Royalties & License Fees - Bank reportsRoyalties & License Fees - Bank reports Other Business ServicesOther Business Services of which:of which:
Merchanting - Bank reportsMerchanting - Bank reportsOperational Leasing - Bank Operational Leasing - Bank reports and expenditures of local reports and expenditures of local
airlines.airlines.
DATA SOURCESDATA SOURCES
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Personal, Cultural & Recreational -Personal, Cultural & Recreational -
Bank reportsBank reports Government Services, n.i.e. - Government Services, n.i.e. -
Expenditures/Budget of Department Expenditures/Budget of Department of Foreign Affairs for Embassies andof Foreign Affairs for Embassies and
Consulates abroad.Consulates abroad.
DATA SOURCESDATA SOURCES
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Bank reports capture only the transactions Bank reports capture only the transactions passing through the banking systempassing through the banking system
Bank reports are prone to misclassificationBank reports are prone to misclassification Cross Border Transactions Survey is Cross Border Transactions Survey is
limited in purpose (only covers accounts limited in purpose (only covers accounts abroad and inter company offsetting abroad and inter company offsetting accounts) and coverage (top companies accounts) and coverage (top companies that are mostly exporters of goods)that are mostly exporters of goods)
Administrative databases do not always Administrative databases do not always provide the required necessary detailsprovide the required necessary details ..
LIMITATIONS OF DATA SOURCESLIMITATIONS OF DATA SOURCES
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Bangko Sentral ng Pilipinas - agency primarilyBangko Sentral ng Pilipinas - agency primarily responsible for ITS Statistics responsible for ITS StatisticsOther Agencies with significant ITS Other Agencies with significant ITS Statistical roles:Statistical roles:-- National Statistical Coordination BoardNational Statistical Coordination Board-- Department of Trade and IndustryDepartment of Trade and Industry
ORGANIZATIONAL AND DATA ORGANIZATIONAL AND DATA PROCESSINGPROCESSING
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Supplementary data from:Supplementary data from:-- National Statistics Office (NSO)National Statistics Office (NSO)-- Department of Tourism (DOTDepartment of Tourism (DOT-- Department of Foreign Affairs (DFA0Department of Foreign Affairs (DFA0-- Civil Aeronautics Board (CAB)Civil Aeronautics Board (CAB)-- Asian Development Bank (ADB)Asian Development Bank (ADB)-- Organization for Economic Co-operation and Organization for Economic Co-operation and DevelopmentDevelopment
(OECD)(OECD)
ORGANIZATIONAL AND DATA ORGANIZATIONAL AND DATA PROCESSINGPROCESSING
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ORGANIZATIONAL AND DATA ORGANIZATIONAL AND DATA PROCESSINGPROCESSING
Number of staffNumber of staff- Direct Compiler of ITS -1 staff- Direct Compiler of ITS -1 staff- ITRS - 2 staffs- ITRS - 2 staffs- CBTS - 2 staffs- CBTS - 2 staffs
Electronic Reporting System Electronic Reporting System
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DATA AVAILABILITYDATA AVAILABILITY
BOP (BPM5 Concept) - 1999 to 2007BOP (BPM5 Concept) - 1999 to 2007
revised seriesrevised series BOP (Old Concept) - 1980 - 1999BOP (Old Concept) - 1980 - 1999 Timeliness/Time-lag - On time/11-12 Timeliness/Time-lag - On time/11-12
weeksweeks Revision Policy:Revision Policy:
-- Quarterly data - any quarter ofQuarterly data - any quarter of
the reference yearthe reference year
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DATA AVAILABILITYDATA AVAILABILITY
Revision Policy:Revision Policy:-- Annual data - coincides with theAnnual data - coincides with the
release of the second quarter report release of the second quarter report in September of the current year andin September of the current year and
the fourth quarter report in Marchthe fourth quarter report in Marchof the succeeding year.of the succeeding year.
-- Historical - are carried out in case of Historical - are carried out in case of introduction of new classifications, introduction of new classifications, compilationcompilation frameworks and frameworks andmethodologies.methodologies.
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• Difficulty of tracking transactions done Difficulty of tracking transactions done on-lineon-line
• Possibility of classification error specially Possibility of classification error specially when business of transactors are when business of transactors are unknown to reporting banksunknown to reporting banks
• Difficulty of separating transactions Difficulty of separating transactions involving several types of service involving several types of service renderedrendered
COMPILATION ISSUES in COMPILATION ISSUES in the SERVICES ACCOUNTthe SERVICES ACCOUNT
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Inclusion of some pertinent foreign Inclusion of some pertinent foreign affiliate trade in services data based on affiliate trade in services data based on the FDI Survey launched by BSP in 2005the FDI Survey launched by BSP in 2005
Addition of Financial Statements asAddition of Financial Statements as data source in 2007data source in 2007 Adoption of Surveys on IT EnabledAdoption of Surveys on IT Enabled Services starting 2008Services starting 2008
CURRENT DEVELOPMENTCURRENT DEVELOPMENT
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Expansion of the coverage of Cross Expansion of the coverage of Cross Border Transaction Survey is being Border Transaction Survey is being considered to include, among others, considered to include, among others, major transactions in services.major transactions in services.
Coordination with other government Coordination with other government agencies to institutionalize surveys on agencies to institutionalize surveys on emerging services accounts like health emerging services accounts like health and wellness.and wellness.
FUTURE DIRECTIONSFUTURE DIRECTIONS
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Strengthen capacity building by asking Strengthen capacity building by asking technical assistance on the topics: how to technical assistance on the topics: how to design and conduct enterprise surveys for design and conduct enterprise surveys for generating ITS statistics; and data model generating ITS statistics; and data model for calculation of proxy.for calculation of proxy.
Prioritize areas/sectors that needs Prioritize areas/sectors that needs improvement for the SITS.improvement for the SITS.
Development of methodology to account Development of methodology to account for under coverage of ITS accounts.for under coverage of ITS accounts.
RECOMMENDATIONSRECOMMENDATIONS
