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The System of National Accounts (SNA) is an internationally agreed standardset of recommendations on how to compile measures of economic activity inaccordance with strict accounting conventions based on economic principles.

A standard international practice to update and to rebase the nationalaccounts

Revision and Rebasing of National Accounts

A process of replacing an old base year with a more recent base year

Why Revise and Rebase?To incorporate latest SNArecommendations

To adopt updated classificationsystem for industries andcommodities

To capture the changes in theeconomic landscape

To utilize updated, additionaland comprehensive data

In the end, we need updatedeconomic tools for evidence-baseddecision-making towards welfare

improvement .

Decisions relating to jobcreation and management

Decisions relating toincome generation andconsumption spending

Decisions on investmentlevels and priorities; savingsand other policy decisions

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The PSA Board has approved the General Policy on the Revision andRebasing of the Philippine System of National Accounts through the PSABoard Resoluton No. 11, Series of 2018. Further, it was proposed that therevision and rebasing of PSNA will be done every ten (10) years after therelease of the next release in 2020.

1950

1968

1973

1990

2011

2013

2020

The Department of Economic Research (DER) of BSP released the first series from 1946 to 1950

First revision and rebasing with a shift of thebase year from 1955 to 1967

NEDA continued the compilation of PSNA. with thesecond revision and rebasing to base year 1972

NSCB compiled the PSNA, shifting the base yearto 1985 during the third revision and rebasing

PSNA was revised and rebased for the fourth timewith 2000 as new base year

PSA was created, merging four statisticalagencies - NSO, NSCB, BAS and BLES

Base year of national accounts is updated to 2018with the fifth overall revision and rebasing of thePSNA

Milestones of the PSNA

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Salient Features of the ORR to 2018

Shift to 2018 base year

Adoption of 2008 SNA recommendations

Inclusion of Valuables in Final Demand

Application of ownership rules in Exports and Imports

Adoption of one-year residence rule

Adoption of latest classification system

2009 Philippine Standard Industrial Classification2015 Philippine Standard Commodity Classification2009 Philippine Classification of Individual Consumption According toPurpose2018 Philippine Standard Geographic Code

Highlighting new industries and expenditure commodities

Information and communicationAccommodation and food service activitiesEducationHuman health and social work activitiesValuablesNewly highlighted export and import commodites

Use of new benchmark data

Enhancement of methodology, parameters and assumptions

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Electricity, steam, water andwaste management

Construction

Wholesale and retail trade;repair of motor vehicles andmotorcycles

Mining and quarrying

Professional and businessservices

Major Industries

Agriculture, forestry and fishing

Manufacturing

Transportation and storage

Accommodation and foodservice activities

Information and communication

Financial and insuranceactivivties

Real estate and ownership ofdwellings

Public administration anddefense; compulsory socialactivities

Education

Human health and social workactivities

Other services

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info@psa.gov.phFor inquiries

www.psa.gov.phVisit us at

Imports of goods

Exports

Imports

Major Expenditure Type

Government finalconsumption expenditure

Changes in inventories

Valuables

Durable equipment

Breeding stocks andorchard development

Intellectual property products

Exports of goods

Exports of services

Imports of services

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Household finalconsumption expenditure

Construction

Net primary income

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