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Philippines: Staff Report for the 2017 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund. Asia and Pacific Dept
Published Date:
November 2017
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Fund Relations

(As of August 31, 2017)

Membership Status: Joined December 27, 1945; Article VIII

General Resources Account

SDR MillionsPercent of Quota
Quota2,042.90100.00
IMF holdings of currency (holdings rate)1,773.4586.81
Reserve tranche position269.5313.19
Lending to the Fund
New Arrangements to Borrow47.42

SDR Department

SDR MillionsPercent of Allocation
Net cumulative allocation837.96100.00
Holdings847.40101.13

Outstanding Purchases and Loans: None

Latest Financial Arrangements:

TypeApproval

Date
Expiration

Date
Amount

Approved

(SDR millions)
Amount

Drawn

(SDR millions)
Stand-by04/01/9812/31/001,020.79783.23
EFF06/24/9403/31/98791.20791.20
Stand-by02/20/9103/31/93334.20334.20

Projected Payments to Fund: None

Exchange Arrangement

The de jure exchange rate arrangement is classified as free floating, while the de facto exchange rate arrangement is classified as floating. The value of the Philippine peso is determined in the interbank foreign exchange market; the Bangko Sentral ng Pilipinas (BSP) intervenes in the spot and forward markets to smooth undue short-term volatility in the exchange rate. The Philippines maintains an exchange system that is free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions except for exchange restrictions maintained for security reasons and notified to the Fund pursuant to Executive Board Decision 144-(52/51).

Article IV Consultation

Philippines is on the standard 12-month cycle. The Executive Board Meeting for the 2016 Article IV consultation was held on September 14, 2016 (IMF Country Report No. 16/309).

Financial Sector Assessment Program (FSAP) and Report on Standards and Codes (ROSC) Participation:

MCM: A FSAP was conducted during the fourth quarter of 2001; FSAP missions visited Manila in October and November–December 2001. The final version of the report was discussed with the authorities in June 2002. The associated FSSA was discussed by the Executive Board together with the Article IV staff report in September 2002. The FSAP report was published in March 2004. The FSAP update mission took place in November 2009, and the report was published in April 2010.

FAD: Discussions on fiscal transparency were held in Manila in September 2001. The ROSC report was discussed by the Executive Board in September 2002 together with the Article IV staff report, and published in October 2002. The update to the ROSC report was published in June 2004. In addition, a pilot Fiscal Transparency Evaluation mission took place in February 2014 and the report was published in June 2015 (IMF Country Report No. 15/156).

STA: A ROSC Data Module mission was conducted in September 2003, and the report was published in August 2004.

Technical Assistance

The Philippines is an intensive user of IMF technical assistance (TA), particularly in fiscal and financial areas. Improvements have been made in all areas, but the translation of recommendations into law has proved difficult in some cases.

FAD has concluded a five-year TA project financed by the Millennium Challenge Corporation to improve the basic functions of tax administration by the Bureau of Internal Revenue (BIR) (2011–16), in line with recommendations made by FAD TA missions in 2005, 2008, and 2009. The project provided for a resident tax administration advisor and an extensive program of short-term expert visits. In the extended project (2013–16), the main priorities were to “institutionalize” the new procedures implemented in the arrears management and VAT audit pilots, enhance the compliance improvement strategy (CIS), integrate redesigned business process with eTIS, and introduce further institutional, governance and management improvements to help ensure sustainability of the reforms. Progress has been made in VAT audit, arrears management and compliance improvement strategy. In addition, TADAT assessment took place in December 2015 to provide a picture of the current state of operations within the BIR against international good practice in tax administration. A tax policy TA in April 2016 made a comprehensive proposal of tax reform in the ASEAN environment. FAD’s past TA missions on tax policy provided advice that constituted the basis for the reform of excises on tobacco and alcoholic beverages implemented in early 2013 and publication of tax expenditures to improve transparency and accountability of tax incentives supported by the Tax Investment and Management Act (TIMTA). TA on public financial management (PFM) has sought to establish effective and efficient budget and treasury management. In addition to the Fiscal Transparency Evaluation, TA on medium-term budget framework, government cash management, formulation and drafting of the PFM bill, and contingent liabilities management took place in 2014–2016. In line with past PFM advice, the government introduced a Treasury Single Account and is reviewing its cash management and planning. It now produces a midyear report on the macroeconomic and fiscal outlook and midyear budget execution. In addition, the revenue and expenditure from off budget accounts are now presented in budget documents. Moreover, the PFM bill has been submitted to the Congress. A TA mission in August 2017 reviewed ongoing reforms and recommended next steps for strengthening the treasury single account (TSA) system and government cash management.

On the legal area, LEG provided TA to the Philippines on Central Banking Legislation in 2012, and provided advice on the amendment to the Philippines’ Central Banking Law in November 2013. In April 2013, LEG also provided TA on Implementation of Targeted Financial Sanctions Obligations under UN Security Council Resolutions Relation to Terrorism Financing.

MCM provided a series of TA in 2010–15 on developing and implementing a risk-based supervisory approach to keep with the Basel Core Principles and other key international supervisory practices and on timely identification and resolution of problem institutions. Among the long list of achievements are: improved quality and timeliness of supervisory actions and related supervisory reports; issuance of new regulations covering securities investments and stress testing; and selected areas of Basel III implementation including liquidity coverage ratio and leverage ratios. MCM TA efforts were also devoted to the implementation of the supervisory core training initiative. The in-house training initiative is now self-sustaining, with 21 courses rolled out, and the quality of the supervisory reports has shown considerable improvement. Finally, two missions in 2015 and 2016 assessed the institutional needs for strengthening the framework for financial stability analysis and provided a road map for a comprehensive financial stability framework, focusing on the institutional setup, monitoring and tools, and crisis management.

In addition, three MCM TA missions on liquidity management and forecasting and on the implementation of an interest rate corridor took place 2013–2015 to strengthen monetary policy operational framework. The BSP has made progress on developing its liquidity forecast capacity, and the new interest rate corridor system was introduced in June 2016.

Other areas of MCM TA included advice on financial market development. A workshop on the deepening of government securities market was held in 2014, and TA on exchange consolidation and securities regulation was delivered in 2015. An MCM TA mission in April 2017 provided recommendations on the appropriate sequencing of fixed income and derivative market reforms, building on the previous TAs on government securities markets and monetary operations.

A series of STA TA missions on Government Finance Statistics took place in 2012 and 2013 to assist the authorities in compiling and disseminating government finance statistics in accordance with Government Finance Statistics Manual 2001. Additionally, during 2012 STA provided TA to the Philippines in the areas of Balance of Payments Statistics, Data Dissemination Standards, National Accounts, and producer and consumer price indices. In late 2014, a TA mission worked with the Philippine Statistics Authority (PSA) on source data and compilation procedures of quarterly accounts, and the implementation of the new System of National Accounts 2008 (2008 SNA). A TA mission took place in August 2017 to enhance PSA capacity and improve the GDP and sectoral accounts. STA also organized a workshop in July 2017 to train the authorities on the compilation of chained indexes for producer and consumer prices.

Two MFS missions were fielded in August 2014 and September 2015 to advance the work on the introduction of the standardized report form (SRF) for other financial corporations (OFCs). The authorities have submitted test SRF-data for several types of OFCs, which have been reviewed by STA. It is expected that the SRF will be introduced by end-2016.

Resident Representative

A Resident Representative has been stationed in Manila since January 1984. Mr. Yongzheng Yang took over from Mr. Shanaka Jayanath Peiris as the Resident Representative for the Philippines in September 2017.

IMF-World Bank Collaboration

(As of August 21, 2017)

Background

The Bank and the Fund country teams for the Philippines exchanged views to coordinate the teams’ work during 2017–18 through the resident representative’s office. The teams agreed on the Philippines’ main macroeconomic challenges to build the foundations for faster and more inclusive growth and navigate the uncertain global environment to maintain macroeconomic stability, including, creating policy space to meet future potential shocks. Based on this shared assessment, the teams identified three structural reform areas as macro-critical, in view of their central role in achieving sustained inclusive growth: (1) raising investment, including public sector capital spending; (2) strengthening public financial management and the efficiency of spending, including for social safety nets; and (3) financial sector development, including financial inclusion. Table 1 details the specific activities planned by the two country teams during June 2017-June 2018, along with their expected deliverables, and the division of labor.

Table 1.Philippines: Bank and Fund Planned and Ongoing Activities in Macro-Critical Structural Reform Areas, June 2017-June 2018
ProductsExpected Delivery Date
Bank Work Program
  • Mindanao Jobs Report

  • Philippine Economic Update

  • Programmatic policy analysis and implementation support for inclusive growth.

  • Programmatic support on improving statistics, including support to the new Philippine Statistics Authority and the Securities and Exchange Commission

  • Game changers for inclusive growth: support to the tax reform, customs reform, competition reform and MSME development

  • Report on the Observance of Standards and Codes, Accounting and Auditing (A&A ROSC)

  • Programmatic Public Sector Governance Program, including program spending assessments, open government and program performance tracking and Open Roads and an Open Roads platform

  • Supporting the development of a National Competition Policy

  • Local governance and accountability technical assistance

  • PFM TA based on the PEFA assessment

  • Programmatic Support to Financial development and Inclusion

  • Development Policy Lending

  • Public Expenditure Review

  • Analysis on Productivity and Growth

  • E-government project preparation

  • Customs reform and trade modernization project preparations

  • Analytical work on MSME development

  • Analytical work on Capacity Needs and Capacity Building in the Public Sector

  • Completed in June 2017

  • Semi-annually

  • Completed in August 2017

  • Ongoing

  • Ongoing

  • Completed in August 2017

  • Ongoing

  • Ongoing

  • Completed in June 2017

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

Fund Work Program
  • Article IV consultation with a focus on the medium-term challenges of supporting a well-managed rise in investment and a more inclusive growth.

  • Article IV staff report

  • Public financial management (cash management, transparency and budget execution) TA

  • Tax policy TA

  • Banking supervision and bank resolution TA

  • Liquidity management and forecasting TA

  • Financial stability framework TA

  • Securities supervision and regulation TA

  • Statistical data compilation and dissemination TA

  • July/August 2017

  • September 2017

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

Joint Work Program
  • Management of Fiscal Risk and GOCC/PPPs

  • DoF-BTr Debt Management Strategy

  • Implementation of PFM reforms related to Fiscal Transparency Evaluation of Fund and PEFA assessment update led by Bank.

  • Review of tax policy notes by the Bank and update of recommendations by the Fund focused on financial sector taxes and related to ASEAN Economic Community 2016.

  • Macro-fiscal simulations of scaling up public investment and public investment management (PIM) institution reforms

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

  • Ongoing

The Key Areas with Joint Programs

Strengthening Public Finance

The continued focus on mobilizing fiscal revenue to help fund spending in support of sustained and inclusive growth, while strengthening the resilience to shocks. The Fund and the Bank have a long standing program of support for strengthening public finance and involves close coordination in tax policy reform including fiscal incentives rationalization and monitoring of the sin tax implementation; management of fiscal risks and reporting; debt management strategy; assisting the Department of Budget and Management in improving public financial management and support for the Bureau of Treasury’s lead role in implementation of a Single Treasury Account (TSA) and cash management.

Financial Sector

A joint Bank/Fund Financial System Stability Assessment took place in 2009, following up on the initial joint FSAP in 2002. Following the FSAP recommendations, the Fund has focused on technical assistance in bank supervision and resolution. The Bank has taken the lead in the nonbank financial sector, crisis simulations, and financial inclusion. Joint areas of interest are banking sector soundness and resolution, financial inclusion and capital market development.

Broad agreement among the two teams emerged on the key issues and challenges, and on the division of tasks to tackle these. It was agreed that further details on collaboration, as necessary, would be agreed at the technical level as work progresses. The teams have the following requests for information and collaboration from their counterparts:

The Fund team requests to be kept informed of progress in World Bank’s discussions with the government on financing of infrastructure, PPPs, and the implementation of development policy lending. Review and sharing of analytical work, would be welcome, in addition to follow up from the 2010 FSAP, and on work related to the reform of social safety nets, public expenditure reviews, and public financial management.

The Bank team requests to be kept informed of the Fund’s assessments of macroeconomic policies and prospects and to coordinate closely the technical assistance work, especially in areas such as budget reform, tax policy and administration, financial sector development and soundness as well as in public expenditure analysis and management, where extensive Bank work is ongoing.

Table 2.IMF-World Bank Collaboration Matrix: Macro-Critical Structural Issues
Short-Term

Reforms
Medium- and Long-Term Reforms of Direct

Relevance to IMF 1/
Other Structural

Reforms 2/
Raising potential growthInvestment incentivesCorporate sector

Corporate sector performance and vulnerabilities (IMF/WB)

Investment environment (WB)

Regulatory framework (WB)

Corruption /rule of law (WB)

Investment incentives (IMF)

Energy Sector (WB)

Power supply and expected shortage (WB)
Corporate governance
Energy sector taxationEnergy sector taxation (IMF)

Rice market (WB)

NFA operation and efficiency (WB)

Pricing and subsidy of rice (WB/IMF)
Oil deregulation lawLabor market (WB)

Regulatory framework (WB)

Wages/union structure (WB)

Structural reforms in key sectors (e.g., ports and shipping, water, tourism, agriculture, and IT-enabled services) (WB)
Public financeBIR reformRevenue administration

BIR reform (IMF/WB)
Cash

management
BOC (IMF/WB)

Revenue forecasting (WB/IMF)

Public financial management (WB)
Expenditure efficiency (capital spending)Cash management (IMF)

IFMIS/fiscal reporting (IMF/WB)

Budget preparation (IMF/WB)

Budget execution (IMF/WB)

Tax Policy (IMF/WB)

Expenditure efficiency/policy (WB)

Social safety net (WB)

Level of spending (IMF/WB)

Efficiency (WB)

Medium-term Expenditure Framework (WB/IMF)

GOCC reform (WB)

PIM reforms and PPPs (WB/IMF)

Debt Management (WB/IMF)
Financial sectorBank supervision and Financial Stability Framework (IMF)

Banking sector soundness and resolution (IMF/WB)

PDIC (WB)

Contingency Framework (IMF/WB)

Capital market development (IMF/WB)

International coordination to limit regulatory arbitrage (IMF)

Financial Inclusion (IMF/WB)

Islamic Finance (WB)

AML (WB)

Remittances (WB)

Issues directly relevant for IMF work; (IMF) means work done in-house, (IMF/WB) implies in-house work in parallel or collaboration with the WB; and no specific reference means input required from other institutions.

Noncritical, but useful input to IMF analysis.

Issues directly relevant for IMF work; (IMF) means work done in-house, (IMF/WB) implies in-house work in parallel or collaboration with the WB; and no specific reference means input required from other institutions.

Noncritical, but useful input to IMF analysis.

Relations with the Asian Development Bank

(As of June 30, 2017)

Since joining the Asian Development Bank (ADB) in 1966, the Philippines has received 239 sovereign loans and grants financed by ADB Special Funds for a total of $16,461.42 million including nonsovereign financing amounting to $1,108.94 million. Agriculture and natural resources, public sector management, energy, and finance sector account for the largest proportion of ADB lending (combined 60 percent of the total) (Table 1). As of 30 June 2017, cumulative direct value-added cofinancing for the Philippines amounted to $1.4 billion and $100.95 million for TA projects.

Table 1.Cumulative Sovereign and Nonsovereign ADB Lending to Philippines(As of June 30, 2017)
SectorNo. of

Loans
Amount of

Loans

(US$ millions)
Percent

(by amount)
Energy332,136.712.2
Public sector management153,352.019.1
Agriculture and natural resources603,128.117.8
Transport and ICT311,584.79.0
Finance351,993.911.4
Multisector8916.65.2
Water and other municipal infrastructure and services291,685.69.6
Health and social protection7648.73.7
Education111,320.57.5
Industry and trade12793.24.5
Total24117,559.9100.0

ADB’s private sector operations in the Philippines began in 1986. As of June 30, 2017, cumulative approvals in 30 projects amounted to $1.1 billion. ADB’s private sector operations in the Philippines include financing for power plants, roads, and air transport, and investments in banks and private equity funds. In January 2015, a loan was approved for $20 million to support the 150-Megawatt Burgos Wind Farm Project. In June 2015, ADB approved a direct loan without counterindemnity for up to P 1.8 billion, and a partial credit guarantee for up to P 8.02 billion to support the issuance of the Philippines’ first Philippine peso-denominated green bond project. In December 2014, ADB approved a $75 million (P 3.375 billion) loan for the expansion and renovation of the Mactan Cebu Airport terminal (the first large-scale PPP project awarded under the Aquino government’s PPP program).

The Country Partnership Strategy (CPS) 2011–2016 was endorsed by the ADB Board of Directors on October 26, 2011. The CPS is aligned with the government’s Philippine Development Plan 2011–2016 and ADB’s Strategy 2020. The key objective of ADB support will be to help Philippines achieve, high, inclusive, and sustainable growth. The intended outcomes of the CPS are: (i) improved investment climate and private sector development; (ii) more efficient, effective, and equitable social service delivery; (iii) reduced environmental degradation and vulnerability to climate change disasters; and (iv) strengthened governance and reduced corruption. A CPS Final Review completed in June 2016 will inform the next CPS 2018–2023. The Country Operations Business Plan (COBP) 2017–2019, the sixth under the CPS 2011–2016, was approved in December 2016. The next COBP 2018-2020 is expected for ADB Management approval by September 2017.

Statistical Issues

(As of August 4, 2017)

I. Assessment of Data Adequacy for Surveillance
General: Data provision to the Fund has some shortcomings, but is broadly adequate for surveillance.
National accounts: As part of a World Bank-funded project, Improving the Quality and Usefulness of the Philippine System of National Accounts, the National Statistical Coordination Board (NSCB) rebased the national accounts from 1985 to 2000. Continuing improvements include ongoing efforts to fully implement the System of National Accounts, 2008. Despite the authorities’ efforts to improve quality, weaknesses remain in the national accounts. These include the coverage of the GDP and the statistical discrepancies in the GDP estimates between the expenditure and production sides. The authorities are working on improving (i) the accuracy of the GDP volume measures; (ii) the coverage of the public corporations sector; (iii) the accuracy of the quarterly GDP data; and (iv) the adoption of benchmark techniques to reconcile quarterly and annual national accounts estimates. The NSCB is currently participating in the IMF Statistics Department’s Project on the Implementation of the System of National Accounts and the International Comparison Program, funded by the Government of Japan. This three-year technical assistance project provides assistance to improve the quality of the national accounts and price statistics. National accounts are expected to be revised in the near future based on the recently released 2012 Census of Philippine Business and Industry (CPBI).



Price statistics: In July 2011, the National Statistics Office introduced a rebased consumer price index (CPI). The updated CPI is compiled using weights based on the 2006 Family Income and Expenditure Survey. Data from the 2008 Commodity and Outlet Survey were used to augment the provincial market baskets. One important methodological change implemented in the updated CPI is the adoption of the internationally recommended Classification of Individual Consumption by Purpose (COICOP) for the classification of all items. As noted in the above section, assistance will be provided to improve the quality of price statistics in Philippines.
External sector statistics: The BSP completed the BOP compilation based on the BPM6 framework in March 2014, and that of the IIP in September 2014. Steps have been taken to improve the quality of balance of payment statistics. In 2005, the Central Bank of Philippines (BSP) created a Department of Economic Statistics, with one of its units to concentrate on compiling, analyzing, and publishing the balance of payments and the international investment position. Since deregulation in the early 1990s, international transactions have increasingly flowed through nontraditional channels that are not adequately covered by the statistical reporting system. The authorities have introduced new data sources, including the Cross-Border Transactions Survey and administrative-based reporting systems to address coverage issues, but challenges remain. The Foreign Currency Deposit Units (FCDUs), which account for about 70–75 percent of foreign exchange settlements, are exempt from reporting requirements because of strict banking secrecy rules.
Monetary and financial statistics: Compilation of monetary and financial statistics (MFS) largely conforms to the Fund’s methodology. A joint effort between the Insurance Commission, SEC, GOCs, BSP to gather data and publish the Other Financial Corporation’s Survey is ongoing.
Government finance statistics: Provision of fiscal data is broadly adequate for surveillance. Major areas for improvement include detailed data for levels of the public sector beyond the national government as well as transition of fiscal data reporting to the GFSM 2001 format. Fiscal Transparency ROSCs were conducted in 2002 and 2004.
II. Data Standards and Quality
Philippines subscribed to the Special Data Dissemination Standards (SDDS) in August 1996.A data ROSC was published in August 2004.
Philippines: Table of Common Indicators Required for Surveillance(As of August 21, 2017)
Date of

Latest

Observation
Date

Received
Frequency

of

Data7
Frequency

of

Reporting7
Frequency

of

Publication7
Memo Items:
Data Quality—

Methodological

Soundness8
Data Quality—

Accuracy and

Reliability9
Exchange rates8/21/20178/1/2017DDDOO
International reserve assets and reserve liabilities of the monetary authorities17/20178/2017MMMLOLO
Reserve/base money6/9/20177/9/2017DWWO, LO, LO, LNOLO, O, O, O, LO
Broad money6/20177/2017MMM
Central bank balance sheet7/20178/2017MMM
Consolidated balance sheet of the banking system26/20178/2017MMM
Interest rates38/21/20178/21/2017DDDOO
Consumer price index7/20178/2017MMMO, O, O, OO, LO, O, LO, LO
Revenue, expenditure, balance and composition of financing4—general government46/20177/2017QQQLO, LO, O, OLO, LO, LO, LO, LO
Revenue, expenditure, balance and composition of financing4—central government6/20177/2017MMM
Stocks of central government and central government-guaranteed debt56/20177/2017MMMLNOLNO
External current account balance3/20176/2017MMMO, LO, LO, LOLNO, LO, O, LO, LO
Exports and imports of goods and services3/20176/2017MMM
GDP/GNPQ2:20178/2017QQQLO, LO, O, LOLNO, LNO, O, LO, O
Gross external debtQ1:20176/2017QQQOO
International investment position6Q1:20176/2017QQQOO

Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but sett other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Foreign, domestic bank, and domestic nonbank financing

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).

Reflects the assessment provided in the data ROSC or the Substantive Update (published on August 25, 2004, and based on the findings of the mission that took place during September 1–16, 2003) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, sc classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

Same as footnote 8, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment and validation intermediate data and statistical outputs, and revision studies.

Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but sett other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Foreign, domestic bank, and domestic nonbank financing

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).

Reflects the assessment provided in the data ROSC or the Substantive Update (published on August 25, 2004, and based on the findings of the mission that took place during September 1–16, 2003) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, sc classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

Same as footnote 8, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment and validation intermediate data and statistical outputs, and revision studies.

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