BSP Refines Remittances Data Capture
MANILA, Philippines --- Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. announced yesterday that they have changed and refined how they treat and compute fund transfers from abroad to better capture the numbers.
Tetangco said that this month is the beginning of new data on personal remittances that will "comprehensively capture transactions in remittances".
The BSP changed the way it looked at remittances data in line with the refinement measure recommended under the International Monetary Fund's (IMF) Balance of Payments and International Investment Position Manual, 6th edition (BPM6), which provides the framework for the compilation of the balance of payments (BOP). BOP summarizes the economic transactions of residents with the rest of the world.
In a statement, the central bank explained that BPM6 provides guidance on the recording of cross-border transactions and positions according to a set of internationally-agreed guidelines. "Changes under the BPM6 include, among others, the results of continuing review and improvement of the conceptual framework of remittances. …