12th National Convention on Statistics (NCS)
EDSA Shangri-La Hotel, Mandaluyong City
October 1-2, 2013
A FINANCIAL SOCIAL ACCOUNTING MATRIX FOR THE PHILIPPINES
by
Vu Quang Viet, Francisco Secretario, Laura Ignacio, Marriel Remulla,
Regina Juinio, and Lilia Elloso
For additional information, please contact:
Author’s name
Designation
Vu Quang Viet
Consultant
Author’s name
Designation
Francisco Secretario
Consultant
Author’s name
Designation
Affiliation
Address
Tel. no.
E-mail
Laura Ignacio, Marriel Remulla, Regina Juinio, Lilia Elloso
Bank Officer V, Bank Officer V, Bank Officer V (retired), Bank Officer III
Bangko Sentral ng Pilipinas
A. Mabini St. cor. P. Ocampo St., Malate Manila, Philippines 1004
524-7011 ext 2965,2966
[email protected], [email protected], [email protected]
Page 1 of 26
A FINANCIAL SOCIAL ACCOUNTING MATRIX FOR THE PHILIPPINES
by
Vu Quang Viet, Francisco Secretario, Laura Ignacio, Marriel Remulla,
Regina Juinio, and Lilia Elloso1
ABSTRACT
The global financial crisis has brought to the fore the significant implications of
developments in a country’s financial markets to its economic performance. Monetary
policymaking can make use of macroeconomic tools and models that take into account
linkages between financial and real variables such as a financial social accounting matrix
(FSAM).
The FSAM is a variant of the social accounting matrix (SAM) that presents in a
matrix format the sequence of accounts of the System of National Accounts. The FSAM
expands savings and investments by providing details on the different financial
instruments and transactions, making use of data from the Flow of Funds (FoF).
The paper explains the constructed FSAM for the Philippines and its findings.
1. Introduction
Briefly, a social accounting matrix or SAM is an economy-wide data framework that
presents transactions and transfers among economic agents in the real economy. Broadly, it is
the matrix representation of the sequence of accounts of the system of national accounts. A
financial social accounting matrix (FSAM) focuses more on the financial sector and financial
transactions of the institutions. The elaboration of the financial accounts would allow for a more
extensive analysis of financial interrelationships among the different institutions of the economy
and how these would, in turn, impact the real sector.
The paper presents the first financial social accounting matrix for the Philippines.2 It
describes the construction of the FSAM and the underlying assumptions. It goes through the six
main accounts of FSAM, providing information on the real economy and economic institutions
and explaining the links from one account to subsequent accounts. It presents the “from-whomto-whom” matrices, which are the important features of the Philippine FSAM.
1
Dr. Vu Quang Viet and Mr. Francisco Secretario were consultants for the FSAM project. Regina Juinio
used to be a Bank Officer of the Department of Economic Statistics (DES) (retired May 2013) and
Marriel Remulla is a Bank Officer of the DES. Laura Ignacio and Lilia Elloso are Bank Officers of the
Center for Monetary and Financial Policy (CMFP) of Bangko Sentral ng Pilipinas. Views expressed
herein are those of the authors and do not represent the views of the Bangko Sentral ng Pilipinas.
Errors and omissions are sole responsibilities of the authors. The figures in the report are preliminary
estimates and should not be cited.
2
The 2009 Philippine Financial Social Accounting Matrix (PFSAM) is an output of the
“Estimation/Construction of Philippine Financial Social Accounting Matrix (PFSAM)
Computable General Equilibrium (CGE) Modeling.” The project was a collaborative effort
consultants, Dr. Vu Quang Viet and Mr. Francisco Secretario, and staff of the Department
Statistics (DES) and the Center for Monetary and Financial Policy (CMFP) of the BSP.
Page 2 of 26
BSP project
for Use in
between the
of Economic
While the scope of the paper may be limited to presenting the construction and main
conclusions of the Philippine FSAM, forthcoming work will focus more on the analytical
applications of the PFSAM. For one, the Philippine FSAM will be utilized primarily to study realfinancial linkages and to serve as database for the financial computable general equilibrium
(FCGE) model that will be used to evaluate sectoral impacts of monetary policies and shocks in
financial variables. The rest of the paper is structured as follows: Section 2 explains the
conceptual framework of a social accounting matrix (SAM) and a financial social accounting
matrix (FSAM). Section 3 describes the constructed FSAM for the Philippines and discusses the
real and financial sectors of the Philippines. Section 4 summarizes and concludes.
2. What is a financial social accounting matrix?
The System of National Accounts (SNA) presents the economic activities taking place
within an economy and the interaction between the different economic agents in a
comprehensive, consistent and integrated set of accounts. Basic to the SNA is the identity that
“goods and services produced in the economy must be consumed, used for capital production
or exported while all goods and services used within the economy must be produced in the
economy or imported.”3 This identity is explained in the SNA by the sequence of accounts that
traces activities from production to the generation of income and to the uses of these resources
by the various economic institutions. The sequence of accounts is usually represented in the
traditional double entry accounting format (or “T-accounts”). For analytical purposes, the
sequence of accounts may be represented as a square matrix—a social accounting matrix
(SAM).4 Certain flows or accounts of the SAM may be extended or disaggregated depending on
focus of the study and, more often it is the household sector that is elaborated. The present
study focuses on the financial sector and the financial transactions of institutions, and is,
therefore, a financial SAM or FSAM.
The concept of a social accounting matrix, focusing on the real sector, may be
represented by the traditional circular flow model of the economy where there are producers,
households, government sector and the rest of the world (illustrated in Figure 1, apart from the
enclosed lower right portion).
3
System of National Accounts 2008
4
The development of the social accounting matrix as an economic tool had a focus on industrial structure
to explain the lack of economic growth and income distribution, thus, the term “social” (Pyatt and Round
1985).
Page 3 of 26
Figure 1. Circular flow model
Factor payments
Factor
market
Compensation
Households
Production
sectors
Taxes and transfers
Intermediate
consumption
Consumption
Government
Government
expenditure
Production
Commoditie
s market
Capital account
Investment
Import
payments
ROW
Savings
Export
earnings
Financial
accounts
Source: Authors’ representation following Li (2008).
Productive activities make use of intermediate goods and factors of production obtained
from households through the factor markets. The goods produced are sold in the domestic
commodity markets, along with imported goods, or in the international market as export goods.
Goods are bought by households, government sector, investors and the rest of the world.
Households pay for commodities that allow for producers to generate value-added to pay for
inputs of production that will serve as income to households or taxes to the government sector.
The “gross savings” of households, firms and government sectors—the difference
between income and expenditures—is the amount available for investments. This part (shown
as the enclosed part in the chart) is further elaborated in a financial SAM. Investments could be
in the form of physical investments or financial (portfolio) investments, and sources to fund
investments could also come, in addition to savings, from loans, bank deposits and other
financial instruments.
To further add to the conceptual framework, Table 1 presents the condensed Philippine
financial SAM. Each cell represents a transaction among economic agents: corporations,
government, households and the rest of the world (ROW).The row entries refer to incoming
flows or resources and the column entries refer to outgoing flows or uses of funds. Thus, each
cell is a flow of funds from a column account to a row account. For example, consumption
spending is a flow of funds from households to the commodities markets. As an accounting
framework, total sources of funds (incoming flows) equals total uses (outgoing flows), or the
Page 4 of 26
corresponding row and column sums must be equal; for instance, total household income (row
sum) should equal total household spending (column sum).
Mathematically, if (
is the index of rows and (
, the index of
columns;
is the expenditure of account that becomes the income or receipt for account .
∑
The equation ∑
(
ensures the internal consistency of the SAM.5
Columns 7-9 (and corresponding rows) of Table 1 provide details on the various forms
that savings and investment could take with the capital and financial accounts. This corresponds
to the enclosed lower right portion in Figure 1. The relationship is represented by6
that is, for the entire economy, a surplus in net savings can be used to accumulate (net)
financial assets and finance deficits. Also, savings-investment balances are accommodated by
either current accounts or capital accounts.
Thus, the FSAM, as a general equilibrium data framework, is a useful analytical basis for
constructing models that will examine transmission mechanisms between the real and financial
sectors of the economy.
5
Waheed and Ezaki 2006.
6
Li 2008.
Page 5 of 26
Table 1. Condensed form of the 2009 Philippine FSAM, in billion pesos
CLASSIFICATIONS
ROW
(1)
ROW
(1)
Products/
Activities
(2)
Primary
income
(2)
Imports
Exports
(3)
Compensation
of employees
Property
income
(4)
Property
income
Current
transfers
(5)
Current
transfers
Uses of
disposable
income
(6)
Capital
accounts
(7)
Institutions
(8)
Financial
(9)
instruments
Products/
Activities
Primary
income
(3)
Property
Income
(4)
Current
transfers
(5)
Compensation
of employees
Property income
Current transfers
Intermediate
consumption
Uses of disposable
income
(6)
Capital
accounts
Institutions
(7)
(8)
Borrowing
(financial
liabilities)
Net capital
transfers paid
Final consumption
Financial
instruments
(9)
Investment in
fixed assets
Value added
Primary income
receivable from
production
Property income
transactions among
sectors
Gross National
Income
Current transfers
Gross Disposable
Income
Saving
Net capital
transfers
received
Borrowing
(financial
liabilities)
Net lending/ borrowing
Investment
in financial
assets
Investment in
financial assets
Note: Table follows the format of Vu (2012). The rectangular blocks (partitioned by the dark lines) correspond to the sections of the PFSAM matrix in Appendix 1. Thus, the upper
blocks, from left to right, correspond to Tables A1-1, A1-2 and A1-3; the lower blocks correspond to Tables A1-4, A1-5 and A1-6.
Page 6 of 26
3. The Philippine financial social accounting matrix
The Philippine FSAM (PFSAM) made use of 2009 as reference year because it was the
most recent year with comparable data for the basic sources of information, which are the
Philippine System of National Accounts (PSNA), and BSP’s Balance of Payments (BOP) and
Flow of Funds (FOF). Adjustments were made in some of the PSNA, BOP and FOF data to
implement new concepts, changes in sector coverage and updated data. In addition, in some of
the data, adjustments were needed since the rigid matrix representation, where the provider and
recipient institutions were identified, requires internally consistent estimates from the integration
of different frameworks prepared separately by different agencies using different sets of data.7
The PFSAM (please refer to Appendix 1)8 consists of six main accounts—product
accounts, industry accounts, distribution of income accounts or factor accounts, secondary
distribution of income accounts, capital accounts and financial accounts—that describe the real
and financial sectors of the economy.
An important contribution of the PFSAM is the construction of “from-whom-to-whom”
matrices for property income, current transfers9 and loan transactions10 (Tables A2-6, A2-7 and
A2-8 in Appendix 2, respectively).
3.1
Current accounts in the PFSAM
a. Product accounts: The product or commodity accounts present transactions in the
domestic product markets. The columns of the product or commodities accounts show
the supply of goods and services from domestic production and imports; and the rows
represent the use of products for intermediate consumption by industries, final
consumption of households and government, capital formation and exports. The PFSAM
has the following twelve (12) industry and commodity classifications:
7
The following are the primary sources of data and deviations from official estimates:
a. Production data were from the 2009 National Accounts; except for the gross value added for the
financial sector (specifically, depository corporations and insurance sub-sectors) that was reestimated from the data of the BSP, Insurance Commission and Commission on Audit.
Production structure for the supply-use table was based on indicators derived from the special
tabulation of 2008 Annual Survey of the Philippine Business Industries of the National Statistical
Office (NSO);
b. Rest of the world data were from the 2009 Balance of Payments (BOP); and
c. Capital and financial accounts data were from the 2009 Flow of Funds (FoF), except for nonfinancial and households sectors, where data were adjusted to reflect expanded coverage of nonfinancial corporations with the inclusion of quasi-corporations (part of households in the FOF).
8
The table presented in Appendix 1 is an aggregated (and abridged) version of the actual PFSAM. It
does not present breakdown of financial corporations and the government sector.
9
From-whom-to-whom transactions in property incomes and current transfers of ROW and financial
corporations were derived from income statements, annual reports of the Commission on Audit and the
Insurance Commission.
10
From-whom-to-whom loan transactions were based on the FoF bridge tables. The transactions
represent the creditors’ point of view.
Page 7 of 26
1) Agriculture and fishing;
2) Forestry;
3) Mining and quarrying;
4) Manufacturing;
5) Construction;
6) Electricity, gas and water;
7) Transportation, storage and communication;
8) Trade and repair of motor vehicles, motorcycles, personal and household goods;
9) Financial intermediation;
10) Real estate, renting and business services;
11) Public administration and defense; and
12) Other services.
b. Industry accounts: The industry or production activity accounts show, down the columns,
the production structure of industries—purchases of products for intermediate
consumption, and the balancing item, net value added. The rows show the total outputs
of industries. The PFSAM differentiates “industry accounts” from “product accounts” to
allow for cases where an industry may produce more than one product; or a product may
be produced by more than one industry.
c. Distribution of income accounts:
The distribution of income accounts consist of two
sub-accounts: the generation of income account which show the distribution of factor
incomes to the factors of production—labor and capital including flows to and from the
ROW; and the allocation of primary income account, which show the distribution of these
incomes to the different institutions as owners of the factors of production, including
property incomes receivable and payable by these institutions. The PFSAM has the
following five (5) major institutional sectors, with further breakdown for the financial and
government sectors:
1) Non-financial corporations;
2) Financial corporations (central bank, depository corporations, insurance and
pension, and other financial institutions);
3) Government (national and local government, and social security funds);
4) Households and Non-profit institutions serving households(NPISHs)11(hereafter
referred to as “households”); and
5) Rest of the world (ROW).
The columns show the allocation of primary incomes to the different institutional
units, that is, compensation of employees and mixed income to households, operating
surplus to non-financial and financial corporations, the government and households, and
taxes net of subsidies to government. The rows show the primary incomes and property
incomes received by institutions from the domestic economy and ROW; for example,
households receiving compensation, mixed income and operating surplus and property
incomes.
11
“Non-profit institutions serving households” (NPISH) consists of non-profit institutions, not controlled by
the government, that provide goods or services to households free or at prices that are not economically
significant (System of National Accounts 2008).
Page 8 of 26
The concept of mixed income is used in the case of household unincorporated
enterprises where the owners, either as employers or own account workers are not able
to separate income from labor inputs or compensation and operating surplus.12
d. Secondary distribution of income accounts: Secondary distribution accounts show the
giving and receipts of current transfers, in cash or in kind, among institutional sectors.
Current transfers include income taxes, social contribution benefits, non-life insurance
premiums and claims, remittances between resident and non-resident households, and
international assistance under aid programs between governments, among others.
e. Use of disposable income account: The use of disposable income account show final
consumption expenditures of the households and government sectors.
Overview of the real economy. Table A2-1 (Appendix 2) makes use of both expenditure
approach and income approach to explain the production structure of the Philippine economy in
2009. Under the expenditure approach, consumption was the primary driver of growth with
household final consumption expenditure as the highest contributor to GDP at 78 percent and
government consumption as the least contributor at 11 percent. Under the income approach,
mixed income comprised 35 percent of GDP while compensation of employees represented 29
percent of GDP.
Use of goods and services. Tables A1-1, A1-2 and A1-3 show details on the type of
goods and services purchased: exports or purchases of non-residents; domestic absorption or
purchases for intermediate consumption by industries; purchases of households and
government for final consumption; and purchases of institutions for real investments (or gross
capital formation. Table A2-2 presents a summary of the disposition of these products:

Domestic absorption
About 87 percent of the total supply (domestic production and
imports) was absorbed by domestic institutions for their production activities, final
consumption and capital formation. All or almost all outputs of construction (100
percent), electricity, gas and water (100 percent); public administration and defense (100
percent); other services (100 percent); forestry (99 percent) and agriculture and fishing
(98 percent) were consumed domestically.

Gross capital formation About 6 percent of total supply was used for capital formation.
Construction comprised almost two-thirds (60 percent) of investments goods sold,
manufacturing, 31 percent, and agriculture and fishing, 9 percent.

Exports About 33 percent of manufactured goods were exported contributing about 79
percent to the country’s total exports. Real estate and business services ranked next, 27
percent were exported (mostly business process outsourcing services) and this
comprised 15 percent of total exports.
Supply of goods and services
About 85 percent of the total supply of goods and
services were from domestic production. Real estate and business services products are
secondary outputs of majority of the industries. Imports amounted to PhP2.6 trillion or about 15
percent of the total supply of goods and services.
12
In the United Nations System of National Accounts, mixed income was introduced in 1993 as a concept
to reflect better the actual perception of owners of household unincorporated enterprises who cannot
distinguish between profits and wages from the incomes received.
Page 9 of 26
Structure of production and primary incomes generated
The value added contribution
of the different industries and the types of factor incomes generated are in Table A1-4.

For the total economy (see Table A2-3), about half of GDP was accounted for by
manufacturing (21 percent), agriculture and fishing (15.3 percent) and trade (14.6
percent). Close to two-thirds of the total compensation generated by production were
paid by Public Administration (24.6 percent), manufacturing (17.6 percent),
agriculture and fishing (11.6 percent) and trade (11.0 percent).

In terms of production structure (see Table A2-4), value added accounted for about
50 percent of the total inputs to production, ranging from a low 29 percent in
manufacturing and a high 80 percent in forestry. By industry, compensation paid out
of the value added generated was highest in public administration at 96.4 percent.
The big share of mixed income generated out of the value added in agriculture and
fishing (55.6 percent), real estate (52.3 percent), other services (50.7 percent) and
trade (48.0 percent) indicates that household production is predominant in these
industries.

Mixed income comprised 36 percent of value added while compensation of
employees represented 30 percent.

The same production structure by industry was cross-classified by institutional sector
presented in Tables A2-5 and A2-6. Non-financial corporations (with 46.9 percent
share) and households (with 42.1 percent share) together accounted for 89 percent
of domestic production.
Balance of primary incomes or gross national income (GNI) The household sector had
the largest share of the GNI with its balance of primary incomes amounting to PhP5.7 trillion or
75 percent of the total GNI (Table A1-5).
Disposable income
The household sector, which had the largest net current transfers
received, remained as the sector with the highest level of disposable income among the
domestic institutions (Table A1-5).
Savings by institution
Savings (Table A1-5) is what remained after deducting from the
disposable income the final consumption expenditures of households and government. For
corporations, disposable income is equal to savings. Non-financial corporations generated the
largest savings at PhP935 billion, followed by the households at PhP459 billion.
Sources and uses of income
for the different institutions:
Table A2-7 summarizes the sources and uses of income

Households: 75 percent of income came from mixed income (39 percent) and
compensation income (36 percent); 14 percent came from transfers. A large share of
household income was spent on consumption (88 percent).

Non-financial corporations: 79 percent of income was from operating surplus and 19
percent from property incomes. Of the incomes generated, 41 percent was spent on
property incomes and 47 percent was saved.
Page 10 of 26

Financial corporations: Two-thirds of income was property income; one-fourth was
operating surplus. Property income payment (62 percent) was roughly the same
percentage as property income received.

Government: 61 percent of government’s income came from taxes. About half (51
percent) of its income was spent on consumption.

Rest of the world: Transactions with the ROW in the FSAM are taken from the point
of view of the ROW. This is the mirror image of ROW transactions in the Balance of
Payments. 89 percent of the income of the ROW came from import receipts and
spent mostly on export payments (79 percent).
From-whom-to-whom transactions of property income. Transaction matrix shows the
paying and receiving institutions for a particular transaction. Table A2-8 presents the distributive
transactions of property income (details in Table A1-5). The columns show the property incomes
payable to ROW and the domestic institutions along the rows. Financial corporations are further
divided into “depository corporations”13 and “other financial institutions.”14 Non-financial
corporations paid the most (PhP823 billion) property income, about 54 percent of the PhP1.5
trillion total property income payments. Of this amount, PhP333 billion or 40 percent were paid
to non-financial corporations (intra-sector or among non-financial corporations). The ROW was
the second top recipient of property income from the non-financial corporations, followed by the
government sector. Financial corporations and government each paid PhP137 billion of the total
PhP335 billion property incomes received by households.
From-whom-to-whom transactions on current transfers. Table A2-9 shows current
transfers among the domestic institutions and ROW (details in Table A1-5). Households
received the largest amount of current transfers among all institutions, the bulk of this from the
ROW, comprised largely of remittances from overseas non-resident Filipinos. The government
sector received the second highest level of transfers from, by order of magnitude, the
households, non-financial corporations and the government sector itself.
Linking the current and accumulation accounts The link between the current accounts
and accumulation accounts of the economy is provided by the savings of the institutions which
represent the balances of their respective current accounts, in particular, the use of disposable
income account, the last of the current accounts. These savings would, in turn, be transferred to
the institutions’ accumulation accounts to acquire physical investments or financial assets, as
shown in the financial accounts.
3.2 Accumulation accounts in the PFSAM
a. Capital accounts: The columns of the capital accounts show the total investments of
each institution that could either be in the form of real investments on inventories and
gross fixed capital formation, or on financial assets. The rows represent the resources
available to institutions—savings and financial liabilities.
13
Central bank and depository corporations
14
Insurance and pension, and other financial institutions
Page 11 of 26
b. Financial accounts: The financial accounts15 show, along the rows, the incurrence of
liabilities (financial resources) of institutions and, along the columns, the acquisition of
assets (uses) by type of financial instruments. The forms of the financial assets and
liabilities correspond to the financial instruments in the Philippine flow of funds:
1)
2)
3)
4)
5)
6)
7)
8)
Currency and deposits;
Securities other than shares;
Derivatives;
Loans;
Shares and other equity;
Insurance technical reserves;
Other accounts receivable/payable; and
Unclassified items.
The accumulation accounts show the transactions of institutions on specific assets,
whether non-financial or financial. Mapping of transactions by institutions are done by type of
assets (or “with what”), unlike in the current accounts where the focus is “with whom”
transactions are made.
The capital accounts show whether the savings of institutions augmented by net capital
transfer is in excess or short of its requirements for real investment or whether a sector is a net
lender or borrower. The financial accounts show how the institution invests its excess funds in
other sectors by acquiring assets or, in the case of a shortage of funds, how it finances the
shortfall by incurring liabilities. The integrated capital and financial accounts is the framework for
the BSP’s FOF.
Sectoral financing. Table A2-7 summarizes the transactions in capital and financial
accounts. It shows the various sources of financing of each sector and the ways by which the
funds were utilized. Total investments by institutions amounted to PhP3.3 billion with PhP1.1
billion in capital formation and about two-thirds or PhP2.1 billion in financial assets. This was
financed almost equally by PhP1.6 billion of savings and PhP1.7 billion in financial liabilities.
The largest savers in the economy were the non-financial corporations with PhP935
billion and households with PhP458 billion. Consistently, non-financial corporations have the
largest saving-investment surplus of PhP416 billion, followed by PhP189 billion of households.
The government sector has a saving-investment deficit of PhP216 billion.
Non-financial corporations also had the biggest physical investment demand of PhP519
billion, followed by the government sector with PhP291 billion and households with PhP269
billion. Non-financial corporations financed their investment demand mostly (85 percent) from
their savings and only 15 percent from the financial system through securities and loans.
To their considerable savings, households added PhP44 billion of funds derived from the
financial system (mostly loans). These funds were used to finance PhP269 billion investment
demand and to add PhP234 billion to their financial assets, mostly in the form of currency and
deposits, and insurance reserves.
15
The capital and financial accounts were based on the 2009 Flow of Funds (FoF) of the BSP, except for
the non-financial and households accounts. In the FoF, non-financial sector covers only corporations,
while in the FSAM, non-financial corporations include quasi-corporations that are part of the households
in the FoF.
Page 12 of 26
Investment demand of the government sector was financed largely (73 percent) through
the financial system with securities (31 percent) and loans (16 percent).
93 percent of the funds available to financial corporations16 were in the form of financial
liabilities consisting of currency and deposits (50 percent), securities (15 percent) and shares (7
percent). These funds were used to acquire financial assets (97 percent) such as currency and
deposits (41 percent), and securities (38 percent).
Distribution of loan transactions. Table A2-10 presents the sources and recipients of
loans.17 Non-financial corporations were the major source of loans for other non-financial
corporations. Financial corporations provided loans to “other financial institutions” and to
households. Since the “loan” figures are “net” transactions, negative loans indicate higher
repayment than availment of loans.
4. Concluding remarks
The financial social accounting matrix for the Philippines provides an overview of the real
and financial transactions in the Philippine economy. It shows the interlinkages between the real
and financial sectors, and the interrelationships among the economic institutions. It provides a
comprehensive data on the economy and can be used to assess the performance of the
economy and respond to what-if questions with the uses of policy or behavioral assumptions.
Forthcoming work will make use of the Philippine FSAM for economic modeling and
analysis, such as multiplier analysis,18 for policymaking. It was, in fact, constructed primarily to
be used as database for the financial computable general equilibrium (FCGE) model that would
evaluate effects of monetary policies on the various industry sectors and economic institutions.
16
Financial corporations include the central bank, depository corporations, insurance and pension, and
other financial institutions.
17
Details are not shown in PFSAM in Appendix 1 tables.
18
The BSP Working Paper Series No. 2013‐01 “Identifying Sectoral Vulnerabilities and Strengths for the
Philippines: A Financial Social Accounting Matrix Approach” by Francisco Dakila, Jr., Veronica
Bayangos and Laura Ignacio (July 2013), made use of multiplier analysis on the Philippine FSAM.
Page 13 of 26
References
Bank Indonesia and Statistics Indonesia. 2009. “Financial Social Accounting Matrix Indonesia
2005.”
Breisinger, C., M. Thomas and J. Thurlow. 2010. “Food Security in Practice, Social Accounting
Matrices and Multiplier Analysis: An Introduction with Exercises.” International Food
Policy Research Institute. Washington, D.C.
Emini, Christian and Hippolyte Fofack. 2004. “A Financial Social Accounting Matrix for the
Integrated Macroeconomic Model for Poverty Analysis Application to Cameroon with a
Fixed-Price Multiplier Analysis.” World Bank Policy Research Working Paper 3219,
February 2004.
Hubic, Amela. 2012. “A Financial Social Accounting Matrix (SAM) for Luxembourg).” Banque
Centrale du Luxembourg Cahier d’Études (Working Paper) N° 72.
Li, Jia. 2008. “The Financial Social Accounting Matrix for China, 2002, and Its Application to a
Multiplier Analysis.” Forum of International Development StudiesNo.36, March 2008.
Graduate School of International Development, Nagoya University, Japan.
Pyatt, Graham and Jeffrey Round. 1985. “Social Accounting Matrices for Development
Planning.” Social Accounting Matrices: A Basis for Planning by Graham Pyatt and
Jeffrey Round (eds.) The World Bank.
Round, Jeffrey. 2003. “Social Accounting Matrices and SAM-based Multiplier Analysis” from The
Impact of Economic Policies on Poverty and Income Distribution: Evaluation Techniques
and Tools. August 2003. Edited by F. Bourguignon and L. Pereira da Silva. The World
Bank. Washington, D.C.
System of National Accounts 2008. 2009. A joint publication of the European Communities,
International Monetary Fund, Organisation for Economic Co-operation and
Development, the United Nations and the World Bank.
Vu Quang Viet. 2012.Philippines Financial Social Accounting Matrix (PFSAM) of 2009.Final
Report.
Waheed, Abdul and Mitsuo Ezaki. 2006. “A Financial Social Accounting Matrix for Pakistan”.
Discussion Paper No. 141, Graduate School of International Development, Nagoya
University, Japan.
Page 14 of 26
Appendix 1. The 2009 Philippine Financial Social Accounting Matrix (PFSAM)*
Table A1-1. 2009 Philippine FSAM, in billion pesos
Exports
Intermediate
consumption
Output
matrix
*Preliminary estimates, not for quotation
Page 15 of 26
Table A1-2. 2009 Philippine FSAM (continuation), in billion pesos*
Final consumption of
households and government
*Preliminary estimates, not for quotation
Page 16 of 26
Table A1-3. 2009 Philippine FSAM (continuation), in billion pesos*
Gross capital
formation
*Preliminary estimates, not for quotation
Page 17 of 26
Table A1-4. 2009 Philippine FSAM (continuation), in billion pesos*
Value
added
*Preliminary estimates, not for quotation
Page 18 of 26
Table A1-5. 2009 Philippine FSAM (continuation), in billion pesos*
Property
income
Current
transfers
Gross national
income
Disposable
income
Savings
*Preliminary estimates, not for quotation
Page 19 of 26
Table A1-6. 2009 Philippine FSAM (continuation), in billion pesos*
Financial liabilities
Net lending/borrowing
Investment on
financial assets
*Preliminary estimates, not for quotation
Page 20 of 26
Appendix 2. Tables
Table A2-1. Expenditure and Income Approaches of GDP*
*Preliminary estimates, not for quotation
Table A2-2.Use of goods and services, in billion pesos*
*Preliminary estimates, not for quotation
Page 21 of 26
Table A2-3.Gross value added and incomes generated, by industry, in percent*
*Preliminary estimates, not for quotation
Table A2-4.Incomes generated as percentage of value added, by industry, in percent*
*Preliminary estimates, not for quotation
Page 22 of 26
Table A2-5.Gross value added and incomes generated, by institution, in percent*
*Preliminary estimates, not for quotation
Table A2-6.Incomes generated as percentage of value added, by institution, in percent*
*Preliminary estimates, not for quotation
Page 23 of 26
Table A2-7. Sources and Uses of Incomes of Institutions*
*Preliminary estimates, not for quotation
Table A2-8. Property income (in billion pesos)*
Page 24 of 26
*Preliminary estimates, not for quotation
Table A2-9. Current transfers (in billion pesos)*
*Preliminary estimates, not for quotation
Table A2-10. Loans (in billion pesos)*
*Preliminary estimates, not for quotation
Page 25 of 26
Table A2-7.Sectoral financing patterns*
A. Capital mobilization
Savings
Institutions
Households & NPISHs
Non-financial corporations
Financial corporations
Government
Total
Value
(P billion)
% of total
savings
458
935
99
75
1,567
29.2
59.7
6.3
4.8
100
Changes in financial
liabilities
Value
% of total
(P billion)
capital
mobilization
44
8.8
162
14.8
1,294
92.9
220
73.1
1,720
52.2
Total capital
mobilization
(P billion)
501
1,097
1,393
301
3,292
B. Capital utilization
Capital formation
Institutions
Households & NPISHs
Non-financial corporations
Financial corporations
Government
Total
Value
(P billion)
% of total
investment
269
519
46
291
1,125
23.9
46.1
4.1
25.9
100
Changes in financial
assets
Value
% of total
(P billion)
capital
utilization
234
46.7
577
52.6
1,347
96.7
9
3.0
2,167
65.8
Total capital
utilization
(P billion)
501
1,097
1,393
301
3,292
Notes:
Details of the table above may be seen in Table A1-5 (savings), Table A1-3 (capital formation) and Table
A1-6 (financial assets (column sum) and liabilities (row sum)).
*Preliminary estimates, not for quotation
Page 26 of 26