The Philippine Statistics Authority (PSA) is set to revise the base year for calculating the consumer price index (CPI) and gross domestic product (GDP) from 2018 to 2023, according to National Statistician Dennis Mapa. This announcement was made during a briefing at the PSA’s office in Quezon City. The change is expected to be implemented starting in January 2026.
Mapa explained that the PSA’s technical team is currently reviewing commodity items from the most recent family income and expenditure survey to adjust the weights used in these calculations. For instance, adjustments might be made to the 35 percent weight currently assigned to food, reflecting changes in consumption patterns. This process is crucial for updating the expenditure patterns of households across the Philippines.
The purpose of rebasing, as stated by the PSA, is to ensure that the basket of goods and services reflects the current consumption habits of households in various provinces and urban centers. The PSA is also using the commodity and outlet survey (COS) to identify new items that should be included in the CPI basket. This survey collects data on commonly purchased or consumed commodities and the outlets where they are bought nationwide.
Mapa highlighted the extensive nature of the data collection process, noting that the PSA gathers information on approximately 500,000 items across the country for inflation reports. This detailed data collection and analysis is what necessitates the significant time required to prepare for the rebasing.