菲律宾：住宅物业价格指数考察团技术援助报告（2025年1月20日至24日）（英）2025

PHILIPPINES Report on the Residential Property PriceIndex Mission (January 20–24, 2025) JUNE 2025 Prepared ByBarra Casey Authoring Department: DISCLAIMER “The contents of this document constitute technical advice provided by the staff of the InternationalMonetary Fund to the authorities of the Philippines (the "CD recipient") in response to their request fortechnical assistance. This document (in whole or in part) or summaries thereof may be disclosed by theIMF to the IMF Executive Director for the Philippines, to other IMF Executive Directors and members oftheir staff, as well as to other agencies or instrumentalities of the CD recipient, and upon their request, toWorld Bank staff, and other technical assistance providers and donors with legitimate interest, unless theCD recipient specifically objects to such disclosure (seeOperational Guidance for the Dissemination ofCapacity Development Information). Publication or Disclosure of this report (in whole or in part) to partiesoutside the IMF other than agencies or instrumentalities of the CD recipient, World Bank staff, othertechnical assistance providers and donors with legitimate interest shall require the explicit consent of theCD recipient and the IMF’s Statistics department.” Table of Contents Acronyms..................................................................................................................................................... 2 A.Introduction .............................................................................................................................................. 5B.Compilation Methods ............................................................................................................................... 5C.Dissemination ........................................................................................................................................ 10D.Data Sources ......................................................................................................................................... 11E.Commercial Property ............................................................................................................................. 11F.Officials Met During the Mission ............................................................................................................ 12 Acronyms TATechnical AssistanceD4DData for DecisionsBSPBangko Sentral ng PilipinasIMFInternational Monetary FundRPPIResidential Property Price IndexDOF-BLGFDepartment of Finance-Bureau of Local Government FinanceRPISReal Property Information SystemRREPIResidential Real Estate Price IndexCPPICommercial Property Price IndexNCRNational Capital RegionAONCRAreas Outside the National Capital RegionGMAGreater Manila AreaHDMFHome Development Mutual FundSPVsSpecial Purpose VehiclesREITReal Estate Investment Trust Summary of Mission Outcomes and PriorityRecommendations 1.A technical assistance (TA) mission was conducted from January 20–24, 2025, to assistthe Bangko Sentral ng Pilipinas (BSP) with the development of hedonic methods for their propertyprice statistics.The mission’s primary focus was the Residential Property Price Index (RPPI). Themission completed the following tasks: (i) checked that the authorities implemented the recommendationsfrom previous mission, (ii) updated the methods as appropriate, (iii) finalized the updated RPPI andcompared to the published index, (iv) devised a strategy for dissemination of the revised results,(v) agreed on a timeline for the release of the updated RPPI and (vi) made recommendations on a wayforward to develop statistics on commercial property prices. 2.The authorities are strongly committed to publishing the updated RPPI.Reliable propertyprice indices and other indicators of real estate markets are essential for the assessment ofdevelopmentsand risks in property markets and understanding the linkages between property marketsand financialsoundness, as well as to IMF surveillance. 3.The key goal of the mission was to review the implementation of previousrecommendations.The authorities had transferred the procedures to the R statistical package and implemented the hedonic approach to index compilation. They had compiled the sub-indices from theresults of the regressions and aggregated to higher-level indices, including the overall RPPI for thePhilippines. The current mission checked the procedures step-by-step and provided additionalrecommendations as required. 4.A workplan was agreed with the authorities on the dissemination of the updated RPPI.While the initial target for publication was March 2025, the timeline has been adjusted to June 2025 toallow for necessary refinements and align with key procedural requirements. The updated RPPI issignificantly higher quality than the currently published index. The main improvements are as follows:(i)updated index covers all properties whereas the published index only covers new properties (ii) moredetailed sub-indic