Economic activity or business is the activity of the establishment as classified under the 1977 Philippine Standard Industrial Classification (PSIC). The main activity of the establishment is the establishment's principal source of income. If the establishment is engaged in several activities, its main activity is that which earns the biggest income or revenue.
Paid employees are all persos working in the establishment receiving pay as well as those working away from the establishment when paid by and under the control of the establishment. Included are all employees on sick leave, paid vacation or holiday. Excluded are consultants, home workers and workers receiving pure commissions only.
Working owners are owners who are activiely engaged in the management but do not receive regular pay, i.e., not included in the payrolls. Managers and directors of corporations working for pay are reported as managers.
Unpaid workers are persons working without regular pay for at least one third of the working time normal to the establishment.
Salaries and wages are payments in cash or in kind, prior to deductions for employees constributions to SSS/GSIS, withholding tax, etc., to all employees. Included are total basic pay, overtime pay and other benefits.
Overtime pay are payments given for extra hours worked.
Other benefits include bouses, cost of living allowances, commutable transportation and representation allowances, food, housing, commissions paid to salaries employees, separation, retirement, terminal pay, gratuities, etc. Excluded are cost of uniform/working clothes and reimbursable transporation and represetation allowances.
Employer's Contribution to SSS/GSIS and the like refers to payments made by the establishment on behalf of the employees. Examples are SSS, GSIS, Employees Compensation Commission (ECC), MEDICARE and PAGIBIG.
Number of hours actually worked by production workers refers to the number of hours actually spent by production workers at work, including waiting time and overtime. It excludes time paid for but not spent in work for the establishment such as sick leave and paid vacation leave.
Revenue includes cash received and receivables for goods sold and services rendered. Valuation is at producer's prices (ex-establishment), net of discounts and allowances, including duties and taxes but excluding subsidies.
Value of output represents the total value of products sold, receipts from contract work and industrial services done for others, receipts from goods sold in the same condition when bought, fixed assets produced on own account and change in inventories (ending less beginning of finished goods, work-in-process and goods for resale).
Cost refers to all expenses incurred during the year whether paid or payable. Valuation should be at market prices including taxes and other charges, net of rebates, returns and allowances. Goods and services received by the establishment from another establishment of the same enterprise are valued as though purchased.
Indirect taxes refers to all taxes, other than income tax, incidental to the production or sale of goods and services which are chargeable as expenses including business license, BIR stamps, real estate tax and other lcoal taxes.
Subsidies are all special grants in the form of financial assistance or tax exemption or tax privilege given by the government to aid and develop an industry or production and to protect it against competition.
Fixed assets are physical assets expected to have productive lives of more than one year and intended for use and/or being used by the establishment. Included are land, buildings, furnitures, fixtures, tools, office devices, vehicles and others.
Book value of fixed assets is the initial value or acquisition cost of fixed assets less the accumulated depreciation.
Depreciation is the total amount set aside for the year to cover the decrease in value of fixed assets owned by the establishment because of foreseen obsolescence, wear and tear as a result of operation and normal amount of accidental damage.
New fixed assets refers to brand new fixed assets acquired during the year, including directly/newly imported fixed assets.
Used fixed assets refers to those that have been used previously within the country.
Capital expenditures for fixed assets includes cost of acquisition of new and used fixed assets; fixed assets produced by the establishment for its own use; major alterations, additions and improvements to fixed assets, whether done by others or on own account.
Gross additions to fixed assets is equal to capital expenditures less sale of fixed assets, including land.
Inventories refers to the stock of goods owwned by or under the control of the establishment as of a fixed date, regardless of where the stocks are located. Valuation should be at current replacement cost based on market prices at the indicated date. Replacement cost is the cost of an item in terms of its present price rather than its original cost.
Change in inventories is computed as the value of ending inventory less the beginning inventory.
Census value added represents the difference between the value of output and total costs of materials and supplies consumed, fuels purchased, industrial services done by others and goods purchased and resold.
Value added represents the sum of census value added and value of non-industrial services done for others less the cost of non-industrial services done by others.
