International Oil Price and Sectoral Output Asymmetry data of the Philippines

The dependent variables of this study are the value added outputs of the Philippine economy's agriculture (agr) , industry (ind) , and service (ser) sectors measured in million Philippine pesos at constant 2018 prices. The international crude oil price (wop) is the simple average of three spot prices: Dated Brent, West Texas Intermediate, and the Dubai Fateh. The Crude oil unit is U.S. Dollar per barrel as obtained from the World Bank published by Index Mundi. Macroeconomic variables were also included in the model, such as real effective exchange (Ex) rate (Peso per U.S. Dollar) weighted average rate under the Philippine Dealing System (PDS) as obtained from the Bangko Sentral ng Pilipinas (BSP). The short-term interest rate (IntR) -91-day Treasury bill rate from the BSP was used as the monetary response variable to control oil shocks' inflationary effect. The wholesale price index (WPI) was used as a proxy for domestic inflation (Inf). Gross capital formation measured in million Philippine pesos at constant 2018 price was used to proxy investment (Inv). InfR and Inv were both obtained from the Philippines Statistical Authority (PSA). The outputs for agriculture, industry, and services as well as the gross capital formation were transformed into natural logarithm.