1. FOREIGN DIRECT INVESTMENT
	Balance of Payments and International Investment Position, 6th Edition (BPM6) Concept *
	in million U.S. dollars
		Levels									Growth Rates YoY (%)
		2022 p			2023 p			2022 p	2023 p		2023 p
		Jan	Feb		Jan	Feb		Jan-Feb			Feb	Jan-Feb
	Net Incurrence of Liabilities :
	Non-Resident Investments in the Philippines	824	926		448	1,047		1,750	1,494		13.0	-14.6
	Equity and investment fund shares	179	164		168	136		343	304		-16.7	-11.2
	Equity other than reinvestment of earnings	107	97		93	74		204	167		-23.6	-18.1
	Placements	118	116		149	113		234	261		-3.1	11.7
	Withdrawals	11	19		56	38		30	94		101.5	215.0
	Reinvestment of earnings	72	66		75	62		138	137		-6.5	-1.0
	Debt instruments, net **	645	762		280	910		1,407	1,190		19.4	-15.4
	* The BSP statistics on FDI are compiled based on the Balance of Payments and International Investment Position Manual, 6th Edition (BPM6).  FDI includes (a) investment by a non-resident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent, and (b) investment made by a non-resident subsidiary/associate in its resident direct investor. Net FDI flows refer to non-residents' net equity capital (i.e., placements less withdrawals) + reinvestment of earnings + debt instruments (i.e., net intercompany borrowings). The BSP FDI statistics are distinct from the investment data of other government sources. BSP FDI covers actual investment inflows. By contrast, the approved foreign investments data that are published by the Philippine Statistics Authority (PSA), which are sourced from Investment Promotion Agencies (IPAs), represent investment commitments, which may not necessarily be realized fully, in a given period. Further, the said PSA data are not based on the 10 percent ownership criterion under BPM6.  Moreover, the BSP’s FDI data are presented in net terms (i.e., equity capital placements less withdrawals), while the PSA’s foreign investment data do not account for equity withdrawals.
	** Net investments in debt instruments consist mainly of intercompany borrowing/lending between foreign direct investors and their subsidiaries/affiliates in the Philippines. The remaining portion of net investments in debt instruments are investments made by non-resident subsidiaries/associates in their resident direct investors, i.e., reverse investment.
	P Preliminary
	Details may not add up to total due to rounding.