Balance of Payments and International Investment Position, 6th Edition (BPM6) Concept *  
in million U.S. dollars          
  Levels   Growth Rates YoY (%)  
  January January  
  2023 p 2024 p   2024 p  
Net Incurrence of Liabilities :  
   Nonresident Investments in the Philippines                  478                  907 89.9  
Equity and investment fund shares                   178                    87 -50.8  
Equity other than reinvestment of earnings, net                    93 -11 -112.2  
Placements                  149                    99 -33.5  
Withdrawals                    56                   110 97.2  
Reinvestment of earnings                    85                    99 16.4  
Debt instruments, net **                 300                 820 173.2  
* 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 nonresident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent, and (b) investment made by a nonresident subsidiary/associate in its resident direct investor. Net FDI flows refer to nonresidents' 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 nonresident subsidiaries/associates in their resident direct investors, i.e., reverse investment.  
P Preliminary  
Details may not add up to total due to rounding.