1. FOREIGN DIRECT INVESTMENT
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.