#1An Integrated Framework for Philippine Investment Statistics by Claire Dennis S. Mapa, Vivian R. Ilarina, Teresita Bascos-Deveza and Gerald Junne L. Clariño Abstract Keywords: statistical framework, foreign direct investments, private domestic investments, government investments, uses of investments The Philippine Statistics Authority (PSA) through its Macroeconomic Accounts Service spearheaded the conduct of a research project on the development of an Integrated Framework for Investment Statistics and Glossary of Harmonized Investment-Related Terms. The output of the project was vetted by the Inter-Agency Committee on Investment Statistics. This paper presents the major output of the project - the integrated investment Statistical Framework (IISF). The IISF covers the investment domain together with the key stakeholders in the field. It provides a comprehensive coverage of investments in the country in accordance with international economic frameworks such as the 2008 System of National Accounts (SNA 2008) and Balance of Payments 6th Edition (BPM6). The Government Financial Statistics Manual (GFS) was also used as a reference for government investments. The IISF defines the sources of investments, the recipients, and the uses of investments. It covers the sources of investments across institutional sectors within the economy as well as in the rest of the world-foreign direct investments. The IISF also include the institutional sectors which utilizes the investment funds for production, consumption and accumulation. Finally, the framework identifies the key investment statistics and parameters. Investment statistics being generated by various government agencies such as the Bangko Sentral ng Pilipinas, Board of Investments, Philippine Economic Zone Authority, Philippine Statistics Authority, and the Securities and Exchange Commission will be integrated using the IISF. The adoption of the IISF will enhance the country's investment statistics for policy analysis and formulation. I. INTRODUCTION A. Study objective: development of an integrated investment statistical framework This study aims to integrate investment statistics in the country. A critical step in this direction is the development of an integrated investment statistical framework (IISF) which would define the scope and coverage of investments and outline how data generation of various agencies could be linked together and improved following international frameworks such as BPM6, 2008SNA and international standard classifications/codes. The data collection and processing will also be harmonized to produce the data needs of other agencies in support of their legal mandates and using definitions according to Philippine laws. The use of statistical frameworks is gaining ground not only for data collection and integration but also in the field of forecasting. 1#2B. Investment statistics, data gaps, and conceptual issues Investment statistics in the Philippines is being generated and released by multiple government agencies. The Bangko Sentral ng Pilipinas (BSP) compiles foreign direct investment (FDI) statistics as part of the country's Balance of Payments. Quarterly and annual data on FDI inflows and outflows form part of the Financial Account, while the stock of FDI is part of the International Investment Position of the country's BOP. However, the BSP figures on the stock of FDI, differ from those of the IMF's (International Monetary Fund) data coming from the Coordinated Direct Investment Survey (CDIS) database and the UNCTAD's (United Nations Center for Trade and Development) data. Moreover, disaggregated stock data such as by industry and by country are not available. Data on new investment projects of enterprises which applied for government incentives from any of the country's investment promotion agencies such as the Board of Investments (BOI), Philippine Economic Zone Authority (PEZA), Cagayan Export Zone Authority (CEZA), Subic Bay Metropolitan Authority (SBMA), Authority of the Freeport Area of Bataan (AFAB), Board of Investments-Bangsamoro Autonomous Region in Muslim Mindanao (BOI-BARMM), and Clark Development Corporation (CDC) are being consolidated and published by the PSA on a quarterly basis broken down by foreign and domestic investors' share. However data on realized investments from these approved projects are not available. Financial data of corporations and partnerships reported in their business registrations are supervised and monitored by the Securities and Exchange Commission (SEC). With the data from registrations, the SEC releases statistics on the paid-up capital of newly registered corporations, and the number of registered corporations classified by with or without foreign investments. Additionally, the SEC receives and evaluates documents such as audited annual financial statements (AFS), general information sheet (GIS), general form for financial statements (GFFS), and industry-specific special form for financial statements (SFFS) as required from its registered corporations. These documents are a potential treasure trove of financial and investment data-domestic and foreign, including intellectual property ownerships. However, the processing of data for hundreds of thousands of active companies (with about 4716 FDI enterprises) to draw a representative sample remains challenging. The Department of Trade and Industry (DTI) complements SEC's registration mandate as it is in-charge of the registration of business names of sole proprietorships which is renewed every five years. It is also in-charge of providing incentives and assistance to Micro Small and Medium Enterprises (MSMEs) in the country. The DTI releases annual data on the number of MSMEs with classifications defined by asset and employment size, which is based on the list of establishments of the PSA. The existing data provides a good profile of MSMEs, but there is a need to trace the growth of MSMEs say in terms of numbers, years of existence, economic activities and financial sustainability. 2#3Finally, the Philippine Statistics Authority (PSA), through its Annual Survey of Philippine Business and Industry (ASPBI) gathers data on the characteristics of business enterprises in the country including their production activities, employment size, income, and fixed assets, among others. The PSA provides quarterly estimates of the country's gross domestic capital formation of both private enterprises and the government as part of the quarterly and annual statistics on the national accounts of the Philippines. However, data on FDI and domestic investments are not being generated. Overall, the current data on investment statistics are being compiled and reported by different agencies according to their mandates, leading to fragmented investment data (see Table 1). Table 1. Available Investments Data BSP BOI-PEZA SEC DTI PSA FDI inflows Approved Number of registered Number of and outflows by country investments by foreign corporations and registered Domestic capital and partnerships industry domestic share quarterly annual industry region Number and initial paid- up capital proprietorships quarterly annual investment/contribution of newly registered corporations and partnerships: • By region By major industry group Number and amount of paid-up capital investments/contributions in dissolved partnerships and corporations business names of single Annual data on the number of MSMEs by asset size employment formation tangible and fixed assets production employment inventory of raw materials and finished goods Sources: Official agency websites by the BSP, BOI, PEZA, SEC, DTI, and the PSA Online Table 2. Data Gaps FDI stock Realized disaggregated Investments by country and by Incentives industry size of enterprises FDI/Non-FDI Database on investment from audited financial statements with analysis/ standard coding system By FDI/Non- New/renewals/ FDI non-renewals Age of enterprises businesses Financial sustainability Assets, total and current Liabilities, Industry Investment flows Moreover, there are differences in the definitions being used. Recording of foreign investments is based on the nationality of the investor (non-Filipino) by the BOI, PEZA, and 3#4II. other investment promotion agencies (IPAs) while country of residence (non-Philippine resident) is the criteria being used by the BSP and the PSA for FDIs. The population frames across agencies also differ. The BSP data would cover only foreign direct investment enterprises as defined by BPM6. For the BOI and other IPAs, their coverage would be only those business enterprises that applied for incentives. For the SEC, it would be only the SEC-registered corporations, and for the PSA, all business enterprises in the Philippines including the unincorporated enterprises. MEASURING THE IMPORTANCE OF INVESTMENTS TO THE PHILIPPINE ECONOMY For the past five years (2016-2020), the share of gross fixed capital formation (GFCF) to GDP increased to 25 percent compared to 20 percent for the period 2011-2015. This jump in GFCF indicates higher production capacity which could translate to more robust business activities amidst the country's recovery from the Covid 19 pandemic. The National Economic and Development Authority (NEDA) launched the AmBisyon Natin 2040 which envisions the Philippines as a prosperous, predominantly middle class society. According to NEDA, to accomplish this, per capita income must increase by at least three times in 25 years until 2040 (beginning 2015)¹. Table 2. Estimated Number of Times GDP and Its Components Expanded for the period 1995-2020 and Estimated Target Annual GDP and Gross Domestic Capital Formation Growth Rates to Attain AmBisyon 2040 For the periods indicated at 2018 Constant Prices 1990-2015 (2015 relative to 1990) Annual Growth Rate (%) 2015-2040 Total Per Capita GDP (Y) 3.0 1.8 5.7 Consumption (C) 3.0 1.9 Gross domestic capital formation (I) 3.6 2.2 5.7 Government Expenditure (G) 2.7 1.6 Exports (X) 4.6 2.8 Imports (M) 5.1 3.1 Note: All figures above were computed based on a 10-year moving average of the raw data. Using the ten-year moving average of GDP by expenditure component, from 1981-2020 the number of times the economy expanded for the past 25-year period from 1990-2015 were computed. It was found that total GDP tripled and gross domestic capital formation (GDCF) expanded 3.6 times. However, the per capita growth rates of GDP and GDCF expanded only by 1.8 times and 2.2 times, respectively for the same period. Based on a 300 percent growth target per capita by 2040, the target total and per capita GDP by 2040 were computed at 1 Ambisyon Natin 2040 could simply be referred to as "Ambisyon" in the succeeding usage (as referred to by NEDA http://neda.rdc2.gov.ph/ 4#52018 prices to be 61.67 trillion pesos and 455 thousand pesos, respectively. These translates to an annual real growth rate of 5.7 percent for both GDP and GDCF for the next 25 years. (See Table 2) Foreign direct investments (FDI) is also a significant source of capital for the country. The size of FDI flows stood at 9.9 percent of GFCF for the period 2016 -2020. From only US$ 1.07 billion in 2010, FDI peaked in 2017 at US$ 10.26 billion. These figures show that FDI is a significant source of capital for the country. III. STUDIES ON FRAMEWORKS The International Telecommunications Union (ITU), Child Online Protection (COP) - Statistical Framework and Indicators 2010" described the statistical framework as a (description) of a "particular field of statistics in terms of its content and scope, actors and units, concepts and definitions, classifications, relationships between elements and links to other statistical frameworks". A statistical framework enables the production of accurate and comparable statistics by setting consistent and feasible standards. Laux and Barham (2012) argues that in many areas of Official Statistics, accessibility and understanding of the results can be improved by the presentation of statistics according to an appropriate analytical framework. There are three types of frameworks that are being developed: conceptual, statistical, and quality. Conceptual frameworks describe a particular statistical domain in relation to scope, concepts, and definitions. Statistical Frameworks help to align the information needs of users, including specific indicators with the sources, including information about suppliers, classifications, methods, and results. Quality Frameworks are a standardized approach to describing the quality-relevance, accuracy, and timeliness, of a set of statistics. Furthermore, frameworks can be presented intuitively, in one of the following ways: 1. Supply/Demand - such as the labor or housing markets, or economic statistics such as input-output tables; 2. Processes such as the administration of criminal justice sanctions, or claiming welfare payments, or school examination results; and 3. Cause and effect - such as statistics about the environment. In 2017, the National Academies Press Panel on Improving Federal Statistics for Policy and Social Science Research came out with a report on "Federal Statistics Multiple Data Sources, and Privacy Protection Next Steps". The Panel recommends redesigning current data collection efforts and estimation using multiple data sources. Methods for combining data such as record linkage techniques, dual frame estimation, imputation-based models and small-area estimation could be used to fuse information coming from government surveys, administrative operations and online transactions/data. The Panel pointed out the need for a framework which would include the economic concepts as well as the information domains. Meanwhile, UNCTAD's Investment Policy Framework for Sustainable Development (UIPF) puts forward the message that the two main concerns of "new generation" investment policies are inclusive growth and sustainable development (SD). These concerns are embedded in the UIPF's core policy areas: (1) National investment policy guidelines; (2) International investment agreements (IIA) guidance; and (3) Promoting investment in sustainable development. 5#6IV. INTEGRATED INVESTMENT CONCEPTUAL AND STATISTICAL FRAMEWORK (IISF) A. The IISF DIAGRAM AND DESCRIPTION Portfolio Investments Other Investments Foreign Direct Investments (Inward) Incentives Production Consumption Accumulation of Assets In the Domestic Economy Private Domestic Investments -Non-Financial Corporations -Financial Corporations -Households Government Domestic Investments Private Domestic Enterprises Government Non-Financial Corporations Financial Corporations Households Unincorporated Enterprises General Government Public Non-Financial Corporations Public Financial Corporations Foreign Direct Investments (Outward) Investment Goals Ease of Doing Business, Skills, Technology, Infrastructures, and Strong Macroeconomy Upper Middle Economy Status Poverty Reduction and Sustainable Development 6#7The IISF consists of five parts namely: 1. sources of investments; 2. recipients of investments; 3. uses of investments; 4. investment incentives; and 5. investment goals The IISF is a supply and use framework which follows the flow from the sources to the recipients, and then to the uses of investment funds. It also includes government tax incentives, which aim to attract more investors in the country. The investment goals of the country were added to provide the investment stance. The framework is flexible for updating in relation to future developments. The framework includes the identification of statistical data needed to measure key investment parameters in the following areas: 1. realized investments 2. profile of investors 3. investments in industries and technology 4. investments in small and large enterprises 5. stock and flow of investments 6. incentives 7. investments across regions, provinces, municipalities and ecozones. The terms used in this framework follow the international standard definitions, methodology and coverage in accordance with the United Nations (UN) System of National Accounts (SNA 2008), the International Monetary Fund's (IMF) Balance of Payments and International Investment Position Manual, 6th Edition (BPM6) and the Organization for Economic Co-operation and Development (OECD) Glossary of Foreign Direct Investment Terms and Definitions. For government investments, the Government Financial Statistics Manual (GFSM) was also used. In this way, data being generated by different government agencies could be linked/combined. Supply of investments The first part of the framework covers the supply of investments. The supply of investments consists of: 1. foreign direct investments (FDI); 2. domestic investments; 3. government investments; and 4. portfolio and other investments Investment from the first three sources include having control or a significant degree of influence in the management of domestic business enterprises. This means that their investments include a certain degree of ownership and management of business enterprises in the country where they invested. FDIs, private domestic investments, government investments (to its GOCCS) are in the form of equity and loans. Meanwhile, government investments are also budgetary appropriations for gross domestic capital formation. The fourth source of investments, portfolio, and other investments, include neither control nor a significant degree of influence in the management of domestic business enterprises. 7#8As discussed in the first section of this paper, the data coming from the various government agencies are not comparable. However, using the framework, the said data could be integrated or combined for trend analysis and other descriptive data analytics on the sources and value of investments. The second part of the framework is Recipients of investments. The supply of investments, which include control or effective voice in the management of the enterprise goes directly to the recipients of investments. The recipients of investments are private domestic enterprises, branches of foreign corporations operating in the country, general government, GOCCS (government-owned or controlled corporations), and households (including household unincorporated enterprises). Private domestic enterprises and foreign branches may be further classified into non-financial corporations, and financial corporations. GOCCS could also be classified as public non-financial corporation and public financial corporation. Moreover, classification could be done by industry and by geographic area. The recipients of investments could be cross tabulated with sources of investments to provide analytical tables on the distribution of the supply of investments across recipient industries and also by geographic area (see example on Table 3). In terms of ownership, private domestic enterprises could be classified as foreign controlled enterprises or subsidiaries, FDI associates, and those that are wholly owned by private domestic investors, Meanwhile, classification of GOCCS with and without FDI as well as those with and without private domestic investments could also be done. Table 3. Value of Investments by Sources and Industry Recipients in Private Domestic Enterprises Sources Foreign Direct Private Domestic Investments Investments Government Investments Total Recipient Industries 1 Agriculture, Fishery, and Forestry 2 Mining and quarrying 3 Manufacturing 4 Electricity Gas and Water 5 Construction 6 Wholesale and Retail Trade 7 Transportation and Storage 8 Accommodation and Food Service 9 Information and Communication 10 Financial and Insurance Activities 11 Real Estate 12 Professional, Scientific and Technical Activities Administrative and Support Service 13 14 Public Administration and Defense ;Compulsory Social Security Education 15 16 Health and Social Work Activities 17 Arts, Entertainment and Recreation 18 Other Service Activities A broken line connects the recipients of investments to Portfolio and Other Investments in as much as these investments do not have a direct link to the recipient domestic enterprises. Portfolio investments like stocks, bonds, preferred stocks and mutual funds, are transacted using intermediaries like the stock exchange, mutual fund companies, commercial and 8#9investment banks. Meanwhile, Other Investments is a residual category which includes investments which could not be classified as direct or portfolio investments, derivatives and employee stock options, and reserve assets. These investments are not directly received as equity or loans to private domestic enterprises or GOCCs. Neither is it directly allocated by the government for capital expenditures. Moreover, these investments do not include control or significant influence in the management of recipient domestic enterprises. The third part of the framework is on the Uses of Investments. Investments received by private domestic enterprises are utilized for domestic production, consumption, and accumulation of fixed assets and non-produced assets. The cited uses of investments are defined in SNA 2008 as follows: . • Domestic production refers to the production of goods and services in the country by domestic enterprises during a given period of time Consumption refers to intermediate consumption i.e., the goods and services used up in production during a given reference period Accumulation refers to the acquisition less disposals of fixed assets (gross fixed capital formation) and non-produced assets like land and minerals. Fixed assets are produced assets such as machinery, equipment, buildings or other structures, and intellectual property products that are used repeatedly in production over several periods (more than one year). Similarly, Government budgetary funds received by the general government as well as equity and loans received by GOCCs are utilized for the production of services and goods for the general public, intermediate consumption, and accumulation of fixed assets and non- produced assets. For both private domestic enterprises and the government sector, the "uses of investments" could provide a breakdown for domestic production, intermediate consumption and capital accumulation by industry sector. A breakdown on asset accumulation by type of assets could also be provided by the framework. With the "uses of funds for production and accumulation components", there is flexibility in looking at the growth of investments in emerging growth areas like intellectual property products. Accumulation covers acquisition and production of intellectual property products which is a growing source of economic wealth globally. Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. These creations or IP products and their creators are protected through patents, copyrights, and trademarks. The identification and estimation of the value of various intellectual property products produced across industry sectors could be a major interest. In the case of government's intellectual property products, these could also be classified by industry sector for general government and also for GOCCs. The value of the income stream coming from these intellectual property products could also be estimated. Tables 4-5. provide an illustration on the Uses of Investments by Industry Sector and sub- sectors. 9#10Table 4.Value of Investments by Uses and by Industry Sectors (Private Domestic Enterprises, Government or GOCCS) Uses of Investments Production Recipient Industry Sectors Domestic/ Exports Intermediate Consumption Domestic/ Imports Accumulation Fixed Assets Depreciation of fixed Assets Non- Produced Assets Current Liabilities Assets 1,..., Agriculture, 18 Fishery, and Forestry up to Other Services Activities Table 5. Value of Investments by Intellectual Property Products by Industry Sectors Intellectual Property Products Industry Sectors Patents Copyrights Trade Industrial Trade marks design secrets Trade dress Others 1,... Agriculture, Fishery, 18 and Forestry ...up to Other Services Activities Uses of investments also include direct investments abroad of domestic enterprises. Aside from using funds for domestic production/intermediate consumption/accumulation, domestic enterprises may make direct investments abroad (i.e., the rest of the world) which shall consist of equity and debt obligations between the resident investors and the direct investment enterprise (outward direct investments). The outward FDI stock is the value of private domestic enterprises' equity in and net loans to enterprises in foreign economies abroad. Outward direct investments could also be classified by industry, products and country of the direct investment enterprise. The fourth part of the framework is comprised of tax and other government incentives. These tax incentives and other benefits as approved by law are given by the government to foreign direct and private domestic investors to encourage investments into the country. Finally, the framework reflects the near-term goals of investments: 1) ease of doing business; 2) Skills; 3) Technology; 4) Infrastructures; and 5) Strong macroeconomy. These near-term goals involve the development of domestic manpower skills, availability of advanced technology such as networks, software and good internet connectivity; infrastructure such as roads, buildings and airports; and favorable macroeconomic environment such as sustained economic growth, stable inflation; as well as the medium-term goals - 1. upper middle economy status; 2. poverty reduction; and 3. sustainable development. These goals are anchored on the government's key development goals and the UIPF. 10 10#11B. IISF STATISTICS, PARAMETERS, AND SOURCES OF DATA The IISF shows the corresponding key statistics and parameters for each part of the conceptual framework as earlier defined. The sources of data for the statistics and parameters are also included (See Table 6). Table 6. The Integrated Investment Statistical Framework Parts of the Framework 1. Supply of investments • Non-residents' Foreign Investments (inward) • Equity • Debt Sources of Data BSP (CDIS) UNCTAD SEC (AFS) Statistics and Parameters → Stock of: Direct FDI Equity Debt FDI in % of total equity of private PSA (QSPBI) domestic enterprises PSA (ASPBI) → Flows of: BOI (Form S-1 (R.A. FDI Equity Debt 9290) PEZA ecozone data • Private Domestic (Direct) Investments • Equity 。 Liabilities Percent change of Flows Disaggregated by: country of residence and by nationality to harmonize with BOI data and with cross disaggregation by industry; by industry and with cross disaggregation by region; and also by economic zone ⇒ Frequency: Quarterly/Annual 介 Stock of: Equity (Private Domestic Investments ) Equity in percent of total equity of private domestic enterprises Flows of Equity Disaggregated by: Region, industry, economic zones and with cross disaggregations Stock and Flows of: Assets Fixed assets by type Tangibles by type Intangibles by type Liabilities Current Assets GDCF estimates ⇒ Frequency: Quarterly/Annual SEC (AFS) PSA (ASPBI) BOI (Form S-1 (R.A. 9290) PEZA ecozone data 11#12• Government Domestic Investments • Equity of GOCCS • Government budgetary appropriations o Loans to GOCCS 2. Recipients of investments • Private Domestic Investment Stock of: Equity of GOCCS Govt Equity in percent of total equity of Flows of Equity Disaggregated by: GOCCS and by industry Gov loans in percent of total loans → Stock and Flows of: Government Investments broken down by equity and loans by GOCC and by industry Assets Fixed assets by type Tangibles by type Intangibles by type Liabilities and Current Assets ⇒ Budgetary appropriations for general government by agency and by industry ⇒ Frequency- quarterly/annual GOCCS (AFS) PSA (ASPBI) DBM (Budget of Expenditures and Sources of Financing or BESF; National Expenditure Program or NEP) Domestic Investment by Type of Domestic PSA (ASPBI) enterprises: private domestic corporations, households, households unincorporated enterprises by ownership, In terms of ownership, private domestic enterprises could be classified as foreign controlled enterprises or subsidiaries, FDI associates, and those that are wholly owned by private domestic investors. SEC BOI PEZA Government Investment General Government GOCC GOCC DBM 3. Uses of Investments • Private Domestic Investment ⇒ Production GOCCS with and without FDI as well as those with and without private domestic investments Consumption → Total Production ⇒ Disaggregation by industry, by product, by economic zone, by region, by FDI/Non-FDI enterprises By FDI/non-FDI enterprise; by foreign controlled/national controlled enterprise and with cross disaggregation by industry and by economic zone ⇒ Consumption = Expenditures on intermediate inputs plus other expenditures, by industry, by product, by SEC (AFS; General Information Sheet or GIS) PSA (ASPBI) Possibly, a Benchmark Investment Survey SEC (AFS) PSA (QSPBI) PEZA ecozone data 介 12#13source (domestic/imports), by FDI/non- BOI Form S-1 (R.A. 9290) FDI enterprise - enhanced ⇒ Accumulation Assets of → Stock of Equity = Stock of Assets - SEC (AFS) Stock of Liabilities SEC (AFS) SEC (AFS) SEC (AFS) • Government Investments → Stock of Tangible assets → Stock of Intangible assets Frequency-annual → Assets = Current Assets + Fixed Assets+ Non-produced Assets - SEC (AFS) → Flows of Equity = change in assets change in liabilities during a given period >>> Fixed assets = tangibles + intangibles Flows of Assets = change in Assets SEC (AFS) during a given period ⇒ Disaggregation by industry, by product, by economic zone, by region, by type of assets, by FDI/Non-FDI enterprises ⇒ Stock of Tangible assets: length and quality of roads, bridges, railroads, ports, airports, hospitals, schools, other government owned buildings and infrastructures; Estimate total value of tangible assets by type, by area Stock of intangible assets- computer software, intellectual property- copyrights, 介 trademarks, patents; valued. research and development-new products-inventoried and Earnings on these IP products Flows for Tangibles= net change in the length and quality of roads, bridges, railroads, ports, airports, hospitals, schools, other government owned buildings and infrastructures; Estimate total net change in the value and units of new tangible assets by type, by region; estimate and overall index of change using composite indices ⇒ Expenditures on capital formation (flows) Capital transfers (equity/loans) (flows) GDCF = f(change in fixed assets, Inventories, changes in non-produced assets) ⇒ Frequency: quarterly and annual SEC (AFS) GOCCS (FS) PSA (ASPBI) DBM (BESF; NEP) 13#14• Domestic Enterprises' Foreign Direct Investments (outward) • Equity • Debt 4. Investment Incentives • Approved Investment projects with incentives • Realized investment Projects with Incentives = Disaggregations: GOCCs, General government, Private, by industry, by product Stock of FDI =Stock of Equity + Stock SEC (AFS) of Loans Frequency- Annual Flows of FDI = net equity investments + net debt during a given period ⇒ Disaggregations: by product, industry, by FDI/Non-FDI enterprises ⇒ Frequency- Quarterly and annual Value and growth rate of: ⇒ approved projects by ⇒ disaggregation of approved foreign direct investments by nationality 介 and by country of residence PSA (QSPBI) BOI Form S-1 (R.A. 9290)- enhanced PEZA ecozone data BOI administrative records and reporting forms submitted by business enterprises BOI Form S-1 (R.A. disaggregation of approved projects 9290)-enhanced by foreign direct investments and by domestic investments, by industry, by region and by ecozones ⇒ expected employment Value and growth rate of: ⇒realized investments ⇒ Disaggregation of realized investments by foreign direct and by domestic investments, by product, by industry, by region and by economic zones ⇒ incentives availed ⇒ Disaggregation of incentives by type, by industry, by region and by economic zone ⇒ actual employment generated PEZA ecozone data All Other IPAs 14#15V. PROPOSED STATISTICAL OUTPUTS OF THE IISF IN THE NEXT TWO YEARS The proposed statistical outputs using the IISF framework in the next two years were formulated to be able to address the major data gaps on investment statistics. The proposal also included linking of the data that are being produced by government agencies as well as those of business organizations and institutions and to come up with quarterly and annual investment statistical reports for policy makers, investors, and the general public. 1. Measure the stock of FDI in the country consistent with the flows data. This could be best done by processing the SEC-AFS with foreign investments. The information on FDI equities and loans could be required by the SEC going forward. 2. Measure the stock and flows of private domestic investments by enhancing the PSA- ASPBI. The ASPBI could add more financial variables for measuring assets, liabilities, fixed assets, current assets, intellectual property, innovations, and other investment data as well as identify FDI and non-FDI enterprises. 3. Get data on realized investments. Data on realized investments are the most current data which could be matched with the flows data being generated by the BSP. 4. In coordination with concerned agencies, businesses and NGOs compile data on investment-related goals such as ease of doing business, skills, technology, infrastructures, and strong macroeconomy. 5. Monitor, manage and assess non-financial performance of corporations and partnerships across economic, environmental, and social aspects towards achieving universal targets of sustainability such as the SDG, as well as key programs such as eradication of poverty and AmBisyon 2040. 6. Generate cross-disaggregation of FDI by country with further breakdown by sector. We also recommend by country/by sector breakdown of reinvestment of earnings and debt instruments components of FDI considering their significant share in total FDI. 7. Set-up an integrated investment data collection system based on the investment statistical framework and establish the investments information system comprising three subcomponents: foreign direct investments, private domestic investments and government investments. 8. Prepare quarterly and annual investment statistical reports for policy makers, investors, and the general public. 15