NSCB Resolution No. 5
Series of 2013 

APPROVING THE ENDORSEMENT TO THE OFFICE OF THE PRESIDENT 
OF THE DRAFT EXECUTIVE ORDER ENJOINING THE INVESTMENT PROMOTION AGENCIES AND OTHER GOVERNMENT ENTITIES TO PROVIDE DATA FOR THE ESTIMATION OF FOREIGN AND DOMESTIC INVESTMENTS IN THE COUNTRY

WHEREAS, investment statistics comprising of foreign and domestic investments are vital indicators in determining the economic progress of a country and as barometer for sustained economic growth;

WHEREAS, available investment statistics include the approved foreign and domestic investments which represent commitments or pledges which may or may not be realized and the actual foreign and domestic investments;

WHEREAS, the National Statistical Coordination Board (NSCB), as the highest policymaking and coordinating body on statistical matters in the country per Executive Order No. 121, otherwise known as the “Reorganization Act of the Philippine Statistical System (PSS),” established the Interagency Committee on FDI Statistics (IACFDIS) thru NSCB Memorandum Order No. 1, s. 1996, composed of the NSCB, Bangko Sentral ng Pilipinas (BSP), National Economic and Development Authority (NEDA), Securities and Exchange Commission (SEC), BOI, National Statistics Office (NSO), Bureau of Trade Regulation and Consumer Protection (BTRCP), Philippine Economic Zone Authority (PEZA), Clark Development Corporation (CDC), and Subic Bay Metropolitan Authority (SBMA), to advise the Board in the rationalization and integration of foreign direct investments data in all aspects including collection, processing and dissemination towards the institutionalization of the Foreign Investments Information System (FIIS);

WHEREAS, pursuant to the Memorandum of Agreement on FIIS signed in June 1999 by the NSCB, BOI, BSP, SEC, BTRCP, PEZA, CDC, and SBMA, the NSCB Technical Staff has been consolidating data on approved foreign and domestic investments every quarter based on submissions of major IPAs, namely:  BOI, CDC, PEZA, SBMA;

WHEREAS, the BSP generates statistics on actual foreign investments comprising of foreign direct investments, portfolio investments, and other investments in the Balance of Payments every month in accordance with international guidelines and which are mainly based on bank reports, surveys, and other administrative reports;

WHEREAS, the BOI is responsible for the promotion of investments in the country and is recognized by all other IPAs as the lead agency in investment promotion;

WHEREAS, concerns on having  more adequate, more reliable and more timely  investment statistics that would serve the needs of the various stakeholders for evidence-based planning and decision making have been raised;

WHEREAS, the IACFDIS was reconstituted and renamed to become the IAC on Investment Statistics (IACIS) through NSCB Memorandum Order No. 005, s. 2013, to expand its coverage to include domestic investments; 

WHEREAS, the IACIS recognizes the need to explore other data sources for the monitoring of approved and actual foreign and domestic investments to validate and supplement existing data and to ensure completeness of coverage;

WHEREAS, data sources on investments include 18 IPAs currently operating in the country and other government entities such as the SEC and local government units, among others;

WHEREAS, in order to facilitate and institutionalize the regular provision of investment data by the IPAs and other government entities, the issuance of an Executive Order (EO) that shall direct the concerned government agencies and stakeholders to cooperate in the generation of better quality foreign and domestic investment statistics is necessary;

WHEREAS, the IACIS is endorsing a draft EO to the NSCB Executive Board for endorsement to the Office of the President, which will require all IPAs and other government entities to submit data on approved foreign and domestic investments every quarter to the NSCB Technical Staff and data on actual foreign and domestic investments every semester to the BOI, adopting the investment monitoring forms and schedule as prescribed by the IACIS;

WHEREAS, the BOI will conduct consultations with the IPAs on the draft EO before its finalization and submission to the Office of the President;

WHEREAS, details on the prescribed investment monitoring forms and schedule as well as the details on the processing of the data shall be articulated in the Implementing Rules and Regulations to be issued after the EO has been approved by the President;   

NOW, THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that the Board approve the endorsement of the EO (Annex BR-05-20130322-01) with all its intents and purposes to the Office of the President, enjoining its adoption and implementation by concerned government entities and stakeholders

BE IT RESOLVED FURTHER that the IACIS be directed to undertake the activities required in the adoption and implementation of the EO and to report updates on this endeavor regularly to the NSCB Executive Board once the EO has been signed.

Approved this 22nd day of March, in Pasig City.

Attested by:

JOSE RAMON G. ALBERT
Secretary General