BSP, SEC, PSA sign pact to enhance FDI reporting, data sharing

Key economic agencies have signed an agreement to establish a unified data-sharing system for foreign direct investment (FDI) statistics, aiming to boost investor confidence through more accurate data and evidence-based policymaking.

In a news release on Tuesday, the Department of Finance (DOF) said Finance Secretary Frederick Go led the signing of a memorandum of agreement (MOA) among the Securities and Exchange Commission (SEC), the Philippine Statistics Authority (PSA), and the Bangko Sentral ng Pilipinas (BSP).

The agreement establishes a framework for the secure sharing of data among the signatory agencies to produce more comprehensive and internationally aligned FDI statistics.

The initiative aims to eliminate reporting gaps and align the country's FDI monitoring with international standards.

Under the MOA, the SEC will provide relevant corporate registration records to the PSA and BSP through its existing digital platforms, including the SEC Swift Corporate and Other Records Exchange (SCORE) Protocol and the SEC API Marketplace, enabling the secure exchange of investment-related data.

The PSA will serve as the central repository of FDI data, while the BSP will continue to compile and publish the country's official FDI statistics.

According to the DOF, the enhanced data-sharing system is expected to improve the quality, completeness, and timeliness of the country's FDI statistics by integrating enterprise-level information with existing reporting mechanisms.

The Finance Department said the initiative also incorporates robust safeguards to protect confidential information in accordance with the Data Privacy Act. —VBL, GMA News