Finance Secretary Frederick D. Go witnessed the signing of a memorandum of agreement (MOA) among the Securities and Exchange Commission (SEC), Philippine Statistics Authority (PSA) and Bangko Sentral ng Pilipinas (BSP) that formalizes the secure exchange of investment-related data.
Better data
The agreement creates a framework for sharing corporate registration and investment information to produce more comprehensive FDI statistics aligned with international standards.
PSA Undersecretary Claire Dennis S. Mapa credited Go for initiating the collaboration among the agencies.
"Finance Secretary Frederick Go, the brains of this undertaking, months ago, called us agencies to work together to identify areas for improvement in the compilation of foreign direct investment statistics and to address existing gaps aimed at strengthening the reporting mechanism necessary for evidence-based decision making," Mapa said.
Under the agreement, the SEC will provide relevant corporate registration records through its existing digital platforms, including the SEC Swift Corporate and Other Records Exchange (SCORE) Protocol and the SEC API Marketplace.
Stronger policy
The PSA will serve as the central repository of FDI data, while the BSP will continue compiling and publishing the country's official FDI statistics.
SEC Chair Francisco Ed Lim also credited Go for leading the initiative.
"I thank Finance Secretary Frederick Go—who is not only the brain, but the creator of the project we're celebrating today through the signing of this memorandum of agreement," Lim said.
The integrated system is expected to improve the quality and completeness of FDI statistics by combining enterprise-level information with existing reporting mechanisms while maintaining strict safeguards under the Data Privacy Act.
Officials said the initiative supports the Marcos administration's push to build a more competitive and investment-friendly economy by improving the quality and flow of economic data used to guide policy decisions. —Ed: Corrie S. Narisma
