all equity investments by nonresidents in the Philippines, except equity securities transacted through the stock exchange that do not exceed 10 percent of the total shares of the resident enterprise. It is assumed that a nonresident investor has a significant influence in management and expresses lasting interest in or relationship with the resident enterprise in which they invest. These include the following major investment: a) foreign equity capital, b) reinvested earnings and undistributed branch profits of foreign direct investment enterprises, c) other foreign direct investment capital.