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$301M of ‘hot money’ enters PHL in January

GMA News Online logo GMA News Online 2/16/2017 Sollorano, Vic
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Foreign portfolio investment registered a net inflow of $301 million in January, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday.

Central bank data showed the $301 million in net inflow was a reversal from the $315 million in net outflow in December 2016 and the $130 million in net outflow in January 2016.

Foreign portfolio investment is also called hot money because of the ease with which the fund goes in and out of markets.

Gross inflows amounted to $1.1 billion, up 8.7 percent from a month earlier.

“This may be attributed to optimism about the New Year and positive investor reaction to the announced 6.6 percent GDP growth of the country in the fourth quarter of 2016,” the BSP noted in a statement.

Gross outflows declined to $846 million or by 38.3 percent from $1.4 billion in December 2016 and by 11 percent from $950 million year-on-year.

About 95.4 percent of registered investment was in Philippine Stock Exchange-listed securities, 3.4 percent in government securities and 1.2 percent in other peso debt instruments.

The United Kingdom, United States, Singapore, Luxembourg, and Hong Kong were the top five investor countries for the month, with a combined share to total of 79.6 percent. The United States continued to be the main destination of outflows, receiving 89.3 percent of total remittances. — Ted Cordero/GMA News

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