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Hot money registers $459-M outflow in March

GMA News Online logo GMA News Online 4/20/2017 Tordecilla, Jaemark
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More foreign capital left the Philippines than entered the country in March as investors overseas chose to pocket gains during the period, data from the Bangko Sentral ng Pilipinas (BSP) revealed.

According to the central bank, the country registered a $459.86-million net outflow in March, a reversal of the $482.43-million net inflow the same month last year.

This also compares with the $409.01-million net outflow in February.

Foreign portfolio investment, also called “hot money” details the entry and exit of funds in the country.

"Outflows for the month rose to $1.8 billion from $1.4 billion in February due to profit taking and news about higher inflation," the BSP said.

To recall, inflation increased by 1.1 percent last month from 0.9 percent in February and 2.4 percent in the same month last year, the Philippine Statistics Authority (PSA) said.

Meanwhile, inflows for the period were registered at $1.373 billion, down from the $1.689 billion in March 2016.

Majority or 83.8 percent were in PSE-listed securities, followed by peso government securities (14.9 percent), and unit investment trust funds (1.3 percent).

The top five investing countries for the month include the United Kingdom, US, Singapore, Belgium, and Switzerland. —JST, GMA News

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