Global Times - Philippine "hot money" inflow in Jan-Sept hit $229 mln

Philippine "hot money" inflow in Jan-Sept hit $229 mln

Source: Xinhua
[17:31 October 15 2009]
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Philippine foreign portfolio investments posted a net inflow of 229 million US dollars in the months of January to September, a reversal of the net outflow of 889 million US dollars registered in the same period last year, the Philippine central bank reported Thursday.

The central bank said a resilient economy -- supported by easing interest and inflation rates and steady inflow of remittances from overseas Filipino workers -- buoyed investor sentiment.

Gross investment inflows were recorded at 4.7 billion US dollars, with the United States, Britain, Japan, Singapore and Luxembourg as the top five investor countries, which collectively contributed 81 percent of total funds received.

In the month of September alone, transactions in foreign portfolio investments registered with the central bank resulted in a net inflow of 47 million US dollars.

Registered foreign portfolio investments in September rose 78 percent month-on-month to 685 million US dollars. About 82 percent of these investments were Philippine listed shares while the others went to peso-denominated government securities. Total outflows, which were largely in the form of withdrawals from interim peso deposits, rose 36 percent to 638 million US dollars.