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Philippines' hot money inflow hits 1.19 bln USD in February

Xinhua, March 12, 2015 Adjust font size:

Foreign portfolio investments or hot money swung to a net inflow of 1.19 billion U.S. dollars in February from a net outflow of 354.86 million U.S. dollars in the same month last year, the Philippine central bank (BSP) said on Thursday.

The latest figure is also the highest net hot money inflow recorded by the BSP after January 2013's 1.27 billion U.S. dollars.

"Investments rose due to block sale of shares of two holding firms and renewed interest in peso government securities," the BSP said in a media releasee.

Gross inflows went up 70 percent to 2.55 billion U.S. dollars in February, while gross outflows dropped 26 percent to 1.36 U.S. dollars, according to the BSP.

Bulk or 66.4 percent of the portfolio investments went into Philippine Stock Exchange-listed securities which were mainly holding firms, property companies, utilities, banks, and food, beverage, and tobacco firms.

The BSP said 30.6 percent of the inflows went into peso government securities, while 3 percent were put into time deposits.

Most of the investments during the month were from Singapore, Britain, the United States, Luxembourg, and China's Hong Kong. The United States, meanwhile, remained the main destination of outflows, the BSP said.

The country saw hot money end in a net outflow of 310.21 million U.S. dollars in 2014 from a net inflow in 2013 due to shifts in investor sentiment amid the U.S central bank's tapering of its monthly purchases of assets. Endi