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569 mln USD "hot money" flows out of Philippines in May

Xinhua, June 11, 2015 Adjust font size:

Hot money swung to a net outflow of 569.27 million U.S. dollars in May from an inflow of 545.08 million U.S. dollars in the same month last year, the Philippine central bank said on Thursday.

Gross inflows slid 19 percent to 1.59 billion U.S. dollars from 1.967 billion U.S. dollars, while gross outflows surged 52 percent to 2.159 billion U.S. dollars from 1.422 billion U.S. dollars.

"This development may be attributed to profit taking and outward remittance of sales proceeds of investments in PSE ( Philippine Stock Exchange)-listed stocks and Peso GS (government securities) previously kept in interim peso deposits," Bangko Sentral ng Pilipinas (BSP), the Philippine central bank said.

The decline in investments during the month may be blamed to the disappointing first quarter corporate earnings, manufacturing data from China, and weaker-than-expected first quarter GDP (gross domestic product) growth of 5.2 percent vis-a-vis 6.6 percent in the previous quarter, the BSP added.

In the five months to May, foreign portfolio investments stood at a net inflow of 1.16 billion U.S. dollars, a turnaround from the 1.42-billion-U.S. dollar outflow in the same period last year.

The central bank has a 1.4-billion-U.S. dollar net inflow forecast for hot money this year, also a reversal of the 310.21- million-U.S. dollar net outflow last year. Endi