Net foreign portfolio investments in the first seven weeks of the year rose 216 percent year-on-year to $1.498 billion from $474.40 million, data from the Bangko Sentral ng Pilipinas showed over the weekend.
The amount is the difference between total inflows of $4.080 billion and total outflows of $2.581 billion. The amount of inflows is 89 percent higher from $2.158 billion the same period last year, while outflows increased 53 percent from $1.683 billion.
Also known as “hot money,” foreign portfolio investments—overseas funds temporarily invested in local stocks and bonds and the money market—reached $1.27 billion in January, up 117 percent from $586 in the same month last year.
The central bank noted that investors have welcomed the Securities and Exchange Commission’s stand on the basis for compliance with the limits on foreign ownership of certain sectors, the status quo on key policy rates, improved outlook by the IMF on the local economy, and the country's 6.6-percent GDP growth in 2012.
The top five investor countries for January were Singapore, the US, the UK, Luxembourg and Hong Kong. The US was the main beneficiary of the investment outflows. — BM, GMA News
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