MANILA – Foreign portfolio investments registered with the Bangko Sentral ng Pilipinas (BSP) through authorized banks recorded net outflows of USD27 million in June this year.
Data released by the BSP late Wednesday showed that the net outflows resulted from the USD1.1 billion gross outflows and the gross inflows of USD1.0 billion for the month.
The BSP said the net outflow in June was also a reversal from the USD43 million inflows recorded in May this year and the less than USD1 million net inflows posted in June 2023. .
Foreign portfolio investments are also called hot money due to the speed with which they come in and out of the economy.
The BSP said the USD1.0 billion registered investments went down by 1.0 percent from the USD1.1 billion recorded in May 2024 but higher than June last year's USD889 million.
During the month, 52.8 percent or USD551 million of registered investments were in peso government securities.
The remaining 47.2 percent (USD492 million) were in Philippine Stock Exchange (PSE)-listed securities most of which were investments made in holding firms, banks, transportation services, property, and electricity, energy, power and water.
"Investments for the month mostly came from the United Kingdom; the United States (US); Singapore; Luxembourg; and Switzerland with combined share to total at 86.9 percent," said the BSP.
Gross outflows, meanwhile, went up from the USD1 billion in May and USD889 million recorded in June last year.
The BSP said the US remains to be the top destination of outflows, receiving USD597 million of total outward remittances.
For the first six months of the year, foreign investments registered with the BSP, through authorized agent banks, yielded net inflows of USD81 million, a turnaround from the USD804 million net outflows noted for the same period last year. (PNA)
