Hot money swings back into the red as pandemic woes linger

By besguerra12 days ago

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More short term investments from overseas were liquidated from the Philippines financial markets and repatriated to their home countries than came in last February due to lingering concerns about the economic impact of the coronavirus pandemic, according to the central bank.

In a statement, the Bangko Sentral ng Pilipinas said foreign portfolio investments for the second month of 2021 yielded net outflow of $40 million resulting from the $1.38 billion gross outflows and $1.34 billion gross inflows for the month.

This is a reversal from the net inflows of $98 million recorded in January 2021.

The $1.34 billion registered investments for February reflected a 40.6-percent increase compared to the $952 million recorded in January 2021 or by $386 million.

A total of 39.8 percent of investments registered were in Philippine Stock Exchange-listed securities, pertaining mainly to banks, property companies, holding firms, food, beverage and tobacco companies and telecommunication services firms, while the remaining 60.2 percent went to investments in peso-denominated government securities.

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