Hot money inflows hit 2-year high

MANILA, Philippines - Foreign portfolio investments that flowed into the Philippines hit a two-year high with net inflows of US$1.01 billion in November, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP). 

Foreign portfolio investments include publicly listed stocks, government securities, and corporate papers. 

The BSP's November data represented an over 200% increase from the $490.35 million recorded last year. 

Gross inflows reached $2.01 billion, higher than the $1.3 billion posted a year ago. The BSP said the increase in investments was due to lower inflation and robust third quarter earnings. 

The BSP said other factors that contributed to the inflows were the national government's issuance of its 10-year global peso notes worth $750 million and the 7.1% growth posted by the Philippine economy in the third quarter.

The top 5 sources of the country's foreign investments were the United States, United Kingdom, Singapore, Luxembourg, and Switzerland in November. -