REGISTERED foreign portfolio investments or “hot money” in May posted a net outflow of $24.35 million, a reversal of the $72.81-million net inflow a year ago, driven mainly by the slower growth of the economy in the first quarter and uncertainties arising from domestic and international developments, Bangko Sentral ng Pilipinas said Friday.
The May net outflow was also a turnaround from the $51.49-million net inflow a month ago. Gross inflows for the month reached $1.484 billion, lower than $1.784 billion a year ago, while total outflows hit $1.509 billion, down from $1.711 billion a year ago.
This brought hot money in the first five months to a net outflow of $544 million, in contrast to the $178 million net inflow in the same period last year.