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Friday, March 29, 2024

October ‘hot money’ recorded at $104.5m

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Registered foreign portfolio investments, or “hot money,” posted a net inflow of $104.53 million in October 2019, a reversal of the $67.83-million net outflow a year ago, as fund managers reacted positively to the domestic and global developments during the period, the Bangko Sentral ng Pilipinas said Friday.

“Domestic and international developments for the month included the progress on the US and China trade discussions; initial public offerings by firms in the industrial and services sectors; the BSP’s decision to reduce the reserve requirement ratio for universal/commercial and thrift banks by 100 basis points; and further slowdown of headline inflation to 0.8 percent in October from 0.9 percent in September,” the BSP said in a statement.

The October net inflow was also a turnaround from the $231.71-million net outflow a month ago. The figure brought hot money to a net outflow of $1.225 billion since the start of the year, a reversal of the $93.89-million net inflow a year ago.

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