Foreign portfolio investments or hot money posted net outflows of $531 million, a reversal of the $292-million net inflows in January, as uncertainties in the global financial markets affected fund managers’ sentiments.
Data from the Bangko Sentral ng Pilipinas showed that the gross outflows in February hit $1.2 billion, exceeding the $680-million gross inflows.
The $680-million registered investments went down by 32.3 percent or by $324 million from $1.0 billion recorded in January. About 79.6 percent of the investments were in Philippine Stock Exchange-listed securities, while the rest went to investments in peso government securities (20.4 percent) and other instruments (less than 1.0 percent).
The top five investor countries in February were the United Kingdom, the United States, Luxembourg, Hong Kong and Singapore.
Meanwhile, the $1.2-billion gross outflows in February went up by 70.2 percent or $499 million from $712 million in January.