HEIGHTENED risk aversion led to net outflows of foreign investments in Philippine listed shares and other financial assets last year, according to the Bangko Sentral ng Pilipinas (BSP).
In a statement, the BSP said foreign portfolio investment posted a net outflow of $1.4 billion in 2008, a reversal of the $3.5 billion inflow in 2007.
“The global financial crisis, which was precipitated by the US subprime mortgage crisis, has led to recession across the globe and heightened risk aversion,” BSP Governor Amando Tetangco Jr. said.
The hemorrhage last year was due to higher gross outflows of $9.710 billion compared with the gross inflows of $8.321 billion, a 46-percent drop from the $15.5 billion in 2007.
Registered investments in Philippine Stock Exchange (PSE) shares dropped by 54 percent year-on-year to $5.7 billion, accounting for 68 percent of the gross portfolio investments, almost half of which were in telecommunications and property firms. Investments in peso-denominated government securities went down by 27 percent to $2.1 billion and accounted for 25 percent of the total.
Meanwhile, investments in peso time deposits jumped by 142 percent to $571.2 million while those in money market instruments surged by 282 percent to $4.9 million.
The United Kingdom, Singapore and the US were the top three investor countries and accounted for 70 percent of the registered portfolio investments during the year.
Gross capital outflows fell by 19 percent to $9.7 billion in 2008 from $12 billion in 2007.
Capital repatriations from investments in listed shares, government securities and money market instruments dropped last year.
Investments in listed shares dropped by 41 percent to $3.4 billion and accounted for 35 percent. Placements in government securities dropped by 9 percent to $2.2 billion and comprised 23 percent of the total. Money market instruments fell 73 percent to $5.3 million. Outflows due to withdrawals of investments in peso bank deposits went up by 6 percent to $4.1 billion.
— Maricel E. Burgonio, Manila Times
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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