MANILA, Philippines – The Bangko Sentral ngPilipinas (BSP) expects the country to post net inflow of foreign portfolio investments this month, following substantial net outflows in the past months.
The BSP said the appreciation of the peso by the closing of foreign-exchange trading last week was prompted partly by inflows of investments in stocks, bonds and other securities.
The peso last Friday nearly broke into the 46-to-a-dollar territory, registering an intra-day high of 47.03 against the greenback. It ended the trading day at 47.04, up 19 centavos from the previous day’s close of 47.23.
“The US dollar had weakened. There has been an increase in risk appetite among investors, and this benefited emerging economies like the Philippines in terms of higher portfolio inflows,” BSP Governor Amando Tetangco Jr. said.
But Tetangco also said the appreciation of the peso was partly attributed to strong inflow of remittances from overseas Filipino workers, who usually send more money to their families in May in time for school opening.
Asked whether the movement of the peso could signal a net inflow of hot money for May, the central bank governor said “yes.” Tetangco added that based on reports by some banks, the inflows of portfolio investments so far seen this month outweighed the outflows.
“The net inflow of foreign portfolio investments is happening now,” he said.
In April, the country posted a $276.1 million in net outflow of “hot money,” higher than the $157.45 million posted in the same month a year ago.
Analysts said this was because investors were still staying on the sidelines, waiting for indications of a gradual recovery of the global economy.
The net outflow last month was brought about by the $435.3 million worth of gross inflows and $711.4 million worth of gross outflows.
The BSP said the outflows consisted largely of withdrawn bank deposits and stock market investments that were pulled out.
Tetangco said talks about probable end of the recession in the United States and Europe by early next year, if not by the end of this year, helped revive appetite for portfolio investments in emerging markets.–Michelle Remo, Philippine Daily Inquirer
World Day for Safety and Health at Work
“Safety and health at work every day!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos
Monthly Observances:
March – Women’s Role in History Month
April – Month of Planet Earth
Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week
Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work
