MANILA, Philippines – Portfolio investments posted a net inflow of $328.3 million in the first 10 months of the year as foreign investors remained upbeat on the Philippine market, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
Portfolio investment inflows from January to October this year was a complete reversal of the $1.3 billion net outflow registered in the same period last year or during the height of the financial crisis in the US.
The BSP said inflows amounted to $5.442 billion in the first 10 months of the year or 28.2 percent lower than the $7.58 billion inflows registered in the same period last year.
Major sources of portfolio investments or 81 percent of total during the period were the US, the United Kingdom, Singapore, Japan, and Luxemburg.
“Foreign investors remained upbeat on the Philippine market on account of the sustained growth in overseas Filipino remittances and gross international reserves, as well as stable prices and interest rates,” the BSP said.
The central bank added that positive factors “overshadowed the impact of the deterioration in the country’s fiscal position and drop in export receipts.”
On the other hand, statistics showed that outflows reached $5.083 billion in the first 10 months or 42.7 percent lower than the $8.88 billion portfolio investments pulled out of the Philippines in the same period last year.
For the month of October alone, the BSP said portfolio investments registered a net inflow of $129.16 million, a complete reversal of the net outflow of $411.7 million in the same month last year.
According to the central bank, portfolio investment inflows in October jumped 66 percent to $732.21 million from $493.98 million in the same month last year.
Of this amount, about 67 percent were invested in shares being traded at the Philippine Stock Exchange (PSE) while the rest were infused in peso-denominated debt papers.
Top investors last month were British, Singaporeans and Americans.
On the other hand, the BSP said outflows last month slowed down by 33.4 percent to $603.05 million from $905.72 million in the same period last year.
The outflows consisted mainly of withdrawals from interim peso deposits wherein the US accounted for about 95 percent of the outward remittances. –Lawrence Agcaoili (The Philippine Star)
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September –
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12 Sept – United Nations Day for South-South Cooperation
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Last Week: National Family Week
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Third Saturday:
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