Foreign portfolio investments that left the Philippine market rose a two-month high in July, data released by the Bangko Sentral ng Pilipinas (BSP) showed on Thursday. Net outflows of these investments, or “hot money”— so called because of how easily these enter and exit the economy — soared to $453.17 million last month, the widest since May’s $1 billion. These were also bigger than June’s $235.38-billion outflows, but a reversal of the $15.02 million that entered in July 2019. July’s amount resulted from inflows of $719.11 million and outflows of $1.17 billion. Hot money remained in the negative territory in the first seven months of the year, with net outflows at $3.76 billion, 460 percent bigger than the year-earlier figure.

Source: Manila Times August 27, 2020 04:18 UTC