MANILA- Concerns on the America-first policy of the Trump administration and closure orders on several domestic mining operations, among others, resulted in a net outflow of foreign portfolio in the Philippines in February 2017.
Data released by the Bangko Sentral ng Pilipinas (BSP) Thursday showed that net outflow of hot money, named due to the speed it comes in and out of an economy, reached USD409.01 million, a turnaround from the USD57.74 million net inflow in the same period in 2016 and the USD301.33 million net inflow last January.
This transpired after total outflows for the month, amounting to USD1.39 billion, surpassed the USD981.2 million inflows.
The inflows last February were lower than year-ago's USD1.07 billion while the outflows were higher than the USD1.01 billion withdrawals same period last year.
The inflows last February was also lower than the USD1.15 billion last January while the outflows is higher against the USD845.83 million in the first month this year.
BSP said bulk, or about 71.1 percent, of the hot money inflows last February came from the United Kingdom, United States, Malaysia, Hong Kong, and Norway and were invested in shares of companies listed with the Philippine Stock Exchange (PSE), 91.3 percent, and in peso-denominated government securities, 8.7 percent.
Source: Philippines News Agency