PH posts portfolio outflows in Jan on China, oil concerns

ABS-CBN News

Posted at Feb 18 2016 09:10 PM

MANILA - The Philippines booked a net outflow of foreign portfolio investments amounting to $129.9 million in January, the Bangko Sentral ng Pilipinas (BSP) said.

Gross portfolio investment inflows were $820.4 million against outflows of $950.25 million, a reversal from the $592 million net inflows in January last year amid concerns on China's economic slowdown and plunging global oil prices, the central bank said in a statement.

Net outflows for 2015 reached $600 million, almost double the $310 million net outflows in 2014, due to profit taking in the stock market and concerns on the then imminent interest rate increase in the United States and slowdown in China.

Nearly 90 percent of registered investments in January went into the stock market, while the rest went into government securities and other peso debt instruments.

The United States, the United Kingdom, Singapore, Luxembourg and Belgium were the top five investor countries for January. The U.S. continued to be the main destination of outflows, receiving close to 88 percent of the total. -- With Reuters