MANILA - The Philippines booked a net outflow of foreign portfolio investments amounting to $354 million in April, a month before the national and local elections, the Bangko Sentral ng Pilipinas (BSP) said Friday.
April's "hot money" outflow was the biggest outflow in eight months.
The outflow in April was a reversal of the $482 million inflow in March. Last year's April outflow was at $31 million.
Registered foreign portfolio investments for April reached $1.3 billion while outflows rose by $421 million from last month’s $1.2 billion due "to profit taking, coupled with concerns on the oil supply surplus; slump in Chinese equities; the coming elections," the central bank said.
About 80 percent of registered investments in April went into the stock market, while the rest went into government securities.
The United Kingdom, the United States, Singapore, Luxembourg and Hong Kong were the top five investor countries for April. The United States continued to be the main destination of outflows, receiving more than 80 percent of the total.
Registration of foreign investments with the central bank is voluntary, but is required if investors want to buy foreign currency that is to be sent out of the country. -- With Reuters