Net inflow of foreign portfolio investments recorded in April

ABS-CBN News

Posted at May 18 2017 08:23 PM

MANILA - The Philippines had a net inflow of $51 million in foreign portfolio investments in April according to the Bangko Sentral ng Pilipinas (BSP).

The BSP said this was a reversal from the $460 million net outflows recorded in March and $354 million outflows from a year ago.

"This development may be attributed to investor reaction to the World Bank’s view that the Philippines will continue to be a top performer in the region, coupled with positive sentiment in anticipation of the country’s strong gross domestic product number for the first quarter of 2017," the BSP said in a statement. 

The central bank however also noted that the first four months of the year resulted in net outflows of $516 million on a year-to-date basis, vis-à-vis the $56 million net inflows for the same period in 2016. 

It added that registered foreign portfolio investments fell 3.9 percent to $1.3 billion in April compared to $1.4 billion recorded in March. 

BSP Governor Amando Tetangco meanwhile said that the country's growth outlook remained strong despite missing the government's 7 percent gross domestic product growth target for the first quarter.