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.