MANILA – The Philippines posted a net outflow of $569 million in May, the biggest in 16 months, the Bangko Sentral ng Pilipinas (BSP) said on Thursday.
In January to May this year, net inflows reached $1.16 billion, a reversal from the $1.42 billion outflows in the same period last year.
In May last year, net inflows hit $545 million.
Gross portfolio investment inflows in May were $1.59 billion, lower than the previous month's $1.93 billion, while gross outflows totalled $2.16 billion versus April's $1.97 billion, the central bank said.
About 81 percent of registered investments in May went into the stock market, the rest into government securities and other peso debt instruments.
Top five investor countries were the United Kingdom, the United States, Singapore, Hong Kong and Belgium.
The United States continued to be the main destination of outflows, receiving almost 77 percent of the total.
Registration of foreign investments with the central bank is voluntary, but is required if investors want to buy foreign currency to be sent out of the country.
The Philippines' current account surplus is expected to reach a record $14.2 billion this year, while the balance of payments surplus is expected at $2 billion compared with an earlier forecast of $1 billion. -- With Reuters