Philippines posts net portfolio inflows in May

Reuters

Posted at Jun 16 2016 08:41 PM

MANILA - Foreign portfolio investment transactions resulted in net inflows of $72.8 million in May, the Bangko Sentral ng Pilipinas said Thursday.

The country posted outflows of $354 million in the previous month and $569 million in May 2015, the bank said in a statement.

Gross portfolio investment inflows in May reached $1.78 billion versus $1.27 billion in April. Outflows totalled $1.71 billion, higher than the previous month's $1.63 billion.

More than 80 percent of registered investments in May 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 May. The United States continued to be the main destination of outflows, receiving more than 81 percent of the total.

The U.S. Federal Reserve kept interest rates unchanged on Wednesday and signalled it still planned to raise rates twice in 2016. The move, the Philippine central bank said, should give emerging markets policy room.

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 ABS-CBN News