MANILA - More foreign portfolio investments were pulled out from the country in November due to weak corporate earnings as well as uncertainties caused by a looming interest rate hike in the US.
The Philippines booked a net outflow of foreign portfolio investments amounting to $68.79 million last month, a reversal of the net inflow of $27.84 million in October, the Bangko Sentral ng Pilipinas (BSP) said.
Gross portfolio investment inflows in November were $1.085 billion, lower than the previous month's $1.647 billion, while gross outflows reached $1.154 billion versus $1.619 billion in October, the central bank said in a statement.
Net outflows for the 11-month period to November reached $429.2 million.
Nearly 80 percent of registered investments in November went into the stock market, while the rest went into government securities and other peso debt instruments.
The United Kingdom, the United States, Singapore, Luxembourg, and Belgium were the top five investor countries.
The US continued to be the main destination of outflows, receiving around 81 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.
The Philippines is currently reviewing its $14.2 billion forecast for current account surplus and its $2 billion balance of payments surplus estimate for 2015. -- With Reuters