MANILA, Philippines - Foreign portfolio investments or "hot money" continued to flow into the country, posting a net inflow of $494 million in September, the central bank reported Thursday.
This was more than 10 times the $47 million net inflow registered in the same month last year, and the highest since May 2008.
Gross foreign portfolio inflows, meanwhile, totaled $1.42 billion in September, and gross outflows were $928.62 million.
For the first 9 months of the year, the Philippines had a net portfolio inflow of $1.42 billion against an inflow of $229.13 million in the same period a year ago.
The United States, United Kingdom, Singapore, Luxembourg and Hong Kong accounted for 80% of portfolio investments in the January to September period.
Placements in the stock market accounted for $5.3 billion or 74% of the $7.2 billion registered investments with the central bank in the 9 months. The balance was in local-currency government debt and time deposits.
Registered investments during the period were up 53% from a year ago. 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. With a report from Reuters