Foreign portfolio investments result in net outflows in October: BSP


Posted at Nov 23 2017 08:39 PM

MANILA - The Philippines booked net outflows of $563 million in foreign portfolio investments in October, the Bangko Sentral ng Pilipinas (BSP) said Thursday. 

The BSP said $1.385 billion flowed into Philippine shares, peso government securities and other peso debt instruments last month, compared to $1.948 billion which flowed out. 

Foreign portfolio investments in October were also lower compared to the $1.6 billion booked in the same month a year ago.

"The US continued to be the main destination of outflows, receiving 75.5 percent of total remittances," the BSP said in a statement. 

The central bank also said that year-to-date, net outflows reached $812 million, in contrast to net inflows of $1.5 billion in the same period last year. 

"This may be attributed to certain domestic and international developments (including the interest rate hikes by the US Federal Reserve, global terrorist attacks, North Korea’s nuclear missile testing and the closure order for several mining companies in the country)," the BSP said.