Philippines: Foreign Portfolio Investments Posts Net Outflow in June 2008
Today Bangko Sentral ng Pilipinas (BSP) reported the latest data on foreign portfolio investments.
In June 2008 foreign portfolio investments reached a net outflow of USD 145.6 million compared to a net inflow of USD 871.41 million in June 2007. For the first six months of 2008 foreign portfolio investments increased to a net outflow of USD 417.4 million compared to a net inflow of USD 2.552 million in the first six months of 2007.
About USD 466 million or 79% of the registered gross foreign portfolio investments inflow in June 2008 went to shares listed in the Philippine Stock Exchange (PSE), while only USD 279 million or 38% of the capital repatriation come from withdrawls of investments in PSE listed shares.
These lastest figures confirm that the inflow of “hot money” from foreign fund managers came to an end in the face of worsening risk profiles in emerging markets.
The United Kingdom, United States and Singapore remained the top three investor countries and collectively contributed 67% of investment funds during the first six months of 2008.
