MANILA, Philippines ? Foreign portfolio investments that went out of the country exceeded the amount that came in, resulting in a net capital outflow of $82.91 million in August, as investors reassessed reports that the global economy was already heading toward recovery.

This is a reversal of the net inflow of ?hot money? of $65.87 million recorded in July, the central bank reported Thursday.

Foreign portfolio investments refer to money that foreigners use to buy local stocks. It is also called ?hot money? because these investments can come in quickly and just as easily pull out.

There was a $101.89 million in gross inflows in August, lower than the $184.86 million in gross outflows, the Bangko Sentral ng Pilipinas said.

Nonetheless, a net inflow of $182.18 million was still recorded during the first eight months of the year. This was a turnaround from the $446 million in net outflows registered in the same period a year ago.

Gross inflows of hot money in January to August amounted to $4.024 billion, bigger than the gross outflows of $3.84 billion.

Analysts said that investors were trying to absorb the latest reports that the global economy was already recovering.

The global economic crunch last year had pushed foreign investors to look for opportunities elsewhere, making them invest in emerging economies like the Philippines.

However, the positive reports about the global economy and the realization that the economic recovery would be very gradual have made them rethink their stance, analysts said.