More ‘hot money’ pulled out of PH

Foreign investors pulled out some more “hot money” in the third week of September, latest Bangko Sentral ng Pilipinas data showed.

On Sept. 19-23, the country posted a net outflow of foreign portfolio investments worth $84.7 million, as the $460.1-million outflow exceeded the $375.4-million inflow.

A net outflow meant that the hot money withdrawn were more than the amount that entered the country.

The net outflow was nonetheless lower than the previous weeks’ net outflows: $99.9 million on Sept. 1-2; $253.5 million on Sept. 5-9 and $347.8 million on Sept. 12-16.

For the period Sept. 1-23, the country recorded a net outflow of $785.8 million.

On a monthly basis, the country last posted a net hot money outflow in April. Net inflows were recorded from May to August.

Year-to-date foreign portfolio investments yielded a net inflow of about $1.3 billion, as the $13.4-billion inflow outpaced the $12.1-billion outflow.