Philippines got more ‘hot money’ in October, says BSP | Inquirer Business
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Philippines got more ‘hot money’ in October, says BSP

/ 02:24 AM November 25, 2022

More short-term foreign investments or “hot money” flowed in than out of the country in October after five consecutive months of net outflows, according to the Bangko Sentral ng Pilipinas (BSP).

The BSP said October saw net inflows of $83 million, reversing from net outflows in September but crashing from net inflows of $950 million in October 2021.

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The latest readout brought the cumulative amount of BSP-registered foreign investments in the January to October to net inflows of $305 million.

Ten-month net inflows meant a turnaround from the net outflows of $680 million in the same period of 2021.

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Rizal Commercial Banking Corp. chief economist Michael Ricafort said the improved data in October may have to do with improvement in global financial conditions.

“The United States stock markets and bond markets bottomed out in terms of price during the month, after US inflation eased further and there were generally better corporate earnings results,” Ricafort said.

In October, $645 million in BSP-registered short-term investments flowed into the country while $561 million flowed out.

Gross outflows in October decreased by 55 percent or $698 million from $1.3 billion in September.

Some 68 percent of foreign investments withdrawn from the Philippines in October went to the United States.

About 73 percent of foreign investments that flowed into the Philippines in October were invested in Philippine Stock Exchange-listed securities issued by companies in property; banking; operating as holding firms; food, beverage and tobacco; and telecommunications.

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TAGS: foreign investments, hot money
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