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Manila Bulletin devider Business devider Net outflows in April hit $660 M – BSP

Net outflows in April hit $660 M – BSP

Published May 28, 2020 12:00 am
By LEE C. CHIPONGIAN In the middle of the enhanced community quarantine (ECQ), the central bank-registered foreign portfolio investments posted net outflows of $660 million in April, lower compared to the $961-million net outflows in March. MB file photo. MB file photo. In April, there were $1.3- billion gross outflows and $627 million gross inflows. The ECQ started on March 17 until today as government containment measures against the pandemic. The Bangko Sentral ng Pilipinas (BSP) said the registered gross inflows is 34.3 percent lower than the previous month’s $954 million. It also happens to be the lowest recorded monthly gross inflows since July 2010. Outflows for April is 32.8 percent lower while the US received 61.7 percent of total outflows. About 91.2 percent of gross inflows were invested in listed companies such as holding firms, property companies, banks, food, beverage and tobacco firms and telecommunication companies. Another 8.8 percent went into peso-denominated government securities. “The US, United Kingdom, Singapore, Hong Kong and Switzerland were the top five investor countries for the month, with combined share to total at 85.5 percent,” said the BSP. For the January-April period, with COVID-19 lockdowns, portfolio funds’ net outflows reached $2.1 billion. This is from a $6.3-billion gross outflows and $4.2- billion gross inflows. The $2.1-billion net outflows reversed a $37-million net inflows same time in 2019.
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