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Manila Bulletin devider Business devider Hot money outflows reach $453 M in July

Hot money outflows reach $453 M in July

Published Aug 29, 2020 10:00 pm

The Bangko Sentral ng Pilipinas (BSP) registered a bigger foreign portfolio investments or hot money net outflows in July of $453 million compared to June’s $235 million, still citing investor uncertainty due to the COVID-19 pandemic. 

For the first seven months, the net outflows reached $3.762 billion, also more than the $706 million net outflows same time in 2019.

 From January to July 2020, gross outflows totaled $10.177 billion while gross inflows reached $6.415 billion.

 The BSP said the end-July net outflows was not only because of the global pandemic and its impact on the economy and financial system but also due to “other key events earlier in the year such as the geopolitical and trade tensions, and corporate governance issues involving the water concessionaires.”

 For the month of July only, the net outflows of $453 million came from a $1.172 billion gross outflows versus a $719 million gross inflows. The $719 million registered investments in July was down by 29.5 percent compared to the $1 billion in June this year.

 About 96.5 percent of hot money inflows were invested in Philippine Stock Exchange-listed securities such as utilities companies, holding firms, property companies, banks and food, beverage and tobacco companies. The remaining 3.5 percent were invested in peso government securities.

 “Singapore, the United Kingdom, the US, Bahamas and Hong Kong were the top five investor countries for the month, with combined share to total at 84.6 percent,” said the BSP. The US continued to be the main destination of withdrawn funds, accounting for 63.7 percent of the $1.2 billion gross outflows.

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