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Manila Bulletin devider Business devider Banking & Finance devider Hot money portfolio drops in August

Hot money portfolio drops in August

Published Sep 29, 2023 08:11 am

The central bank reported that net inflows of foreign investments or “hot money” fell to $153.46 million in August this year from $962.04 million in July as investors were withdrawing funds for gains.

Based on Bangko Sentral ng Pilipinas (BSP) data, the August net inflows is an improvement compared to same time last year of a net outflow of $86.29 million.

For the first eight months, net foreign investments amounted to $311.22 million which was lower compared to $793.86 million same time in 2022.

Foreign investments registered with the BSP, formerly called foreign portfolio investments or hot money, are monitored via the authorized agent banks (AABs).

Gross inflows in August totaled $1.44 billion while gross outflows amounted to $1.287 billion. Both numbers are higher from same time last year.

For the first eight months, total gross inflows amounted to $8.403 billion while gross outflows stood at $8.092 billion.

The BSP said majority of registered investments were in listed securities at the Philippine Stock Exchange. This accounted for 74.2 percent of the total or $1.1 billion.

Most of these funds were invested in:  banks; property; holding firms; food, beverage and tobacco; and transportation services.

Meanwhile, investments in peso government securities accounted for 25.8 percent or $372 million.

“Investments for the month mostly came from Japan, the United Kingdom, United States, Luxembourg, and Singapore with combined share to total at 88.9 percent,” said the BSP.

It is optional for AABs to register inward foreign investments with the BSP. It is required only if the investor or its representative will purchase foreign currency from AABs or their subsidiary/affiliate foreign exchange corporations for repatriation of capital and remittance of earnings that accrue on the registered investment, said the BSP.

For 2023, the BSP forecasts net foreign investments of $2.5 billion. Next year, the estimate is $3.5 billion.

Last year, the BSP registered $886.7 million net hot money inflows. This was lower than the projected $3.5 billion for 2022.

Hot money investments are inward foreign investments registered with AABs. 

These are invested not just in PSE-listed securities and government securities, but also in peso-denominated time deposits with banks with minimum tenor of 90 days, and other debt instruments. It can also be channeled in unit investment trust funds and other instruments such as Exchange Traded Funds and Philippine Depositary Receipts.

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