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November 17, 2007

Foreign investment in Philippines surges in Oct

Net foreign portfolio investments in the Philippines hit $274 million in October, jumping from the previous month's $36 million inflow as an interest rate cut, strong corporate earnings and an improving domestic outlook encouraged investors.
Annual net inflows for the first 10 months of the year of $3.7 billion were double the same period last year, the central bank said on Friday.

The monetary authority said its 25 basis point rate cut in October as well as the IMF's upward revision to its Philippine growth forecast to 6.3 percent from 5.8 percent boosted investor sentiment.
The main index <.PSI> is up over 21 percent so far this year.
Investors bought $13.4 billion in stocks and bonds in October with shares in property, telecommunications, utilities and conglomerates accounting for the bulk of the purchases.
The United States, the UK and Singapore were the top sources of investment.

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