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January 16, 2009

Philippine lost $1.4bn in net portfolio outflow in ’08
The Philippines lost a net $1.4 billion in foreign portfolio investments in 2008, against a net inflow of $3.5 billion in 2007, because of heightened risk aversion.

Gross portfolio inflows in the year totalled $8.3 billion, representing a 46 percent drop from 2007, while gross outflows totalled $9.7 billion, a 19 percent drop from the previous year, Reuters quoted the central bank as saying Thursday.

"The global financial turmoil has led to recession in many countries across the globe and heightened risk aversion among investors," Governor Amando Tetangco said in a statement.

The portfolio outflow and weak growth in exports in the year are expected to have weighed on the country's balance of payments surplus in 2008, which is expected to dwindle to about $500 million from an eight-year high of $8.58 billion in 2007.

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