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2 May 2009

Philippines buoyed by the rise in foreign net inflows

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Foreigners sustained their investments in Philippine financial assets, with foreign portfolio investments (FPI) registering net inflows for a second month in April, reported the Manila Times, quoting preliminary data from the central bank.

According to Bangko Sentral ng Pilipinas (BSP), the country’s central bank, Philippines registered net inflows of FPI amounting to $77.2 million so far this year, higher than the $38.7 million that came in during the comparable period last year. Gross inflows reached $1.533 billion, while outflows hit $1.456 billion.

Mid-April net inflows of $22.42 million were however lower than last year’s $168.52 million. Last month’s gross inflows reached $275.2 million while gross outflows hit $252.78 million.

Full-month FPI last year registered a net outflow of $3.503 billion, on gross inflows of $885.86 million as against outflows of $4.389 billion. FPIs represent foreign investments in stocks of Philippine listed companies, government debt papers, and other local financial assets.

While these investments don’t generate jobs, they indicate foreign sentiment and so are precursors to actual job-creating placements.

The BSP earlier said it expects the country to still register net outflows of FPI this year, albeit at a lower amount compared with last year.

Last year, the country suffered a hemorrhage of FPI, as it registered net outflows of $5.130 billion on gross inflows of $8.321 billion and outflows of $13.451 billion.









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