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Home  >>   Daily News  >>   Philippines News  >>   Investment  >>   Money surges into Philippines in first semester
NEWS UPDATES 17 July 2010

Money surges into Philippines in first semester

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The Philippine central bank said the country enjoyed net inflows of foreign portfolio investment (FPI) or “hot money” in the first six months of the year. In a statement, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said registered FPI yielded a net inflow of $687 million, or 245 percent higher than the $199.22 million in the same six-month period last year. The Manila Times reports

The central bank attributed the net inflow to the increase in time deposits of $385 million at end-June, from $1 million in the same period in 2009. The 27 percent up tick in placements at the Philippine Stock Exchange (PSE) and 38 percent increase in investments in government securities also contributed to the net inflows, the BSP said.

Gross inflows increased by 40 percent year-on-year to $4.4 billion, mainly because of investments in shares of PSE-listed companies, which reached $3 billion, or 68 percent of the total inflows for the period.

The BSP said investments in peso-denominated government securities reached $995 million, while those in peso time deposits hit $385 million.

For June alone, the Philippines, however, suffered a net outflow of $86 million, a reversal of the $178 million net inflow in May.

Tetangco Jr. said this resulted from investor concern over the euro zone problem, the negative outlook on the US and China, compounded by the Philippines’ budget deficit of P162.1 billion for the first five months of the year.

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