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Asean Affairs                          2  September 2011

Philippine hot money flows double

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Foreign portfolio investment inflows in the first three weeks of August nearly doubled from a year ago amid investors’ improved risk appetite for emerging assets.

Data from the Bangko Sentral ng Pilipinas (BSP) showed that as of August 19, FPI or hot money yielded a net inflow of US$3.065 billion, up 99.6 percent from $756.58 million a year ago.

The three-week flows brought the year-to-date FPI to $11.577 billion, up 114.42 percent from $5.399 billion in the same period last year.

Monetary authorities have been attributing the strong hot money flows to the surge in investments in peso-denominated fixed income government securities.

Other major beneficiaries were holdings firms, banks, telecommunication companies, property firms and utility companies, all of which comprised more than 90 percent of total registration at the Philippine Stocks Exchange and the BSP.

The top five investors came from the US, the United Kingdom, Singapore, Luxembourg and Hong Kong, contributing 91.3 percent of the total.

Outflows for the period amounted to $8.513 billion from $4.643 billion last year.

The BSP said favorable yields and less risky fixed income securities continued to attract foreign investments to the country.

Registration of foreign investments with the BSP is voluntary. It entitles the non-resident investor or their representative to buy foreign exchange from authorized agent banks or their subsidiary/affiliate foreign exchange corporations for repatriation of capital and remittance of related earnings.

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