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MANILA - Hot money flowed out of the country last month as the euro zone debt crisis reverberated across global markets.
In a statement, the Bangko Sentral ng Pilipinas said foreign portfolio flows reversed in June, resulting in net outflows of $8 million from net inflows of $106 million in May.
Registered inflows last month dropped by 20.3 percent from May's $1.5 billion, whereas outflows fell 13.8 percent to $1.2 billion in June from the previous month's $.14 billion.
Philippine listed stocks suffered the biggest hemorrhage, as foreign fund managers were net sellers at $31 million in June.
Listed stocks that benefited from portfolio inflows were holding firms at $311 million; food, beverage and tobacco manufacturers at $213 million, telecom at $152 million; banks at $145 million; and property companies at $103 million.
In contrast, foreigners were net buyers of peso government securities at $22 million, money market instruments at $1 million, and peso time deposits at $0.02 million.
The top five sources of portfolio investments were the United Kingdom, the US, Hong Kong, Singapore and Luxembourg. The US was the top destination of hot money leaving the Philippines.
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