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MANILA – Hot money flows fell in August amid investors’ concern about the global impact of the euro zone debt crisis and of the weak economies of the US and China, the Bangko Sentral ng Pilipinas said on Friday.
In a statement, the BSP said it registered foreign portfolio investments of $1.3 billion last month, 41.8 percent lower than in July and 6.6 below that in August of last year.
Portfolio outflows reached $868 million, resulting in net inflows of $387 million last month, 60 percent lower than the $963 million in July and 1.7 percent below the $394 million in August 2011.
Foreign money in Philippine Stock Exchange-listed stocks were invested in holdings firms at $275 million; property companies, $146 million; banks, $129 million; telecom companies, $101 million; and food, beverage and tobacco firms, $72 million.
The United Kingdom, Singapore, US, Hong Kong and Luxembourg were the top five investor countries for the month, whereas the US continued to be the main beneficiary of outflows from investments.
“2012 began with a great amount of uncertainty because of the developments in Europe as well as in the US. But by July and August we have seen show portfolio funds began coming back,” said BSP Deputy Governor Diwa Guinigundo.
Given current developments, full-year hot money data would approximate last year when gross inflows totaled $16.47 billion and gross outflows, $12.39 billion, Guinigundo said.
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