The Philippine peso’s strong showing in November helped inbound short-term foreign investments surpass outbound “hot money” for the second month in a row, resulting in a net inflow of $489 million. | RonWDomingoINQ /PDI
Eleven-month net inflow meant a turnaround from the net outflow of $570 million in the same period of 2021.
More than half or 55 percent of these investments were put in Philippine Stock Exchange-listed securities that were issued by companies engaged in the business of banking; operating as holding firms; property; food, beverage and tobacco; and telecommunications. Meanwhile, the $566-million gross outflow for the month were less than half of the $1.17 billion recorded in November 2021, but still stable compared to $561 million in October 2022.Close to three quarters or 72 percent of foreign investments withdrawn from the Philippines in November went to the United States.
Ricafort said the improved foreign portfolio investment data was partly due to the relatively stronger peso exchange rate since the last week of September 2022 that also supported market sentiment, amid recent measures to stabilize both the peso exchange rate and overall inflation.
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