MORE SHORT-TERM foreign capital entered than left the Philippines in October, after five straight months of outflows, Bangko Sentral ng Pilipinas (BSP) data showed on Thursday.
five straight months of outflows, Bangko Sentral ng Pilipinas data showed on Thursday.
The bulk of investments went to Philippine Stock Exchange -listed securities, mainly in property, banks, holding firms, food, beverage and tobacco, and telecommunications. Around 27% of the foreign inInvestments during the month mostly came from the United Kingdom, the United States, Singapore, Luxembourg, and Hong Kong, which accounted for 84.4% of the total foreign inBSP data showed $561.11 million in gross outflows in October, a 55.43% decline from the $1.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the relatively stronger peso-dollar exchange rate also supported investor sentiment. The US Federal Reserve is seen to slow its pace of interest rate hikes, Reuters reported, as the market is pricing in a 50-basis-point rate hike in its December policy meeting. The Fed has raised rates by 375 bps since March, bringing its benchmark interest rate to a 3.75-4% range.
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