Philippine "hot money" more than double in April

08:48, May 14, 2010      

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Foreign investments in Philippines' stocks, bonds and other peso-denominated assets grew by 176 percent in April as foreign investors remain optimistic about the growth prospect of the country's economy, the Philippine central bank said.

Net foreign portfolio investments or hot money reached 210.11 million U.S. dollars last month, reversing last year's net outflow of 276 million U.S. dollars.

This brings portfolio flows in the country to 594.86 million U. S. dollars for the first four months, also a reversal from last year's 221.27 million U.S. dollar net outflows.

The Philippine central bank attributed April's net inflows to the "substantial foreign fund placed in securities publicly traded at the Philippine Stock Exchange as well as peso time deposits and purchases in government securities."

Foreign fund placements in listed stocks in April totaled 728 million U.S. dollars, while peso time deposits and purchases of government securities reached 395 million U.S. dollars during the month, the central bank said.

The top foreign fund managers that placed their bets in the Philippines during the period were from the United States, Britain, Malaysia, Singapore and Luxemburg, governor of the Philippine central bank Amando M. Tetangco Jr. said in a statement.



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