More short-term investments left the Philippines in March as investors pushed back their expectations of interest rate cuts from the US Federal Reserve.
Based on data released by the Bangko Sentral ng Pilipinas , the Philippines booked a hot money outflow of $236 million in March, three times higher than the $70.26 million outflow recorded in the same month last year.MANILA, Philippines —
“Any further healthy upward correction at the local and global financial markets could be possible, especially if the markets already priced in most or all the bad news amid tensions in the Middle East,” Ricafort said. The bulk or 56.7 percent of the total amount went to securities listed on the Philippine Stock Exchange , primarily in banks, holding companies, property, transport services as well as food, beverage and tobacco.The top sources of speculative funds were the United Kingdom, Singapore, United States, Switzerland and Luxembourg, with combined shares at 83.6 percent.
Gross inflows surged by 42.5 percent to $4.189 billion from January to March this year compared to $2.94 billion in the same period last year, while gross outflows went up by 16.9 percent to $3.81 billion from $3.26 billion. Last year, the Philippines missed its net inflow target of $1.5 billion as it registered a net outflow of $574.46 million, 86.4 percent lower than the $4.24 billion net outflow recorded in 2020.
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