Philippines sees sharp decline in hot money inflows for November 2024 compared to previous year.
HOT money net inflows contracted 85.6 percent in November, according to the latest data released by the Bangko Sentral ng Pilipinas ( BSP ). Foreign investments registered with BSP through authorized agent banks declined to $96.59 million for November 2024 from the $671.77 million in the same period last year. The contraction in hot money net inflows was largely due to gross outflows that nearly doubled or posted a growth of 95.4 percent to $1.76 billion in November 2024 from $903.
1 million in November 2023. The data showed the registered investments in November 2024 amounting to $1.86 billion are higher by $286.55 million or by 18.2 percent than the $1.57 billion recorded in November 2023. BSP said in the 11-month period, foreign investments registered with the BSP, through authorized agent banks, yielded net inflows of $2.59 billion. This was a marked improvement compared to the $43.66 million net outflows noted for the same period last year. Meanwhile, registered investments for the month reached $1.86 billion, higher by $381.54 million or by 25.8 percent compared to the gross inflows of $1.487 billion recorded in October 2024. During the month, 71.4 percent of registered investments were in Peso government securities amounting to $1.33 billion, with the remaining 28.6 percent in PSE-listed securities at $531.71 million. Most of the investments in PSE-listed securities were investments in banks; holding firms; property; transportation services; and food, beverage and tobacco. Investments for the month mostly came from the United Kingdom; Singapore; the United States (US); Luxembourg; and Norway with combined share to total at 90 percent. BSP said the registration of inward foreign investments delegated to authorized agent banks by the BSP is optional under the rules on foreign exchange (FX) transaction
HOT MONEY INVESTMENTS FOREIGN EXCHANGE BSP PHILIPPINES
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