MANILA, Philippines - Foreign portfolio investments, also known as "hot money", grew more than 5 times in the first 8 months of 2010 from a year ago, the central bank said.
Net portfolio inflows in January to August reached $926 million against an inflow of $182 million in the same period of 2009.
For August alone, gross foreign portfolio inflows totalled $787.90, and gross outflows were $562.84 million.
The United States, United Kingdom, Singapore, Malaysia and Luxembourg accounted for 83% of portfolio investments in the January to August, the Bangko Sentral ng Pilipinas said.Placements in the stock market accounted for $4.1 billion, or 71% of the $5.8 billion registered investments for the 8-month period. The balance was in local currency government debt and time deposits. Registration of foreign investments with the central bank is voluntary, but is required if investors want to buy foreign currency to be sent out of the country.