MANILA, Philippines - Net inflow of foreign portfolio investments, also known as hot money, more than doubled during the first five months of the year due to "heightened investor interest" in local stocks and fixed-income securities.
The Bangko Sentral ng Pilipinas said in a statement that registered portfolio investments in January to May amounted to $2 billion, 160.3% higher than the $772 million recorded in the comparable period last year.
Total registered investments reached as high as $7.8 billion, but these were offset by outflows worth $5.8 billion.
In May alone, hot money yielded a net inflow of $364 million, 105% higher than the year-ago figure, but below April's $674 million.
Investments in Philippine Stock Exchange-listed stocks reached $886 million, reflecting a growth of about 80% from last year's $492 million and accounting for 58% of total registered investments during the month.
On the other hand, investments in peso government securities amounted to $513 million, up 118.9% year on year.
Singapore, United Kingdom, US, Hong Kong, and Luxembourg were the top five investor countries.