Short term investments in local financial markets continued to leave the Philippines in July as investors repatriated their assets due to the economic uncertainties caused by the coronavirus pandemic, according to the latest data from the central bank.
As of the Bangko Sentral ng Pilipinas’ (BSP) latest figures, more of these so-called hot money investments left the country than entered it in the first seven months of 2020.
Central bank-registered foreign portfolio investment transactions from January to July 2020 yielded net outflows of $3.8 billion resulting from the $10.2-billion gross outflows and $6.4-billion gross inflows for the said period.
“This was larger compared to t…
Keep on reading: Pandemic woes continue to push ‘hot money’ out of PH