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BSP posts $59.9-M net portfolio inflow in Oct.

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Foreign portfolio investments in the Philippines showed a net inflow of $59.9 million in October, a sharp turnaround from a net outflow of $807.2 million in September, the central bank said yesterday.

The Bangko Sentral ng Pilipinas (BSP) said total foreign portfolio investments in October was $1.63 billion, while outflow reached $1.57 billion as growth projections improved amid sound macroeconomic and fiscal fundamentals. There was also renewed investor interest in peso-denominated government securities, the central bank added.

In the 10 months through October, foreign portfolio investments showed a net inflow of $1.47 billion, also a reversal from a net outflow of $344.7 million in the year-earlier period.

The central bank said 76% of the inflow in October went to stocks of companies listed on the Philippine Stock Exchange, particularly investment holding firms, property developers, food manufacturers and telecommunications companies.

The UK, US, Singapore, Malaysia and Luxembourg were the top five sources of foreign portfolio investments. Around 88% of the outflow went to the US.

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