• ‘Hot money’ inflows hit $4.4B as of Nov.

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    The net inflow of foreign portfolio investments to the Philippines, also known as “hot money,” surpassed the $4.4-billion target of the Bangko Sentral ng Pilipinas (BSP) for full-year 2013.

    Data released by the BSP on Friday showed that net inflows of foreign portfolio investments reached $4.469 billion for the period of January to November 22.

    The net “hot money” inflow was higher by $69 million from the $4.4-billion target for 2013. Inflows were recorded at $26.489 billion while outflows reached $22.02 billion for the period.

    The net foreign portfolio investments for the period were also higher from the $3.426-billion figure for the comparable period a year ago.

    The central bank said that the registration of inward foreign investments with the BSP is voluntary. It entitles investors or their representative to buy foreign exchange from authorized agent banks and/or their subsidiary/affiliate foreign exchange corporations for repatriation of capital and remittance of dividends/profits/earnings that accrue on the registered investment.

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