Foreign portfolio investment movement in the Philippines registered a net outflow of $909.32 million in the year to date despite the net inflows recorded in the week ending November 14, data from the Bangko Sentral ng Pilipinas (BSP) showed on Monday.
The weekly update released by the BSP recorded a net inflow of $163.72 million for November 10 to 14, rising from a net inflow of $4.06 million in the week of November 3 to 7.
The $163.72 million net inflow during the week resulted from the total foreign portfolio investment inflows of $425.51 million, offset by $261.79 million of total outflows during the period.
The central bank has reversed its forecast for a balance of payments (BOP) surplus for 2014 and now expects the country to register a deficit as policy normalization from advanced economies continue to impact the investment climate in emerging markets, including the Philippines.
As of October, the country’s payments balance stood at a $24 million surplus, the lowest surplus level since the $500 million posted in July. In the 10 months to October, the cumulative BOP deficit was $3.41 billion, only a slight improvement from the $3.43 billion deficit recorded through the end of September.
The BSP sees the country’s BOP position for full-year 2014 at a $3.4 billion deficit.