‘Hot money’ worth $1.24B exits PH

FOREIGN portfolio investments hit a net outflow of $1.24 billion as of the first week on November, Bangko Sentral ng Pilipinas (BSP) data showed, with analysts blaming uncertainties in the ongoing trade war between the United States and China for their exit.

The central bank’s latest update on such investments, or “hot money” — called as such because of the ease these can be taken in and out of an economy — put year-to-date inflows at $14.65 billion against total outflows of $15.90 billion.