BSP: $235M ‘hot money’ exits PH in June

FOREIGN portfolio investments worth $235.38 million left the Philippines in June, raising the year-to-date net outflows as the coronavirus disease 2019 (Covid-19) pandemic and other developments continue to bring uncertainties, according to the Bangko Sentral ng Pilipinas (BSP).

Data released by the central bank on Thursday showed, however, that net outflows of these investments, or “hot money” — so called because of how easily these enter and exit the economy — were smaller than May’s $1-billion net outflows, but wider than the $36.03 million in June 2019.