Foreign investors withdraw $373-M 'hot money' in April

A MIX of positive and negative developments in the country drove foreign portfolio investors to withdraw more than $373 million in "hot money" from the Philippines in April, according to the Bangko Sentral ng Pilipinas (BSP).

Central bank data showed that net outflows of foreign portfolio investments, or "hot money" - so called because of how easily these go in and out of the economy - shrank to $373.95 million in the fourth month of the year, sliding from March's $540-million net outflows.