Hot money outflow hits $27.3 M in June

More foreign capital left the Philippines in June as the Bangko Sentral ng Pilipinas (BSP) recorded net outflows of $27.3 million during the review period, reversing the $280,000 inflows a year ago and the $42.9 million that left the country in May.

- KEISHA TA-ASAN

However, short-term investments yielded net inflows of $80.8 million in the first half, a turnaround from the $804.3 million outflows in the same period last year.

Security Bank chief economist Robert Dan Roces said that despite the net outflow in June, there was a significant improvement in the first half compared to a year ago.

“While monthly fluctuations persist, the overall trend suggests improved investor sentiment toward the Philippine economy,” Roces said.