More 'hot money' exits Phl in Jan

More foreign capital left the Philippines in January, marking the second straight month of net outflow, amid continued economic uncertainties globally.

- KEISHA TA-ASAN

Data released by the Bangko Sentral ng Pilipinas (BSP) showed foreign portfolio investments registered with the central bank through authorized agent banks stood at $75.83 million in January, a reversal of the $291.35 million inflows recorded in the same month in 2023.

However, this was 63 percent lower than the $205.18 million outflows recorded in December.

Security Bank chief economist Robert Dan Roces attributed the reversal to elevated interest rates in developed economies and continued economic uncertainties.

This "may have led investors to seek safer havens for their investments, pulling them out of emerging markets like the Philippines," he said.