Philippines' foreign investments yield net outflows in Feb

by IANS |

Manila, March 31 (IANS) The Philippine central bank said the country's foreign investments yielded net outflows of $531 million resulting from the $1.2 billion in gross outflows and $680 million gross inflows for the month.

"This is a turnaround compared to the net inflows recorded in January 2023 at $292 million," the Bangko Sentral ng Pilipinas (BSP) said late Thursday night.

It added that the registered investments for February of $680 million are lower by 32.3 per cent, or $324 million, than the $1 billion recorded in January this year.

Investments for the month mostly came from the UK, the US, Luxembourg, Hong Kong and Singapore, with a combined share of 82.5 per cent.

The BSP said the gross outflows for February of $1.2 billion were higher by 70.2 per cent, or $499 million, than the $712 million gross outflows recorded for January.

The US received 67.3 per cent of total outward remittances.

Year on year, the BSP said registered investments in February decreased by 28.0 per cent, or $265 million, from the $945 million recorded in February 2022, while gross outflows were larger by 80.7 per cent, or $541 million, than the $670 million outflows recorded in February 2022.

"The $531 million net outflows in February 2023 are a reversal compared to the $274 million net outflows recorded for the same period a year ago," the BSP added.

From January 1 to February 28 transactions, foreign investments registered with the BSP yielded net outflows of $239 million dollars, a turnaround from the $289 million net inflows recorded in the same period last year.

Latest News
Wrestling mess: IOC condemns police action against wrestlers, urges IOA to protect athletes Thu, Jun 01, 2023, 04:27 PM
Lenovo launches new 'Legion Pro' series of gaming laptops in India Thu, Jun 01, 2023, 04:26 PM
Typhoon Mawar likely to bring torrential rain to Japan's Okinawa Thu, Jun 01, 2023, 04:25 PM
Indo-Canadian charged with laundering bitcoin worth over $24 mn in US Thu, Jun 01, 2023, 04:24 PM
Setback for Ashneer Grover, wife as HC refuses to stay probe against them in BharatPe fraud case Thu, Jun 01, 2023, 04:23 PM
Palaniswami slams Shivakumar over announcement of Mekedatu dam Thu, Jun 01, 2023, 03:51 PM
BJP in UP to focus on 'beneficiaries' again Thu, Jun 01, 2023, 03:29 PM
Moldova presses for quicker EU accession ahead of European summit Thu, Jun 01, 2023, 03:11 PM
Efforts on to make India-Nepal ties 'superhit', says PM Modi Thu, Jun 01, 2023, 02:59 PM
Ather announces new e-scooter '450S' with 3 kWh battery pack Thu, Jun 01, 2023, 02:55 PM
Anti-harassment service Block Party exits Twitter amid API modifications Thu, Jun 01, 2023, 02:52 PM
WTC Final: 'Australian team will be talking about Virat, Pujara', says Ricky Ponting on India's key to success at The Oval Thu, Jun 01, 2023, 02:23 PM
Canada's real GDP grew 0.2% in April Thu, Jun 01, 2023, 02:09 PM
Boys indulge in 'PDA' on scooty in UP district Thu, Jun 01, 2023, 01:58 PM
Security tightened at Delhi borders following SKM's nationwide protest call Thu, Jun 01, 2023, 01:46 PM