'Hot money' inflows hit $320.67 M in July

MANILA, Philippines (Xinhua) - Philippine foreign portfolio investments, or "hot money," posted a net inflow of $320.67 million in July, the local central bank said today.

However, was lower than the $895.27 million net inflow recorded in the same period last year.

The Philippines registered net inflows of hot money for the fourth consecutive month in July this year.

The Philippine central bank said nearly 70 percent of investments were put into Philippine Stock Exchange-listed securities. The remaining 30 percent were invested in peso- denominated government securities.

The United States, the United Kingdom, Singapore, Malaysia, and Germany were the top five investor countries in July.

In the seven months to July, foreign portfolio investments summed up to a net outflow of $1.05 billion, a reversal of the $2.38 billion net inflow posted in the same period last year.