Foreign fund managers have voted with their feet for a third month in a series and repatriated their investments elsewhere.
According to data published by the Bangko Sentral ng Pilipinas, the portfolio investments, also called hot money because they disappear quickly at the merest sign of trouble or promise of greater rewards elsewhere, flowed out on net basis in April to $351.87 million, a reversal from the year ago net inflow of $1.407 billion.
The fleeing foreign funds in April sustained the outward flow of funds the BSP initially reported in February and then again March this year.
As a result, portfolio funds registered with the BSP in the first four months show a net outflow of $680 million, reversal from net inflow of $1.39 billion a year ago when only $3.793 billion left the Philippines on gross basis and $5.184 billion went in.
This year, gross outflows totaled so much more at $3.793 billion and only $3.652 billion in gross inflows.
According to the BSP, the Unites States received the bulk or 70.9 percent of the repatriated portfolio money.
These were first invested in the Philippines in holding companies, banks, property firms, food, beverage and tobacco companies as well as transport firms and the remaining in peso-denominated government securities.
