Hot money down 80% in October

Posted at 11/15/12 7:51 PM

MANILA, Philippines - Foreign portfolio investments or hot money slid by more than 80% in October from year-ago levels, the Bangko Sentral ng Pilipinas reported on Thursday.

Net hot money inflow amounted to $40.16 million in October, down from $237.44 million in the same month last year.

In the ten months to October, hot money inflows summed up to $2.664 billion, down by 23% from $3.448 billion a year ago.

The BSP said inflows came mainly from the United Kingdom, the United States, Singapore, Switzerland and Hong Kong.

The United States, meanwhile, continued to be the main beneficiary of outflows.