MANILA, Philippines - Foreign portfolio investments to the Philippines hit a net inflow of $1.01 billion in November, the highest level in two years according to the Bangko Sentral ng Pilipinas (BSP).

The BSP said the November figure represented a 122% increase from $490.35 million registered in the same month last year.

Portfolio investments made by foreigners are composed of   publicly listed stocks, government securities, and corporate papers. 

For the 11-month period, the cumulative net inflow of foreign "hot money" reached $3.67 billion. However, this was close to 7% lower than $3.94 billion in the same period last year.

In a statement, BSP said the portfolio investors' optimism in the country has been growing due to the strong Philippine economic growth.

Also, the higher inflows of foreign portfolio investments partly helped the Philippine Stock Exchange index reach record highs this year.