Short term overseas investors took their money out of Philippine markets last year as the coronavirus pandemic forced the local economy into its steepest contraction in recorded history, data from the central bank showed.
In a statement, the Bangko Sentral ng Pilipinas said registered foreign portfolio investments for 2020 yielded net outflows of $4.2 billion as a result of the $15.9 billion in outflows and $11.7 billion in inflows for the year.
The net outflows last year represented a 123-percent increase from the $1.9 billion that left local financial markets in 2019.
“Developments for the year included the ongoing impact of the COVID-19 pandemic to the global economy and fina…
Keep on reading: $4.2B in ‘hot money’ fled PH financial markets in 2020