MANILA, Philippines—Short term overseas investors removed their money from Philippine markets in 2020 as the COVID-19 pandemic forced the local economy into its steepest contraction in recorded history, data from the central bank showed.
In a press statement, the Bangko Sentral ng Pilipinas (BSP) 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 for 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 ongoin…
Keep on reading: ‘Hot money’ outflow from PH markets in 2020 up 123 percent to $4.2B