UK tops Philippine foreign portfolio investments
In a new report by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines), registered portfolio investments for last month increased to about US$2.8 billion, equivalent to a 41.6% increase from May. The reason to the increase, said the central bank, is the heightened interest in Peso Global Select.
These foreign investments were made because of the United States Federal Reserve's announcement of its stimulus contraction policy, prompting investors to look for healthy markets to venture on. This knee-jerk reaction caused a surge in inflows within the past few months.
The Philippine economy has proven to be very profitable to these investments. Registered investments have been doubling since 2012.
The top five investor countries in the Philippines were the United Kingdom, United States, Luxembourg, Singapore, and Hong Kong. These countries comprised 80.4% of the total foreign portfolio investments made in the Southeast Asian country.
The Bangko Sentral ng Pilipinas said that inward foreign investment registration is voluntary. The registration allows the investors to purchase foreign exchange from authorized agents for repatriation of capital.